COVENTRY SELLS PITTSBURGH MEDICAL OFFICES.NASHVILLE, Tenn.--(BUSINESS WIRE)--April 4, 1997--Coventry Corporation (Nasdaq/NM:CVTY) today announced the closing of the previously announced transaction among Coventry, HealthAmerica, Coventry's health plan in Pittsburgh, Pennsylvania “Pittsburgh” redirects here. For the region, see Pittsburgh Metropolitan Area. Pittsburgh (pronounced IPA: /ˈpɪtsbɚg/) is the second largest city in the Commonwealth of Pennsylvania. , and Allegheny Health, Education and Research Foundation (AHERF AHERF Allegheny Health Education and Research Foundation ) providing for AHERF's acquisition of HealthAmerica's medical practices located throughout the metropolitan Pittsburgh area. Under the terms of the transaction, AHERF and HealthAmerica also entered into a long-term agreement for provision of health care services. The transaction resulted in an after-tax gain to Coventry of approximately $3 million. Allegheny Health, Education and Research Foundation (AHERF) is a statewide, 2,650-bed academic health center located in Pennsylvania. The charitable mission of AHERF and its organizations is to learn, to teach, and to heal the sick and to conserve health. HealthAmerica is a statewide organization administering health care benefits to over 515,000 members and contracting with 7,000 employer groups who offer its HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, , point-of-service (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) and preferred provider organization pre·ferred provider organization n. Abbr. PPO A medical insurance plan in which members receive more coverage if they choose health care providers approved by or affiliated with the plan. (PPO PPO abbr. preferred provider organization PPO Managed care Preferred provider organization, see there Infectious disease Pleuropneumonia-like organism, see there ) plans to their employees and retirees. Coventry Corporation, headquartered in Nashville, Tennessee, is a managed health care company that provides a wide range of health benefits and services to a broad cross section of employer and government-funded groups in Pennsylvania, Ohio, West Virginia, Missouri, Illinois, Virginia and Florida. CONTACT: Coventry Corp., Nashville Dale B. Wolf, 615/391-2448 |
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