Managed Care Report
September 27, 1999 2 minutes read
Managed Care Report
• PacifiCare Health Systems (Santa Ana, CA) reached an agreement with Foundation Health Systems (FHS; Woodland Hills, CA) to offer medical coverage to the 77,500 members of Foundation’s QualMed subsidiary in Colorado. FHS had planned to divest its Colorado operations, reported the Wall Street Journal. Pacificare’s Colorado plan, which is the largest in the state with about 450,000 members, will pay FHS a consideration based on the number of QualMed members that enroll with PacifiCare. The arrangement, reported the Journal, supercedes FHS’ expired agreement to sell the Colorado operations to WellPoint Health Plans (Thousand Oaks, CA). The two couldn’t reach an agreement, said officials. In other news, PacifiCare’s CFO, Robert Stearns, resigned last week after one year in the position.
• Express Scripts (St Louis) said that as of Sept. 14, the expiration date of its exchange offer, $250 million, or 100%, of its outstanding 9 5/8% senior notes due 2009 had been tendered in its offer to exchange $250 million o fits 9 5/8% series B senior notes due 2009. The series B senior notes were registered under the Securities Act of 1933.
• Blue Cross & Blue Shield United of Wisconsin (BCBSWI; Milwaukee) reported a 46% investment stake in United Wisconsin Services (Milwaukee). In a filing last week with the Securities and Exchange Commission (Washington), BCBSWI said it bought 1.4 million common shares between Aug. 3 and Aug. 17 at prices ranging from $8.31 per share to $9 per share. BCBSWI holds 7.75 million United Wisconsin shares. BCBSWI said it made the purchase to permit United Wisconsin to use the Blue Cross trademark with its HMO products. United Wisconsin’s board is forming a special committee to consider the possibility of a merger or other business combination with BCBSWI.
• UnitedHealthcare (Minneapolis) has agreed to a multi-year renewable extension of the current Network Access Agreement with The TPA (Wayzata, MN), the largest independent healthcare administrator in the nation. Under the agreement, UnitedHealthcare will continue to provide its Preferred Provider Organization networks to The TPA’s growing base of employer clients who choose to self-fund health coverage for their employees. The TPA will also continue to offer its customers various other UnitedHealthcare Group care products and services.
• Blue Care Network (Southfield, MI) is holding a series of Women’s Wellnes Fairs for women in Michigan. The series will be held at six locations, beginning Oct. 6 and running until Oct. 29. The fairs are designed to educate women about health concerns, including their risk for high cholesterol, breast cancer, osteoporosis, skin cancer, thyroid problems, high blood pressure, and many other health problems of particular importance to women.
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