Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Oxford Health Plan (OXHP) -- Ignore unavailable to you. Want to Upgrade?

To: Don Wong who wrote (889)	2/4/1998 10:24:00 AM
From: BoNg-N-BoNg	Read Replies (1) \| Respond to of 2068

here's OXHP responds to NY County Medical Society yesterday: >>>>>>> --(BUSINESS WIRE)--Feb. 3, 1998-- - Oxford Responds To Medical Society Allegations Oxford Health Plans, Inc. (NASDAQ: OXHP) is extremely disappointed about the actions announced today by the New York County Medical Society. We have been working diligently with members of the society to resolve issues between us. We met last night with several officials to try to arrive at a mutually satisfactory agreement, but were unsuccessful. What is perhaps most disappointing to us is that the society has resorted to the legal system to resolve claims that we have demonstrated that we are willing to pay. It is also distressing that such a reputable organization would release unsubstantiated information. To put the issue in its proper perspective, here are the facts: 1.The society has no basis for its claim that we owe Manhattan doctors $140 million. Our records show that this is a substantial over-statement. Further, to reinforce our partnership with physicians, we have advanced payments to doctors so that our network was not disrupted and have agreed to pay interest on delayed claims. 2.Oxford currently pays the majority of its physician claims in less than 30 days. Oxford claims processing operations have improved and are getting better. 3.The society urges Oxford to follow a fixed schedule for paying claims. This is unnecessary since a new state law went into effect last month requiring companies in our industry to pay interest on claims after 45 days. We agreed to pay interest before it was a state law. In addition, the allegations raised by the society and its lawyers conflict directly with recent research showing high levels of satisfaction among Oxford providers. A study in December 1997 by Walker Research, a nationally-known research firm, shows that the doctors in our network are highly satisfied with Oxford's overall performance. Among the key findings were: - 97 percent of physicians surveyed say they intend to remain in Oxford's providers' network. - 85 percent rated Oxford the same as or better than other managed care organizations. - 79 percent rated Oxford's quality as good to excellent. - 79 percent described their level of satisfaction as good to excellent. We are a consumer-friendly company and are doing everything we can to deserve the confidence of all of our constituencies, most importantly our physicians. CONTACT: Nicole Reilly, 212/885-0353 pager 888/899-9629 <<<< <eom>