CareInsite Closes Previously Announced Acquisition of Provider Technology Group; Blue Cross Blue Shield of Massachusetts Joins CareInsite's Healthcare Network.Business Editors ELMWOOD PARK Elmwood Park, village (1990 pop. 23,206), Cook co., NE Ill., a suburb of Chicago; inc. 1914. It is chiefly residential. , N.J.--(BUSINESS WIRE)--March 27, 2000 CareInsite, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CARI CARI Consejo Argentino para las Relaciones Internacionales (French) CARI Canadian Association of Recycling Industries CARI Central Agricultural Research Institute (Sri Lanka) ), a subsidiary of Medical Manager Corporation (NASDAQ: MMGR MMGR Medical Manager MMGR Metalliferous Mines General Regulations ), announced today that it has completed the previously announced acquisition of substantially all of the assets of Provider Technology Group (PTG PTG Polymer Technology Group PTG Play The Game (online gaming) PTG Pietersburg, South Africa (Airport Code) PTG Pearson Technology Group (Canada) ), the e-commerce network of Blue Cross Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. of Massachusetts (BCBSMA BCBSMA Bluecross Blueshield of Massachusetts ). Through PTG, BCBSMA operates a premier all-payer medical transaction processing network, linking more than 12,000 physicians with BCBSMA and most major insurance companies, government insurers, HMO's and PPO's in Massachusetts. Under a separate agreement, CareInsite will become the provider of Internet content and connectivity services for BCBSMA. On February 14, 2000, CareInsite announced that it had signed definitive agreements with Healtheon/WebMD Corporation (NASDAQ: HLTH HLTH Health HLTH WebMD Corporation (stock abbreviation, AMEX) ) pursuant to which Healtheon/WebMD will acquire CareInsite and its parent company, Medical Manager Corporation, a leading provider of practice management systems. About CareInsite CareInsite, Inc. provides innovative healthcare network and e-commerce services that leverage Internet technology to enable the confidential exchange of clinical, administrative and financial information among physicians and their patients, and affiliated health plans, providers and suppliers. The Company's services are designed to improve the quality of patient care and reduce the administrative and clinical costs of healthcare. CareInsite is a 69% owned subsidiary of Medical Manager Corporation. About Blue Cross Blue Shield of Massachusetts Blue Cross Blue Shield of Massachusetts, headquartered in Boston, is New England's largest insurer, providing coverage to more than 1.9 million members. In its recently announced financial results, Blue Cross Blue Shield of Massachusetts posted a $61.3 million net gain, the Company's third consecutive annual net gain. This press release contains certain forward-looking statements relating to CareInsite's dealings with customers and partners for its healthcare electronic commerce services. These statements are based on CareInsite's current plans and expectations and involve risks and uncertainties that could cause actual future events to be different from those described or implied by such forward looking statements. Further information about these matters can be found in CareInsite's Securities and Exchange Commission filings. CareInsite expressly disclaims any intent or obligation to update these forward-looking statements. |
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