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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q

              [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2000

                                       OR

             [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                        For the transition period from to

                           Commission File No. 0-20260
                           Commission File No. 1-11440

                            INTEGRAMED AMERICA, INC.
             (Exact name of Registrant as specified in its charter)


            Delaware                                    06-1150326
(State or other jurisdiction of             (I.R.S. employer identification no.)
 incorporation or organization)

     One Manhattanville Road                                10577
         Purchase, New York                               (Zip code)
(Address of principal executive offices)


                                 (914) 253-8000
              (Registrant's telephone number, including area code)

         Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
Registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                               Yes [X]        No [ ]

         The aggregate number of shares of the Registrant's  Common Stock,  $.01
par value, outstanding on April 27, 2000 was 4,162,347.

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<PAGE>


                            INTEGRAMED AMERICA, INC.
                                    FORM 10-Q

                                TABLE OF CONTENTS


                                                                            PAGE

PART I  -      FINANCIAL INFORMATION

    Item 1. Financial Statements

               Consolidated Balance Sheets at March 31, 2000 (unaudited) and
                  December 31, 1999........................................... 3

               Consolidated Statements of Operations for the three-month
                  periods ended March 31, 2000 and 1999 (unaudited)........... 4

               Consolidated Statements of Cash Flows for the three-month
                  periods ended March 31, 2000 and 1999 (unaudited)........... 5

               Notes to Consolidated Financial Statements (unaudited)......... 6

    Item 2. Management's Discussion and Analysis of Financial Condition
              and Results of Operations..................................... 7-9

    Item 3. Quantitative and Qualitative Disclosures About Market Risk........ 9


PART II -   OTHER INFORMATION

    Item 1. Legal Proceedings.................................................10

    Item 2. Changes in Securities.............................................10

    Item 3. Defaults upon Senior Securities...................................10

    Item 4. Submission of Matters to a Vote of Security Holders...............10

    Item 5. Other Information.................................................10

    Item 6. Exhibits and Reports on Form 8-K..................................10


SIGNATURES ...................................................................11



<PAGE>


PART I -- FINANCIAL INFORMATION
    Item 1.      Consolidated Financial Statements
<TABLE>

                            INTEGRAMED AMERICA, INC.
                           CONSOLIDATED BALANCE SHEETS
              (all dollars in thousands, except per share amounts)
                                     ASSETS
<CAPTION>
                                                                                                 March 31     December 31,
                                                                                                   2000          1999
                                                                                                ----------    -----------
                                                                                                (unaudited)
Current assets:
<S>                                                                                               <C>          <C>
  Cash and cash equivalents ....................................................................   $ 3,931      $ 3,650
  Patient accounts receivable, less allowance for doubtful accounts of $1,086 and $851
    in 2000 and 1999, respectively..............................................................    10,134       10,460
  Business Service fees receivable, less allowance for doubtful accounts of $150 and $0
    in 2000 and 1999, respectively..............................................................       575          890
  Other current assets .........................................................................     1,240        1,162
                                                                                                   -------      -------
      Total current assets......................................................................    15,880       16,162
  Fixed assets, net ............................................................................     5,868        5,965
  Intangible assets, net........................................................................    17,944       18,163
  Other assets..................................................................................       542          525
                                                                                                   -------      -------
      Total assets..............................................................................   $40,234      $40,815
                                                                                                   =======      =======

                                                LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Accounts payable..............................................................................   $ 1,603      $ 1,080
  Accrued liabilities...........................................................................     2,571        2,948
  Due to Medical Practices......................................................................     1,963        1,768
  Current portion of long-term notes payable and other obligations..............................     1,655        1,691
  Patient deposits..............................................................................     3,035        2,970
                                                                                                   -------      -------
      Total current liabilities.................................................................    10,827       10,457
                                                                                                   -------      -------
Long-term notes payable and other obligations...................................................     3,686        3,719
                                                                                                   -------      -------
Shareholders' equity:
  Preferred  Stock,  $1.00 par value - 3,165,644  shares  authorized in 2000 and
    1999,  2,500,000  undesignated;   665,644  shares  designated  as  Series  A
    Cumulative  Convertible of which 165,644 shares were issued and  outstanding
    in 2000 and
    1999, respectively..........................................................................       166          166
  Common Stock, $.01 par value -  50,000,000 shares authorized in 2000 and 1999;
    and 5,368,960  shares issued in 2000 and 1999...............................................        54           54
  Capital in excess of par .....................................................................    54,107       54,140
  Accumulated deficit ..........................................................................   (24,939)     (25,230)
  Treasury Stock, at cost - 1,106,613 and 746,863 shares in 2000 and 1999, respectively.........    (3,667)      (2,491)
                                                                                                   -------      -------
      Total shareholders' equity ...............................................................    25,721       26,639
                                                                                                   -------      -------
      Total liabilities and shareholders' equity................................................   $40,234      $40,815
                                                                                                   =======      =======
</TABLE>

        See accompanying notes to the consolidated financial statements.

                                       3
<PAGE>


                            INTEGRAMED AMERICA, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
              (all amounts in thousands, except per share amounts)


                                                                For the
                                                           three-month period
                                                             ended March 31,
                                                          -------------------
                                                           2000        1999
                                                          -------    -------
                                                             (unaudited)

Revenues, net ........................................   $13,608     $10,532

Cost of services incurred:
   Employee compensation and related expenses.........     5,097       4,068
   Direct materials...................................     2,481       1,095
   Occupancy costs....................................       812         675
   Depreciation.......................................       334         309
   Other expenses.....................................     2,914       2,051
                                                        --------    --------
     Total cost of services rendered..................    11,638       8,198
                                                        --------    --------

Contribution..........................................     1,970       2,334

General and administrative expenses...................     1,349       1,380
Amortization of intangible assets.....................       220         244
Interest income.......................................       (50)        (23)
Interest expense......................................       116         135
                                                        --------    --------
   Total other expenses...............................     1,635       1,736
                                                        --------    --------

Income before income taxes............................       335         598
Provision for income taxes............................        45          80
                                                        --------    --------

Net income............................................  $    290    $    518
Less: Dividends paid and/or accrued on Preferred Stock       (33)        (33)
                                                        --------    --------
Net income applicable to Common Stock.................  $    257    $    485
                                                        ========    ========

Basic and diluted earnings per share of Common Stock..  $   0.06    $   0.10
                                                        ========    ========

Weighted average shares - basic.......................     4,376       4,976
                                                        ========    ========
Weighted average shares - diluted.....................     4,446       5,077
                                                        ========    ========



        See accompanying notes to the consolidated financial statements.

                                       4

<PAGE>

<TABLE>


                            INTEGRAMED AMERICA, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (all amounts in thousands)
<CAPTION>

                                                                                                     For the
                                                                                                three-month period
                                                                                                 ended March 31,
                                                                                               --------------------
                                                                                                2000          1999
                                                                                               ------        ------
                                                                                                   (unaudited)
Cash flows from operating activities:
<S>                                                                                         <C>            <C>
   Net income ............................................................................   $  290        $   518
   Adjustments to reconcile net income to net cash provided by operating activities:
        Depreciation and amortization.....................................................      672            618
Change in assets and liabilities--
     Decrease (increase) in assets:
        Patient accounts receivable.......................................................      326            643
        Business Services fees receivable.................................................      315           (150)
        Other current assets..............................................................      (78)           745
        Other assets......................................................................      (17)            (2)
     (Decrease) increase in liabilities:
         Accounts payable.................................................................      523           (455)
         Accrued liabilities..............................................................     (376)          (546)
         Due to Medical Practices.........................................................      195            191
         Patient deposits.................................................................       65           (695)
                                                                                             ------        -------
Net cash provided by operating activities.................................................    1,915            867
                                                                                             ------        -------

Cash flows used in investing activities:
     Purchase of fixed assets and leasehold improvements..................................     (366)        (1,295)
     Proceeds from sale of fixed assets and leasehold improvements........................       10             --
                                                                                             ------        -------
Net cash used in investing activities.....................................................     (356)        (1,295)
                                                                                             ------        -------

Cash flows used in financing activities:
     Principal repayments on debt.........................................................      (36)          (990)
     Principal repayments under capital lease obligations.................................      (33)            (1)
     Repurchase of Common Stock...........................................................   (1,176)          (509)
     Dividends paid on Convertible Preferred Stock........................................      (33)           (33)
                                                                                             ------        -------
Net cash used in financing activities.....................................................   (1,278)        (1,533)
                                                                                             ------        -------

Net increase (decrease) in cash...........................................................   $  281        $(1,961)
Cash at beginning of period...............................................................    3,650          4,241
                                                                                             ------        -------
Cash at end of period.....................................................................   $3,931        $ 2,280
                                                                                             ======        =======
</TABLE>


        See accompanying notes to the consolidated financial statements.

                                       5
<PAGE>


                            INTEGRAMED AMERICA, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)


NOTE 1 -- INTERIM RESULTS:

     The  accompanying  unaudited  consolidated  financial  statements have been
prepared in accordance with the instructions to Form 10-Q and,  accordingly,  do
not include all of the information and footnotes  required by generally accepted
accounting  principles  for  complete  financial  statements.  In the opinion of
management,  the accompanying unaudited interim financial statements contain all
adjustments  (consisting only of normal recurring accruals) necessary to present
fairly the financial  position at March 31, 2000,  and the results of operations
and cash flows for the  interim  period  presented.  Operating  results  for the
interim  period are not  necessarily  indicative of results that may be expected
for the year ending December 31, 2000. These financial statements should be read
in conjunction  with the financial  statements and notes thereto included in the
Company's Annual Report on Form 10-K for the year ended December 31, 1999.

NOTE 2 -- EARNINGS PER SHARE:

     The  reconciliation  of the  numerators and  denominators  of the basic and
diluted EPS from continuing operations  computations for the three-month periods
ended March 31, 2000 and 1999 is as follows (000's omitted, except for per share
amounts):
<TABLE>

 <CAPTION>
                                                    2000                                  1999
                                       -----------------------------------    ---------------------------------
                                        Income       Shares      Per-Share     Income      Shares     Per-Share
                                      (Numerator) (Denominator)   Amount     (Numerator)(Denominator)  Amount
                                      -----------  -----------   ---------   ----------- -----------  ---------

<S>                                      <C>         <C>          <C>            <C>       <C>         <C>
Net income.............................. $290                                    $518
Less: Preferred stock
   dividends paid or accrued............  (33)                                    (33)
                                         -----                                   ----
Basic EPS
   Net income available to
     Common stockholders................ $257          4,376       $0.06         $485       4,976      $0.10
                                         ====          =====       =====         ====       =====      =====

Effect of Dilutive Securities
Options.................................                  11                                   37
Warrants................................                  59                                   64
                                                       -----                                -----
Diluted EPS
   Net income available to
     Common stockholders................ $257          4,446       $0.06         $485       5,077      $0.10
                                         ====          =====       =====         ====       =====      =====
</TABLE>

   For the  three-month  period ended March 31, 2000,  the effect of the assumed
exercise of options to purchase  approximately 367,000 shares of Common Stock at
exercise  prices  ranging from $4.12 to $5.00 per share and warrants to purchase
approximately  103,000  shares of Common Stock at exercise  prices  ranging from
$4.12 to $8.54 per share were excluded in computing the diluted per share amount
because the exercise  prices of the options and  warrants  were greater than the
average  market price of the shares of Common  Stock,  therefore  causing  these
options and warrants to be antidilutive.

     For the  three-month  periods ended March 31, 2000 and 1999,  approximately
133,000  shares of Common Stock from the assumed  conversion of Preferred  Stock
were   excluded  in  computing  the  diluted  per  share  amount  as  they  were
antidilutive.

                                       6
<PAGE>

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

     The following  discussion and analysis  should be read in conjunction  with
the  consolidated  financial  statements  and  notes  thereto  included  in this
quarterly  report and with the Company's Annual Report on Form 10-K for the year
ended December 31, 1999.

Results of Operations

     The following table shows the percentage of revenues represented by various
expense and other income items reflected in the Company's Consolidated Statement
of Operations.

                                                                  For the
                                                             three-month period
                                                               ended March 31,
                                                             -------------------
                                                              2000        1999
                                                             -------    -------
                                                                (unaudited)

  Revenues, net.............................................   100%      100%
  Costs of services incurred:
       Employee compensation and related expenses...........  37.5%     38.6%
       Direct materials.....................................  18.1%     10.4%
       Occupancy costs......................................   6.0%      6.4%
       Depreciation.........................................   2.5%      2.9%
       Other expenses.......................................  21.4%     19.5%
                                                              -----     -----
       Total costs of services..............................  85.5%     77.8%
  Contribution..............................................  14.5%     22.2%
  General and administrative expenses.......................   9.9%     13.1%
  Amortization of intangible assets.........................   1.6%      2.3%
  Interest income...........................................  (0.4%)    (0.2%)
  Interest expense..........................................   0.9%      1.3%
                                                             ------    ------
       Total other expenses.................................  12.0%     16.5%
                                                              -----     -----
  Income before income taxes................................   2.5%      5.7%
  Provision for income taxes................................   0.3%      0.8%
                                                             ------    ------
  Net income................................................   2.2%      4.9%
                                                             ======    ======


 Three Months Ended March 31, 2000 Compared to Three Months Ended March 31, 1999

     Revenues for the three  months  ended March 31, 2000 (the first  quarter of
2000) were  approximately  $13.6  million as  compared  to  approximately  $10.5
million  for the three  months  ended  March 31,  1999,  an  increase  of 29.2%.
Approximately  39% of the  increase is  attributable  to same  market  growth in
reimbursed costs and business service fees in the Reproductive  Science Centers,
offset  by  the   elimination  of  terminated   Business   Services   contracts.
Approximately  61%  of the  increase  is  attributable  to  new  businesses  and
agreements  entered into  subsequent to the first  quarter of 1999.  Same market
growth in revenues was principally  attributable to increases in patient volume.
The new business and new business  service increase in revenues was comprised of
the following:  (i) an approximate  $1.8 million increase in reimbursed costs of
services,  offset by a decrease of $600,000 in the Company's  Business  Services
fees derived from the Reproductive Science Centers' net revenue and/or earnings;
and (ii) $1.9 million from pharmaceutical sales.

                                       7

<PAGE>
     Total costs of services as a percentage of revenues were 85.5% in the first
quarter  of 2000,  compared  to  77.8%  in the  first  quarter  of 1999.  Direct
materials  increased as a percentage  of revenues,  primarily due to the cost of
products sold at IntegraMed Pharmaceutical Services. Other expenses increased as
a  percentage   of  revenue,   due  to   administrative   costs  at   IntegraMed
Pharmaceutical  Services, as well as increases in bad debt provisions at various
Reproductive Science Centers.

     Contribution was approximately $2.0 million in the first quarter of 2000 as
compared  to  $2.3  million  in  the  first  quarter  of  1999,  a  decrease  of
approximately 15.6%. This decrease is the result of (i) the reduced contribution
from the hospital based  Reproductive  Science  Center in New Jersey,  which has
exhibited  declining  revenues due to the  physician  turnover,  (ii)  increased
expenses at the Boston based Reproductive  Science Center,  primarily the result
of planned  infrastructure  improvements,  and (iii) reduced operating levels at
the Kansas City based Reproductive Science Center which was closed at the end of
the first quarter.  In addition,  the  contribution  margin  percentage has been
negatively  impacted by pharmaceutical  sales, which have a significantly  lower
margin than the Reproductive Science Centers.

     General  and  administrative  expenses  for the first  quarter of 2000 were
approximately  $1.3  million as compared to  approximately  $1.4  million in the
first  quarter of 1999,  a decrease  of 2.2%.  The  decrease  was largely due to
decreases  in  staffing  and  compensation  attributable  to  the  near-complete
implementation  of the Company's  proprietary  ArtWorks  suite of fertility care
information  systems.  As a percentage of revenues,  general and  administrative
expenses  decreased  to  approximately  9.9% in the first  quarter  of 2000 from
approximately 13.1% in the first quarter of 1999.

     Amortization of intangible assets was $220,000 in the first quarter of 2000
as compared to $244,000 in the first  quarter of 1999, a decrease of 9.8%.  This
decrease was  attributable to the accelerated  amortization of business  service
rights  recorded  in the  fourth  quarter of 1999,  related to single  physician
practices.

     Interest  income for the first  quarter of 2000  increased  to $50,000 from
$23,000  for the  first  quarter  of 1999,  due to a  higher  cash  balance  and
financing proceeds from Reproductive Science Center build-outs. Interest expense
for the first  quarter of 2000  decreased to $116,000 from $135,000 in the first
quarter of 1999,  due to an decrease in notes  payable to Medical  Providers for
exclusive business service rights.

     The  provision  for income  taxes  primarily  related to state  taxes.  The
provision  for income taxes  decreased  to $45,000 in the first  quarter of 2000
from  $80,000  in the  first  quarter  of 1999 due to the  decrease  in  Network
contribution at existing sites, and additional tax planning considerations.

     Net  income  was  $290,000  in the first  quarter  of 2000 as  compared  to
$518,000 in the first  quarter of 1999,  a decrease  of 44%.  The  decrease  was
primarily due to (i) decreasing  revenues  related to physician  turnover at the
Company's   hospital  based   Reproductive   Science   Center,   (ii)  increased
infrastructure  costs at the Boston  Reproductive  Science Center, and (iii) the
wind down of the Kansas City Reproductive Science Center operations.

Liquidity and Capital Resources

     Historically,  the Company has financed its  operations  primarily  through
sales of equity securities.  More recently, the Company has commenced using bank
financing for working capital and acquisition purposes.  The Company anticipates
that its  acquisition  strategy  will  continue to require  substantial  capital
investment. Capital is needed not only for additional acquisitions, but also for
the effective  integration,  operation  and expansion of the Company's  existing
Reproductive  Science  Centers.  The Medical  Practices may require  capital for
renovation  and  expansion  and  for  the  addition  of  medical  equipment  and
technology.

     At March 31, 2000, the Company had working  capital of  approximately  $5.1
million,  approximately  $3.9  million  of  which  consisted  of cash  and  cash
equivalents,  compared  to working  capital  of  approximately  $5.7  million at
December 31,  1999,  approximately  $3.7 million of which  consisted of cash and
cash  equivalents.  The net  decrease  in working  capital at March 31, 2000 was
principally  due to the  repurchase of 359,750  shares of the  Company's  Common
Stock for an aggregate purchase price of $1.2 million.

       The  Company  expects  its cash flows  from  operating  activities  to be
sufficient to fund its needs for asset  acquisition,  debt repayments and Common
Stock repurchase program for the next year.

                                       8
<PAGE>

Forward Looking Statements

     This Form 10-Q and discussions and/or announcements made by or on behalf of
the Company, contain certain forward-looking  statements regarding events and/or
anticipated  results  within the  meaning of the safe harbor  provisions  of the
Private  Securities  Litigation  Reform  Act of 1995,  the  attainment  of which
involve  various  risks and  uncertainties.  Forward-looking  statements  may be
identified by the use of forward-looking terminology such as, may, will, expect,
believe, estimate,  anticipate,  continue, or similar terms, variations of those
terms or the negative of those terms.  The Company's  actual  results may differ
materially from those described in these  forward-looking  statements due to the
following factors:  the Company's ability to acquire additional business service
agreements,  including the  Company's  ability to raise  additional  debt and/or
equity  capital to  finance  future  growth,  the loss of  significant  business
service agreement(s),  the profitability or lack thereof at Reproductive Science
Centers  serviced by the Company,  increases in overhead due to  expansion,  the
exclusion of infertility  and ART services from insurance  coverage,  government
laws and regulations regarding health care, changes in managed care contracting,
the timely development of and acceptance of new infertility,  ART and/or genetic
technologies and techniques.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

     Not applicable.

                                       9
<PAGE>

Part II -         OTHER INFORMATION

     Item 1.      Legal Proceedings.
                     None;  no  material  developments  in  previously  reported
                     matters.

     Item 2.      Changes in Securities.
                     None.

     Item 3.      Defaults Upon Senior Securities.
                     None.

     Item 4.      Submission of Matters to Vote of Security Holders.
                     None.

     Item 5.      Other Information.
                     None.

     Item 6.      Exhibits and Reports on Form 8-K.
                     None.

                                       10
<PAGE>







                                   SIGNATURES


         Pursuant to the  requirements  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.


                                           INTEGRAMED AMERICA, INC.
                                           (Registrant)




Date:    May 10, 2000             By:      /s/John W. Hlywak, Jr.
                                           -------------------------------
                                           John W. Hlywak, Jr.
                                           Senior Vice President and
                                           Chief Financial Officer
                                           (Principal Financial and
                                           Accounting Officer)


                                      11