Ct Healthmarket via BizWire
07-22-2003, 06:20 AM
TAMPA, Fla.--(BUSINESS WIRE)--July 22, 2003--PlanVista Corporation
(OTCBB:PVST), a leading medical cost management firm, announced today
that it is recording a pre-tax expense during the second quarter of
2003 in the approximate amount of $1.0 million that is primarily
related to the previously announced agreement with ProxyMed, Inc. in
June 2003. In particular, the Company is immediately recording a
non-cash expense of $547,000 for a warrant issued to ProxyMed that
will allow for the purchase of the Company's common stock if
exercised, as well as cash payments totaling $350,000 over the first
six months of the agreement for exclusivity and for various data
services. Also included in the expense is $130,000 for severance
amounts which arose during the second quarter.
Under the ProxyMed agreement, ProxyMed will integrate PlanVista's
network, repricing services and network management services with
ProxyMed's physician and hospital claims processing services. The
resulting leading-edge medical cost management solutions will include
medical claim repricing, flexible EDI connectivity and national PPO
access through PlanVista's preferred provider network, NPPN. Combining
these solutions will allow ProxyMed to offer a one-stop shop for all
its customers' claims needs, which will include a guaranteed 24-hour
turn-around time and bill negotiation.
Phillip S. Dingle, Chairman and CEO of PlanVista, commented,
"Early indications regarding our efforts to jointly market PlanVista's
medical cost containment services are encouraging, and we are
optimistic that this agreement will generate incremental revenues for
PlanVista this year and beyond."
As previously announced, the Company is scheduled to report
earnings on August 12, 2003.
PlanVista Solutions provides medical cost containment and business
process outsourcing solutions to the medical insurance and managed
care industries. We provide integrated national preferred provider
organization network access, electronic claims repricing, and network
and data management services to health care payers, such as
self-insured employers, medical insurance carriers, third party
administrators, health maintenance organizations, and other entities
that pay claims on behalf of health plans. We also provide network and
data management services to health care providers, such as individual
providers and provider networks. Visit the Company's website at
http://www.planvista.com.
This press release, particularly the statements made by Mr.
Dingle, includes forward-looking statements related to PlanVista that
involve risks and uncertainties including, but not limited to, our
ability to expand our client base; the success of our new products and
services; our ability to maintain our current provider network
arrangements; our ability to manage costs and comply with the terms of
our senior credit facility; our ability to reduce and restructure
debt; and our ability to maintain and update our information
technology. These forward-looking statements are made in reliance on
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. For further information about these factors that
could affect the Company's future results, please see the Company's
filings with the Securities and Exchange Commission. Copies of these
filings are available upon request from the Company's chief financial
officer. Prospective investors are cautioned that forward-looking
statements are not guarantees of future performance. Achieved results
may differ materially from management expectations.
(OTCBB:PVST), a leading medical cost management firm, announced today
that it is recording a pre-tax expense during the second quarter of
2003 in the approximate amount of $1.0 million that is primarily
related to the previously announced agreement with ProxyMed, Inc. in
June 2003. In particular, the Company is immediately recording a
non-cash expense of $547,000 for a warrant issued to ProxyMed that
will allow for the purchase of the Company's common stock if
exercised, as well as cash payments totaling $350,000 over the first
six months of the agreement for exclusivity and for various data
services. Also included in the expense is $130,000 for severance
amounts which arose during the second quarter.
Under the ProxyMed agreement, ProxyMed will integrate PlanVista's
network, repricing services and network management services with
ProxyMed's physician and hospital claims processing services. The
resulting leading-edge medical cost management solutions will include
medical claim repricing, flexible EDI connectivity and national PPO
access through PlanVista's preferred provider network, NPPN. Combining
these solutions will allow ProxyMed to offer a one-stop shop for all
its customers' claims needs, which will include a guaranteed 24-hour
turn-around time and bill negotiation.
Phillip S. Dingle, Chairman and CEO of PlanVista, commented,
"Early indications regarding our efforts to jointly market PlanVista's
medical cost containment services are encouraging, and we are
optimistic that this agreement will generate incremental revenues for
PlanVista this year and beyond."
As previously announced, the Company is scheduled to report
earnings on August 12, 2003.
PlanVista Solutions provides medical cost containment and business
process outsourcing solutions to the medical insurance and managed
care industries. We provide integrated national preferred provider
organization network access, electronic claims repricing, and network
and data management services to health care payers, such as
self-insured employers, medical insurance carriers, third party
administrators, health maintenance organizations, and other entities
that pay claims on behalf of health plans. We also provide network and
data management services to health care providers, such as individual
providers and provider networks. Visit the Company's website at
http://www.planvista.com.
This press release, particularly the statements made by Mr.
Dingle, includes forward-looking statements related to PlanVista that
involve risks and uncertainties including, but not limited to, our
ability to expand our client base; the success of our new products and
services; our ability to maintain our current provider network
arrangements; our ability to manage costs and comply with the terms of
our senior credit facility; our ability to reduce and restructure
debt; and our ability to maintain and update our information
technology. These forward-looking statements are made in reliance on
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. For further information about these factors that
could affect the Company's future results, please see the Company's
filings with the Securities and Exchange Commission. Copies of these
filings are available upon request from the Company's chief financial
officer. Prospective investors are cautioned that forward-looking
statements are not guarantees of future performance. Achieved results
may differ materially from management expectations.
