Coventry Health Care Settles Claim over Health Care Premiums for Federal Employees.Business Editors/Health/Medical Writers BETHESDA, Md.--(BUSINESS WIRE)--Nov. 26, 2003 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
See: New York Stock Exchange :CVH) announced today that its subsidiary, Health America Pennsylvania, Inc. ("HealthAmerica"), has settled a previously disclosed dispute with the Office of Personnel Management ("OPM See Oracle Process Manufacturing. ") and U.S. Department of Justice. The dispute arose from audits that questioned $31.1 million of subscription charges for the years 1993 through 1997. The final settlement of $29 million was fully reserved by HealthAmerica and therefore has no impact on earnings, the regulated capital of Health America, or the consolidated capital of Coventry. "We are glad to finally put this old issue behind us", said Dale B. Wolf, Coventry's Chief Financial Officer, "The Office of Personnel Management, our customer with respect to the Federal employees program, represents an important relationship for us. Coventry has successfully participated in that program, both with respect to our members and shareholders, for many years. The strict underwriting controls we put in place upon our arrival have worked effectively to prevent a recurrence of these issues, and we expect will continue to do so." The press release may contain 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, relating to future events or future financial performance. Actual performance may be significantly impacted by certain risks and uncertainties, including those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2002 filed with the Securities and Exchange Commission (SEC). Coventry Health Care is a managed health care company based in Bethesda, Maryland operating health plans and insurance companies under the names Altius Health Plans, Coventry Health Care, Coventry Health and Life, Carelink Health Plans, Group Health Plan, HealthAmerica, HealthAssurance, HealthCare USA, PersonalCare, SouthCare, 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+Choice, Medicaid, and Network Rental to 3.1 million members in a broad cross section of employer and government-funded groups in 14 markets throughout the Midwest, Mid-Atlantic and Southeast United States. More information is available on the Internet at http://www.cvty.com. |
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