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Biotech / Medical : Oxford Health Plan (OXHP)

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To: Johnnie W. who wrote (804)	1/23/1998 12:22:00 PM
From: Tony van Werkhooven	Read Replies (2) of 2068

Healthsource had purchased the ASO business of Provident L&H. This resulted in a breakup of the organizational structure of the PL&A business unit ( they retained group life and the small group business). Healthsource was tightly controlled by Norm Payson (sp) . Following the merger, there was inadequate management control over the business- consequently the results. The ultimate out was the sale to CIGNA, which probably overpaid. The medical trend gravytrain appears to be over for now. Consequently, you can expect a potential acquirer to be much more carefull in its evaluation of any offer.

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