EMPHESYS unit buys HMO California.GREEN BAY, Wis.--(BUSINESS WIRE)--April 3, 1995--Employers Health Insurance Co., a part of EMPHESYS Financial Group, Inc. (NYSE NYSE See: New York Stock Exchange : EFG EFG Electric Field Gradient EFG Edge-defined Film-fed Growth EFG European Financial Group EFG European Federation of Geologists EFG Egyptian Financial Group EFG Epic Fail Guy EFG Earth Federation Government (Mobile Suit Gundam) ), has completed its acquisition of 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, California (HMOC), a Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. HMO serving Southern California. Terms of the transaction were not disclosed. Pairing EMPHESYS' highly successful marketing system directed at small businesses with the cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. that a pre-paid health plan allows, the HMO is positioned to be a highly successful competitor, EMPHESYS President Greg Wolf said. "This combination brings a powerful force to the small group health care market in the Los Angeles area," Wolf said. "This solid HMO is now supported by EMPHESYS technology. That means easy, efficient distribution and service. It's a combination that promises more health coverage for the money for small businesses," Wolf said. The acquisition builds on the EMPHESYS strategy of migrating its small-group business into network-based managed care plans, Wolf added. HMO California now serves four counties in the greater Los Angeles area The Greater Los Angeles Area, or the Southland, is the agglomeration of urbanized area around the city of Los Angeles, California, United States. There are two "official" definitions—the Los Angeles metropolitan area consisting only of the Los Angeles and Orange , where the population exceeds 13 million people. HMOC's network includes more than 3,500 physicians, including those associated with the five medical groups that previously owned HMOC. HMOC's network includes 60 hospitals. Employers Health currently offers a variety of high value, consumer-friendly managed care medical plans and other employee benefits to more than 57,000 businesses nationwide. That includes 7,200 California businesses representing nearly 100,000 members. EMPHESYS/Employers Health, based in Green Bay, Wis., is the nation's 10th largest group health insurance company, with 1.16 million members. It provides managed care medical plans to businesses with two or more employees. Employers Health provides a wide range of other employee benefits including short- and long-term disability insurance, dental plans, group term life insurance and flexible spending accounts flexible spending account, n an employee reimbursement account primarily funded with employee-designated salary reductions. Funds are reimbursed to the employee for health care (medical and/or dental), dependent care, and/or legal expenses and are (Section 125 plans.) EMPHESYS/Employers Health is also the contract marketer and administrator for the 82,000-member Health Insurance Plan of California. CONTACT: EMPHESYS/Employers Health, Green Bay Media contact: Jon Drayna, 800-558-4444, Ext. 5725 Investor contact: Wayne Micksch, 800-558-4444, Ext. 5210 |
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