Coventry Health Care Announces Partnership in Health Care Information Systems Company.Health & Medical Writers BETHESDA, Md.--(BW HealthWire)--March 16, 2000 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
LLC - Logical Link Control to fund a company that will seek to invest in emerging companies that are developing technology applications for the health care industry. After an initial working capital investment provided by Warburg Pincus Warburg Pincus is a private equity firm with offices in the United States, Europe and Asia. It has been a leading private equity investor since 1971. The firm currently has approximately $14 billion under management, and invests in a range of industries including information and , the company's investments will be funded 80% by Warburg Pincus and 20% by Coventry. "This is a logical way for us to participate in the technological innovation that is occurring within the health care industry and demonstrates our commitment to changing how we do business," said Allen F. Wise, Coventry's President and Chief Executive Officer. "While we will continue to form partnerships with companies already proven to be leaders in applying technology solutions to our business model, we will now be able to help companies develop the next generation of technology applications that will further revolutionize that business model." Warburg Pincus is a major global private equity investment firm that has sponsored eight private equity funds. To date, these funds have invested more than $9 billion in over 360 companies across a broad range of industries. Coventry is a regional managed health care company operating in 15 markets throughout the Midwest, Mid-Atlantic and Southeast United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and will serve as a test-site for newly developed solutions. Allen F. Wise, chief executive officer and president of Coventry will serve on the Board of Directors of the newly formed company and offer his extensive experience in the health care arena. Coventry operates health plans and insurance companies under the names Coventry Health Care, Coventry Health and Life, HealthAmerica, HealthAssurance, HealthCare USA, Group Health Plan, Southern Health, SouthCare and Carelink Health Plans. The Company provides a full range of managed care services including HMOs, PPOs, POSs, Medicare Risk and Medicaid products to 1.5 million members in a broad cross section of employer and government-funded groups. More information is available on the Internet at http://www.cvty.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998 filed with the Securities and Exchange Commission. |
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