<PAGE>
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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
 
                            ------------------------
 
   
                                  FORM 10-K/A1
    
 
[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934
 
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996
 
                                       OR
 
[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934
 
                          COMMISSION FILE NO. 0-21440
 
                            ------------------------
 
                        PHYSICIAN CORPORATION OF AMERICA
             (Exact name of Registrant as specified in its charter)
 
<TABLE>
<S>                                      <C>
               DELAWARE                                48-1006287
    (State or Other Jurisdiction of                 (I.R.S. Employer
    Incorporation or Organization)                 Identification No.)
</TABLE>
 
                             6101 BLUE LAGOON DRIVE
                                MIAMI, FL 33126
               (Principal Executive Offices, Including Zip Code)
 
       Registrant's telephone number including area code: (305) 267-6633
 
                            ------------------------
 
        SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE
          SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
                          COMMON STOCK, $.01 PAR VALUE
                        RIGHTS TO PURCHASE COMMON STOCK
 
INDICATE BY CHECK MARK WHETHER THE REGISTRANT (I) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING
THE PRECEDING TWELVE MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS
REQUIRED TO FILE SUCH REPORTS), AND (II) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST NINETY DAYS.
 
                              YES __X__  NO _____
 
Insert by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K is not contained herein, and will not be contained, to the best
of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in PART III of this Form 10-K or any amendment to this
Form 10-K. /X/
 
As of December 31, 1996, there were 38,829,456 shares of common stock
outstanding and the aggregate market value of such shares (based upon $10.00 per
share, the last reported sale price reported on the NASDAQ National Market on
such date) of Physician Corporation of America held by non-affiliates was
approximately $388,294,560 (For purposes of this valuation, "affiliates" are the
officers and directors whose shares are included in the table appearing in Item
12.)
 
                      DOCUMENTS INCORPORATED BY REFERENCE:
 
                                      None
 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>
   
                        PHYSICIAN CORPORATION OF AMERICA
                         ANNUAL REPORT ON FORM 10-K/A1
                    FOR FISCAL YEAR ENDED DECEMBER 31, 1996
    
 
                                 TABLE OF CONTENTS
 
<TABLE>
<CAPTION>
                                                                                                                PAGE
                                                                                                                -----
<S>              <C>                                                                                         <C>
PART I.
    Item 1.      Business..................................................................................           1
    Item 2.      Properties................................................................................          10
    Item 3.      Legal Proceedings.........................................................................          10
    Item 4.      Submission of Matters to a Vote of Security Holders.......................................          10
 
PART II.
    Item 5.      Market for the Registrant's Common Equity and Related Stockholder Matters.................          11
    Item 6.      Selected Financial Data...................................................................          12
    Item 7.      Management's Discussion and Analysis of Financial Condition and Results of Operations.....          13
    Item 8.      Financial Statements and Supplementary Data...............................................          24
    Item 9.      Changes in and Disagreements With Accountants on Accounting and Financial Disclosure......          24
 
PART III.
    Item 10.     Directors and Executive Officers of the Registrant........................................          24
    Item 11.     Executive Compensation....................................................................          26
    Item 12.     Security Ownership of Certain Beneficial Owners and Management............................          29
    Item 13.     Certain Relationships and Related Transactions............................................          30
 
PART IV.
    Item 14.     Exhibits, Financial Statement Schedules and Reports on Form 8-K...........................          30
 
Signature Page.............................................................................................          33
Financial Statements and Schedules.........................................................................         F-1
</TABLE>
<PAGE>
                                   SIGNATURES
 
    Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.
 
                                          PHYSICIAN CORPORATION OF AMERICA
 
   
<TABLE>
<S>                                           <C>
Date: April 15, 1997                                 By/s/E. Stanley Kardatzke, M.D.
                                                       E. Stanley Kardatzke, M.D.,
                                                          CHAIRMAN OF THE BOARD,
                                                         CHIEF EXECUTIVE OFFICER
</TABLE>
    
 
    Pursuant to the requirements of the Securities Act of 1934, this Report has
been signed below by the following persons on behalf of the Registrant and in
the capacities and on the dates indicated.
 
   
<TABLE>
<S>                                           <C>
      By /s/E. Stanley Kardatzke, M.D.                     Date: April 15, 1997
         E. Stanley Kardatzke, M.D.
  PRINCIPAL EXECUTIVE OFFICER AND DIRECTOR
 
         By /s/Peter E. Kilissanly                         Date: April 15, 1997
            Peter E. Kilissanly
           PRESIDENT AND DIRECTOR
 
         By /s/Clifford W. Donnelly                        Date: April 15, 1997
            Clifford W. Donnelly
       SR. VICE PRESIDENT OF FINANCE
          CHIEF FINANCIAL OFFICER
 
           By /s/Jay M. Grobowsky                          Date: April 15, 1997
              Jay M. Grobowsky
         VICE PRESIDENT OF FINANCE
 
        By /s/George J. Farha, M.D.                        Date: April 15, 1997
           George J. Farha, M.D.
                  DIRECTOR
 
       By /s/William C. Loewen, M.D.                       Date: April 15, 1997
          William C. Loewen, M.D.
                  DIRECTOR
 
           By /s/Clark R. Mandigo                          Date: April 15, 1997
              Clark R. Mandigo
                  DIRECTOR
</TABLE>
    
 
                                       33
<PAGE>
                             INDEX TO CONSOLIDATED
                              FINANCIAL STATEMENTS
                                 AND SCHEDULES
 
   
<TABLE>
<CAPTION>
                                                                                  PAGE
                                                                                  -----
<S>                                                                            <C>
FINANCIAL STATEMENTS:
 
  Independent Auditors' Report...............................................         F-2
 
  Consolidated Balance Sheets at December 31, 1996 and 1995..................         F-3
 
  Consolidated Statements of Operations for the years ended December 31,
    1996, 1995 and 1994......................................................         F-5
 
  Consolidated Statements of Stockholders' Equity (Deficit) for the years
    ended December 31, 1996, 1995 and 1994...................................         F-6
 
  Consolidated Statements of Cash Flows for the years ended December 31,
    1996, 1995 and 1994......................................................         F-7
 
  Notes to Consolidated Financial Statements.................................         F-8
 
SCHEDULES:
 
  Schedule I Condensed Financial Information of Registrant...................         S-1
</TABLE>
    
 
                                      F-1
<PAGE>
                          INDEPENDENT AUDITORS' REPORT
 
To the Board of Directors
 
Physician Corporation of America:
 
   
    We have audited the accompanying consolidated balance sheets of Physician
Corporation of America and subsidiaries as of December 31, 1996 and 1995, and
the related consolidated statements of operations, stockholders' equity
(deficit) and cash flows for each of the years in the three-year period ended
December 31, 1996 and the financial statement schedule listed in Item 14(a) of
the Company's 1996 annual report on Form 10-K/A1. These consolidated financial
statements and the financial statement schedule are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
consolidated financial statements and the financial statement schedule based on
our audits.
    
 
    We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
 
   
    In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Physician
Corporation of America and subsidiaries at December 31, 1996 and 1995, and the
results of their operations and their cash flows for each of the years in the
three-year period ended December 31, 1996, in conformity with generally accepted
accounting principles. In addition, in our opinion, the financial statement
schedule referred to above, when considered in relation to the basic
consolidated financial statements taken as a whole, presents fairly, in all
material respects, the information required to be included therein.
    
 
   
    The accompanying consolidated financial statements and financial statement
schedule have been prepared assuming that the Company will continue as a going
concern. As discussed in Note 2, the Company is seeking alternatives to meet its
obligations to its credit facility lenders which are due October 1, 1997. Such
alternatives include obtaining debt or equity financing, completing a merger
transaction or selling certain assets. As discussed in Note 23, the Company has
submitted a corrective plan to the State of Florida Department of Insurance
(DOI) to show cause why the DOI should not place the Company's workers'
compensation insurance subsidiary under state rehabilitation. In addition, the
Company has suffered significant recent losses and has a deficiency in equity as
of December 31, 1996. These matters raise substantial doubt about the Company's
ability to continue as a going concern. Management's plans in regard to these
matters are also described in Notes 2 and 23. The consolidated financial
statements do not include any adjustments that might result from the outcome of
these uncertainties.
    
 
                                            KPMG PEAT MARWICK LLP
 
Miami, Florida
 
April 14, 1997
 
                                      F-2
<PAGE>
                 PHYSICIAN CORPORATION OF AMERICA (PARENT ONLY)
          SCHEDULE I -- CONDENSED FINANCIAL INFORMATION OF REGISTRANT
                      CONDENSED BALANCE SHEET INFORMATION
                        AS OF DECEMBER 31, 1996 AND 1995
 
   
<TABLE>
<CAPTION>
                                                                                              1996         1995
                                                                                           -----------  ----------
                                                                                               (IN THOUSANDS)
<S>                                                                                        <C>          <C>
                                         ASSETS
Cash.....................................................................................  $     1,325  $      152
Accounts receivable......................................................................          416          12
Due from subsidiaries....................................................................        6,089      17,790
Deferred income taxes....................................................................       11,780         839
Other current assets.....................................................................          937         390
                                                                                           -----------  ----------
  Total current assets...................................................................       20,547      19,183
                                                                                           -----------  ----------
Investments in subsidiaries..............................................................       51,465     347,800
 
Property and equipment, net..............................................................        5,723       5,022
Intangibles assets, net..................................................................       12,908      14,425
Other....................................................................................          739       2,144
                                                                                           -----------  ----------
  Total assets...........................................................................  $    91,382  $  388,574
                                                                                           -----------  ----------
                                                                                           -----------  ----------
                          LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses....................................................  $     2,368  $    4,267
Due to subsidiaries......................................................................       13,658       7,742
Current portion of long-term debt........................................................      118,695      16,782
Income tax payable.......................................................................        3,916       3,728
Other current liabilities................................................................       10,824       1,977
                                                                                           -----------  ----------
  Total current liabilities..............................................................      149,461      34,496
 
Long-term debt and capital leases........................................................          146     143,650
Deferred covenant income.................................................................        2,937         125
Deferred income taxes....................................................................        3,670         134
                                                                                           -----------  ----------
  Total liabilities......................................................................      156,214     178,405
                                                                                           -----------  ----------
Common stock.............................................................................          388         386
Additional paid-in capital...............................................................      136,435     137,826
Unrealized gain on investments...........................................................        1,182         464
Treasury stock...........................................................................       (9,210)    (12,565)
Retained earnings (deficit)..............................................................     (193,627)     84,058
                                                                                           -----------  ----------
  Total stockholders' equity (deficit)...................................................      (64,832)    210,169
                                                                                           -----------  ----------
Total liabilities and stockholders' equity...............................................  $    91,382  $  388,574
                                                                                           -----------  ----------
                                                                                           -----------  ----------
</TABLE>
    
 
                                      S-1
<PAGE>
   
                 PHYSICIAN CORPORATION OF AMERICA (PARENT ONLY)
          SCHEDULE I -- CONDENSED FINANCIAL INFORMATION OF REGISTRANT
     CONDENSED STATEMENTS OF OPERATIONS AND SHAREHOLDERS' EQUITY (DEFICIT)
                                  INFORMATION
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
    
 
   
<TABLE>
<CAPTION>
                                                                                  1996         1995        1994
                                                                               -----------  ----------  ----------
                                                                                         (IN THOUSANDS)
<S>                                                                            <C>          <C>         <C>
Revenues:
  Management fees -- intercompany............................................  $    55,075  $   42,784  $   27,569
  Other revenues.............................................................        2,397       3,163       5,747
                                                                               -----------  ----------  ----------
    Total revenues...........................................................       57,472      45,947      33,316
Expenses:
  Administrative expenses....................................................      (38,035)    (24,614)    (14,854)
  Depreciation and amortization..............................................       (3,156)     (1,877)     (1,002)
  Interest expense...........................................................      (12,255)     (6,564)     (1,240)
  Gain on sale of subsidiaries...............................................       12,352      --          --
  Other expense..............................................................       (3,320)     (2,021)     (2,227)
  Equity in income (losses) of subsidiaries..................................     (289,028)    (30,580)     43,924
                                                                               -----------  ----------  ----------
Earnings (loss) before income taxes..........................................     (275,970)    (19,709)     57,917
Income tax (expense).........................................................       (1,715)     (4,887)     (5,370)
                                                                               -----------  ----------  ----------
  Net earnings (loss)........................................................     (277,685)    (24,596)     52,547
Stockholders' equity, beginning of year......................................      210,169     233,548     185,942
Exercise of stock options....................................................        1,966       2,307      12,001
Purchase of treasury stock...................................................      --           (7,618)     (6,093)
Change in unrealized gain/loss on marketable securities......................          718       2,026      (1,562)
Issuance/exercise of put warrants............................................      --            4,502      (9,287)
                                                                               -----------  ----------  ----------
Stockholders' equity (deficit), end of year..................................  $   (64,832) $  210,169  $  233,548
                                                                               -----------  ----------  ----------
                                                                               -----------  ----------  ----------
</TABLE>
    
 
                                      S-2
<PAGE>
   
                 PHYSICIAN CORPORATION OF AMERICA (PARENT ONLY)
          SCHEDULE I -- CONDENSED FINANCIAL INFORMATION OF REGISTRANT
                 CONDENSED STATEMENTS OF CASH FLOW INFORMATION
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
    
 
   
<TABLE>
<CAPTION>
                                                                                  1996        1995        1994
                                                                               -----------  ---------  -----------
                                                                                         (IN THOUSANDS)
<S>                                                                            <C>          <C>        <C>
Cash flows from operating activities:
  Net (loss) earnings........................................................  $  (277,685) $ (24,596) $    52,547
  Adjustments to reconcile net earnings to net cash provided by operating
    activities:
      Depreciation and amortization..........................................        3,156      1,877        1,002
      Gain on sale of subsidiaries...........................................      (12,352)    --          --
      Deferred income taxes..................................................       (7,405)    (1,058)       1,959
      Changes in working capital:
        Accounts receivable..................................................         (404)        24          103
        Due from/to subsidiaries.............................................       17,617     (2,064)      (6,986)
        Income taxes receivable/payable......................................          188      3,140        4,275
        Accounts payable, accrued expenses and other current liabilities.....       (1,899)     3,807        4,597
      Other changes in assets and liabilities................................       12,517     (6,886)       2,602
                                                                               -----------  ---------  -----------
        Net cash (used in) provided by operating activities..................     (266,267)   (25,756)      60,099
                                                                               -----------  ---------  -----------
 
Cash flows from investing activities:
  Purchase of investments....................................................      --          --           (5,707)
  Sale/maturity of investments...............................................      --          --            6,782
  Change in net assets of subsidiaries.......................................      301,184    (23,968)     (63,408)
  Purchase of property and equipment.........................................       (2,340)    (5,504)        (508)
  Acquisition of subsidiaries, net of cash acquired..........................      --         (27,868)    (108,116)
  Dispositions, net of cash sold.............................................        8,645     --          --
                                                                               -----------  ---------  -----------
      Net cash (used in) provided by investing activities....................      307,489    (57,340)    (170,957)
                                                                               -----------  ---------  -----------
 
Cash flows from financing activities:
  Proceeds from borrowings...................................................      --          95,000       65,000
  Principal payments on debt and capital leases..............................      (41,591)   (10,261)      (1,886)
  Proceeds from issuance of common stock.....................................        1,542      1,074        4,303
  Payments for repurchase of shares of common stock..........................      --         (19,243)      (6,093)
                                                                               -----------  ---------  -----------
    Net cash (used in) provided by financing activities......................      (40,049)    66,570       61,324
                                                                               -----------  ---------  -----------
Net increase (decrease) in cash..............................................        1,173    (16,526)     (49,534)
Cash and cash equivalents at beginning of period.............................          152     16,678       66,212
                                                                               -----------  ---------  -----------
Cash and cash equivalents at end of period...................................  $     1,325  $     152  $    16,678
                                                                               -----------  ---------  -----------
                                                                               -----------  ---------  -----------
</TABLE>
    
 
                                      S-3
<PAGE>
                 PHYSICIAN CORPORATION OF AMERICA (PARENT ONLY)
 
          SCHEDULE I -- CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 
                    NOTES TO CONDENSED FINANCIAL INFORMATION
 
                                 (IN THOUSANDS)
 
(1) BASIS OF PRESENTATION
 
   
    The accompanying condensed financial information should be read in
conjunction with Physician Corporation of America's consolidated financial
statements. Capitalized terms are as defined in Physician Corporation of
America's consolidated financial statements.
    
 
(2) RESTRICTED ASSETS
 
    The Company's HMO and Insurance Company subsidiaries are regulated by state
insurance departments. These regulations restrict the distribution of assets to
the Company and require the regulated subsidiaries to maintain minimum equity
requirements. As of December 31, 1996 and 1995, the Company's HMO subsidiaries
had net assets of approximately $64,075 and $43,910, respectively, which are
restricted from transfer to the parent without regulatory approval. All of
PCA/P&C's assets are restricted from transfers to the parent at December 31,
1996.
 
    During the years ended December 31, 1996, 1995 and 1994, the Company's
subsidiaries paid cash dividends to the Company of $0, $25,080 and $10,080,
respectively.
 
   
(3) DEBT
    
 
   
    The Parent Company's future minimum lease payments/obligations under capital
leases through maturity and maturities of long-term debt are as follows.
    
 
   
<TABLE>
<CAPTION>
                                                                                CAPITAL     LONG-TERM
                                                                                 LEASES       DEBT        TOTAL
                                                                               ----------  -----------  ----------
<S>                                                                            <C>         <C>          <C>
1997.........................................................................  $       11   $ 118,684   $  118,695
1998.........................................................................      --             146          146
Less amount representing interest............................................      --          --           --
                                                                               ----------  -----------  ----------
Total obligation under capital leases and long-term debt.....................          11     118,830      118,841
Less current portion.........................................................          11     118,684      118,695
                                                                               ----------  -----------  ----------
Obligation under capital leases and long-term debt, less current portion.....  $   --       $     146   $      146
                                                                               ----------  -----------  ----------
                                                                               ----------  -----------  ----------
</TABLE>
    
 
                                      S-4