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Technology Stocks : ProxyMed (PILL) -- Ignore unavailable to you. Want to Upgrade?

To: Roy F who wrote (74)	6/2/1998 11:59:00 AM
From: Roy F	Read Replies (1) \| Respond to of 261

Partnership of EDI Industry Giants: Integrated Medical Systems (IMS) and ProxyMed, Inc. to Benefit Providers, Payers June 2, 1998 11:49 AM SANTA ANA, Calif., June 2 /PRNewswire/ -- In a move that unites two giants of the healthcare electronic data interchange (EDI) industry, ProxyMed, Inc. PILL and WPJ, Inc. d/b/a Integrated Medical Systems (IMS), have signed an agreement finalizing ProxyMed's purchase of IMS for $27.5 million in cash and common stock. IMS, the largest healthcare EDI company in the western United States, will now operate as a wholly owned subsidiary of ProxyMed. By utilizing ProxyMed's transaction capabilities, IMS can now offer prescription and laboratory connectivity to its 35,000 provider members of IMS' EDI network. Clinical transactions, including lab orders and reports and formulary compliance, will now be possible. ProxyMed's offerings will be enhanced through the use of IMS' financial EDI transaction services. Robert Weinberger, co-founder and co-Chief Executive Officer of IMS, looks forward to this expanded range of services achieved through the acquisition. "IMS has grown exponentially since its inception in 1987, processing more than 30 million financial transactions in 1997 alone. Since ProxyMed offers services that are complementary to IMS, there will be a broader scope of value-added services to payer and provider clients." Chairman and Chief Executive Officer (CEO) of ProxyMed, Inc., Harold Blue, stated, "With this acquisition, both companies can offer an increased geographic reach as well as an expanded scope of services. By working jointly towards a common vision -- delivery of quality EDI services to members of the healthcare community at competitive prices -- we expect to increase the recognition of EDI nationwide as an important asset in the healthcare transactions business." ProxyMed, Inc., based in Ft. Lauderdale, Florida, is a healthcare information service company that provides online clinical and financial electronic data interchange (EDI) services to physicians. ProxyMed connects physicians to pharmacies, commercial and hospital laboratories, nursing homes, payors and managed care companies through its secure national healthcare information network, ProxyNet(TM). For more information, visit ProxyMed's web site at www.proxymed.com. IMS, based in Santa Ana, California, is the largest electronic medical information and data exchange network in the western United States, processing seven out of ten professional electronic commercial claims in California. The network connects more than 35,000 healthcare providers with all major carriers and many regional and national healthcare payers. Visit IMS' web site at www.imscdi.com for more details. IMS and ProxyMed are both members of ShareNET(SM), a non-profit consortium for shared electronic commerce comprised of the nation's leading regional healthcare EDI networks that promote electronic connectivity and reduced administrative costs. For more information, contact Jodi Amendola of IMS at 602-657-9966. This press release contains forward-looking information and references to potential future developments. Such statements and references are based upon certain assumptions. SOURCE Integrated Medical Systems