AETNA U.S. HEALTHCARE COMPLETES SALE OF HEALTHCARE DATA INTERCHANGE CORPORATION TO ENVOY CORPORATION.NASHVILLE, Tenn. and BLUE BELL, Pa.--(BUSINESS WIRE)--Aug. 7, 1997--ENVOY Corporation (Nasdaq/NM:ENVY), a leading provider of health care electronic data interchange See EDI. (application, communications) electronic data interchange - (EDI) The exchange of standardised document forms between computer systems for business use. EDI is part of electronic commerce. (EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. ) services, and Aetna U.S. Healthcare U.S. Healthcare is a now-defunct healthcare company. The logo had an apple. The merger with Aetna In 1996, the company merged with Aetna, calling it Aetna U.S. Healthcare. The U.S. Healthcare apple logo was next to the Aetna name, and U.S. Healthcare under it. U.S. , the health business unit of Aetna Inc. (NYSE NYSE See: New York Stock Exchange :AET AET Aetna, Inc. AET After Extra Time AET Actual Evapotranspiration AET Alliance for Environmental Technology AET Alpha-Ethyltryptamine AET Applied Extrusion Technologies, Inc. ), announced today that they have completed the previously announced sale of Aetna U.S. Healthcare's health care EDI subsidiary, Healthcare Data Interchange Corporation (HDIC HDIC Hockey Day In Canada HDIC High Density Integrated Circuit ), to ENVOY. The purchase price was approximately $36.4 million. In connection with this acquisition, the parties will enter into a long-term agreement under which Aetna U.S. Healthcare has agreed to use ENVOY as its single source clearinghouse and EDI network for all Aetna U.S. Healthcare electronic health care transactions. "Aetna U.S. Healthcare is looking forward to a solid working relationship with ENVOY Corporation which will allow us to continue to streamline our claims and member referral processing areas," said Timothy E. Nolan, head of operations for Aetna U.S. Healthcare. "We expect to significantly increase the number of health care transactions processed electronically." Commenting on the announcement, Jim D. Kever, president and co-chief executive officer of ENVOY, said "ENVOY is pleased to have been selected by Aetna U.S. Healthcare, the nation's largest health insurer, to be their single source health care EDI technology partner. We believe this long-term relationship has tremendous strategic significance and will substantially accelerate the connectivity and depth of EDI transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. within the health care market." ENVOY Corporation is a leading provider of electronic data interchange services to participants in the health care industry, including pharmacies, physicians, hospitals, dentists, billing services, commercial insurance companies, managed care organizations, state and federal government agencies and others. Aetna U.S. Healthcare is the nation's leading health and related benefits organization with a total health enrollment of 14 million Americans nationwide. CONTACT: ENVOY Corp., Nashville Jim D. Kever, 615/885-3700 or Aetna U.S. Healthcare Media: Jill B. Griffiths, 215/283-6890 Investor: Catherine H. Smith, 860/273-6184 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion