Coventry Health Care, Inc. to Acquire Kaiser's Kansas City Membership.Business Editors BETHESDA, Md.--(BUSINESS WIRE)--Jan. 18, 2001 Coventry Health Care Coventry Health Care, Inc. (Coventry) (NYSE: CVH) is a managed health care company in the United States. On February 8th of 2007 Coventry agreed to acquire Concentra's Workers Compensation Managed Care Services Businesses. External links
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 :CVTY) announced today that its subsidiary, Coventry Health Care of Kansas, Inc., has signed a definitive agreement to acquire Kaiser Foundation Health Plan of Kansas City, Inc.'s membership in Kansas City. Kaiser's Kansas City operation currently has approximately 50,000 commercial and 5,000 Medicare members. The acquisition will ultimately bring Coventry's total membership in Kansas City to approximately 110,000, making it one of the largest health plans in the market. "We are pleased to announce this agreement with Kaiser and grow our presence in the Kansas City market, where we have an excellent business and leadership team," said Allen F. Wise, President and Chief Executive Officer of Coventry. "Having completed a successful transaction with Kaiser in Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. , we are confident in our ability to ensure that Kaiser members will be moved to our extensive provider network quickly and with minimal disruption." The transaction will be accounted for as an asset purchase and is expected to close in the second quarter of 2001, subject to regulatory and other customary approvals. Terms of the transaction were not disclosed. Coventry Health Care is a managed health care company based in Bethesda, Maryland operating health plans and insurance companies under the names Coventry Health Care, Coventry Health and Life, Carelink Health Plans, Group Health Plan, HealthAmerica, HealthAssurance, HealthCare USA, Southern Health and WellPath. The Company provides a full range of managed care products and services including 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, , PPO PPO abbr. preferred provider organization PPO Managed care Preferred provider organization, see there Infectious disease Pleuropneumonia-like organism, see there , POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale , Medicare Risk and Medicaid to 1.7 million members in a broad cross section of employer and government-funded groups in 13 markets throughout the Midwest, Mid-Atlantic and Southeast United States. More information is available on the Internet at http://www.cvty.com. This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements relate to future events or future financial performance and may be significantly impacted by certain risks and uncertainties described in the Company's Annual Report on Form 10-K for the year ended December 31, 1999 filed with the Securities and Exchange Commission. |
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