HealthAxis.com and First Health Announce Strategic Alliance for Managed Care Services
EAST NORRITON, Pa. and DOWNERS GROVE, Ill.--(BUSINESS WIRE)--May 13, 1999--
First Health, the Nation's Premier Full-Service National Health
Benefits Company, to Become the Managed Care Network Provider to
HealthAxis.com's Carrier Partners
HealthAxis.com, a subsidiary of Provident American Corporation (NASDAQ:PAMC) and the Internet's leading online health insurance marketer, and First Health (NASDAQ:FHCC), the nation's premier full-service national health benefits Company, today announced a strategic alliance under which First Health will become the primary independent managed care network partner for HealthAxis.com's growing portfolio of health insurance carriers.
Under the agreement announced today, HealthAxis.com will deliver access to the First Health Network of providers for participating carrier partners while adding convenient Web-enabled services. In turn, HealthAxis' carrier partners will be able to pass along these benefits to consumers.
Michael Ashker, President and CEO of HealthAxis.com, said: "Our alliance with First Health further illustrates our commitment to drive costs out of the distribution chain. Carrier partners using the First Health Network will enjoy tremendous efficiencies that can be passed along exclusively to our Internet consumers. HealthAxis.com is the most efficient distribution channel in the insurance industry and we intend to continue to seek out new ways to provide savings to our customers."
In addition to the cost efficiencies enabled by this agreement, First Health and HealthAxis.com will enhance the functionality of the searchable provider database currently available on HealthAxis.com's Web site. The database allows customers to search for medical providers by location, medical specialty, or surname.
Pat Dills, First Health Executive Vice President of Sales added: "With First Health's growing network of more than 300,000 outpatient providers, including physicians, chiropractors and physical therapists, and more than 3,500 hospitals nationwide, and growing, our reach extends into practically every location in the country. HealthAxis.com's innovative approach to insurance distribution leverages the strength of our managed care network for individual consumers and small business owners. Through the power of the Internet-enabled distribution model, all parties benefit markedly from the dynamics of this partnership."
In a separate news release today, HealthAxis.com announced that First Health Group Corp. was co-leader of its recently completed private placement of equity securities.
About HealthAxis.com
HealthAxis.com, Inc., a subsidiary of Provident American Corporation, is a pioneer in the Internet distribution of health and life insurance to the individual and small group markets. HealthAxis.com is a "digital insurance agent." HealthAxis.com does not engage in any insurance underwriting and assumes no underwriting risk. Through its interactive, user-friendly, one-stop healthcare insurance Web site, healthaxis.com, HealthAxis.com provides customers with access to and the ability to purchase a full range of high quality, flexible insurance products and services at very competitive prices. HealthAxis.com also provides product and health information, instant price quotes, electronic application processing, online billing, claims status, policy or personal information changes, and a customer hotline. Policyholders can easily and conveniently view billing information, claims history and policy details - day and night, 7 days a week. HealthAxis.com has Internet distribution agreements with AOL (Keyword: HealthAxis), Lycos, CNet and Snap!
About First Health
First Health is the nation's premier full-service national health benefits company. The company specializes in providing large, national employers with a fully integrated, single source for their group health programs -- providing comprehensive, cost-effective and innovative solutions for all the health benefits needs of their employees nationwide. Through its workers' compensation service line, the Company provides a full range of auto managed care and workers' compensation services for insurance carriers, state insurance funds, TPAs and large, self-insured national employers. Through its First Health Services services subsidiary, the Company provides services to various state Medicaid and entitlement programs for claims administration, pharmacy benefit management programs and clinical management services.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements made by the Company which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to trends, management's beliefs, expectations and opinions, which are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate. Such forward-looking statements are subject to risks and uncertainties and may be affected by various factors which may cause actual results to differ materially from those in the forward-looking statements. For further information which could cause actual results to differ from the Company's expectations as well as other factors which could affect the Company's financial statements, please refer to the Company's reports filed with the Securities and Exchange Commission.
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CONTACT: Investor Contact: HealthAxis.com, East Norriton
Deidre Holt, 610/275-3800
E-mail: deidreh@earthlink.net
or
Contact:
Robinson Lerer & Montgomery, New York
Annalise Carol, 212/484-7237
E-mail: acarol@rlmnet.com
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