Family Health Plan, Family Health Systems Intend to Sell Insurance Business and Health Care Delivery System to United Wisconsin Services and Wheaton Franciscan Services.Business Editors, Health Writers MILWAUKEE--(BW HealthWire)--April 27, 2000 Family Health Plan Cooperative (FHPC FHPC Force Health Protection Council (US DoD, health affairs) ) and Family Health Systems, Inc. (FHS FHS - Filesystem Hierarchy Standard ) have signed letters of intent with United Wisconsin Services, Inc. (NYSE NYSE See: New York Stock Exchange : UWZ) and Wheaton Franciscan Services, Inc. (WFSI) for the purchase of its insurance business and health care delivery system. WFSI is the parent organization of Milwaukee-based Covenant Healthcare System, Inc. and United Wisconsin is a leading managed care company that includes subsidiary CompcareBlue and affiliate Blue Cross & Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. United of Wisconsin among its family of companies. Under the proposed agreement, United Wisconsin would acquire Family Health Plan's insurance business, including its 80,000 members and all insurance products and operations. The Milwaukee-based administrative functions of Family Health Plan provided by Family Health Systems are also expected to become a part of United Wisconsin. Covenant Healthcare System would assume responsibility for Family Health Plan's care delivery system and the Surgicenter sur·gi·cen·ter n. A surgical facility for operations that do not require hospitalization. surgicenter Medical practice A place where outpatient–minor or 'same day' surgical procedures are performed–eg, of Greater Milwaukee, LP, an affiliate of Family Health Systems. FHPC, FHS, WFSI and United Wisconsin are beginning the process of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , reviewing company documents, examining operations, and expect to execute a definitive agreement on or before June 1, 2000. Final agreement is subject to regulatory, board, Family Health System shareholders and Family Health Plan membership approvals. The parties anticipate the transaction will close during the third quarter of 2000. Family Health Plan Cooperative Family Health Plan Cooperative is a nonprofit, cooperative 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, serving 80,000 members in the greater Milwaukee area. FHPC employs 75 physicians and operates seven full-service health centers throughout the area. Family Health Systems, Inc. Family Health Systems, Inc. is a for-profit, privately held corporation Noun 1. privately held corporation - a corporation owned by a few people; shares have no public market close corporation, closed corporation, private corporation providing management and administrative services to managed care organizations. FHS is also the general partner in Surgicenter of Greater Milwaukee, LP, the highest volume, free-standing ambulatory surgery center ambulatory surgery center A free-standing center that performs various types of surgery in southeastern Wisconsin. Performing approximately 6,500 procedures annually, Surgicenter is one of only two surgical facilities in Milwaukee to achieve accreditation from Accreditation Association for Ambulatory Health Care. Wheaton Franciscan Services, Inc. Wheaton Franciscan Services, located in Wheaton, Illinois, is the parent organization for more than 100 health and shelter service organizations sponsored in four states by the Wheaton Franciscan Sisters. Additionally, various organizations are partners in these ministries. Covenant Healthcare System, Inc. Covenant Healthcare System, Inc., is one of the largest integrated regional delivery systems in Southeastern Wisconsin. The Catholic sponsored, community-based delivery network includes four tertiary care tertiary care Managed care The most specialized health care, administered to Pts with complex diseases who may require high-risk pharmacologic regimens, surgical procedures, or high-cost high-tech resources; TC is provided in 'tertiary care centers', often hospitals at five sites, three subacute and extended care facilities, a home health and hospice agency, a 75-physician, 17-clinic physician group, and a full service medical and pathology laboratory. It is affiliated with approximately 1,500 physicians and has nearly 9,000 employees, making it the third largest private employer in Wisconsin. Covenant is sponsored by the Wheaton Franciscan and Felician Sisters, and the majority of its holdings are owned by Wheaton Franciscan Services, Inc. United Wisconsin Services, Inc. United Wisconsin Services, Inc. is one of the nation's leading managed care companies, serving 1.9 million lives in 49 states. Headquartered in Milwaukee, United Wisconsin Services operates Wisconsin's largest Health Maintenance Organization system. The company also has substantial Specialty Managed Care Insurance Products and Specialty Managed Care Services operations. The Specialty Managed Care Insurance Products division features a large dental HMO, group life and disability insurance and workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. products. Specialty Managed Care Services operations provide managed behavioral health, health care information processing, consulting, receivables management, case management, and prescription drug services. United Wisconsin Services' Internet address is http://www.uwz.com |
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