Health Risk Management, Inc. Retains Harpeth Capital to Explore Strategic Options in Bankruptcy Proceeding.

Business Editors/Health & Medical Writers

ATLANTA--(BW HealthWire)--Sept. 17, 2001

Harpeth Capital Atlanta, LLC, an Atlanta-based mid-market investment banking firm, announced today that it has been retained by Health Risk Management, Inc. ("HRM") (OTC:HRMI) to explore strategic options including a potential sale of two divisions: HRM Claim Management, Inc. and other corporate assets which comprise HRM's "4 Your Care" third-party administration (TPA) business, and the Institute for Healthcare Quality, Inc. ("IHQ"), which provides products and services under the name "Quality First(R)". Health Risk Management, Inc. and three subsidiaries filed for Chapter 11 Bankruptcy on August 7, 2001 in the United States Bankruptcy Court for the District of Minnesota.

"Harpeth Capital is pleased to represent the Debtors' in striving to recapitalize these two operating companies. We intend to move as rapidly as possible to recapitalize or sell these operations, either separately or together," commented Jeffrey C. Villwock, Harpeth Capital Atlanta's Managing Partner.

HRM's TPA business provides claim adjudication, excess risk underwriting and care management services for approximately 290,000 employees representing 640,000 members. It administers 800 medical and 350 dental plans, for 85 entities. Unlike most TPAs that have regional customer bases, HRM Claim Management's clients are Fortune 500 companies, self-insured employers, unions, government entities, insurance companies, and preferred provider organizations that are located across the United States.

The IHQ subsidiary is an information management company that designs, develops, and markets healthcare content to businesses servicing the at-risk healthcare market. This subsidiary has developed a PC-based medical risk management system to support treatment and resource medical management decisions for a specific diagnosis. IHQ provides the most current scientific evidence-based clinical content in an easy to use format to ensure that healthcare consumers receive the right care, at the right time, for optimal outcomes. IHQ generated $4.7 million in revenue in 2000.

Harpeth Capital is preparing and will make available Information Memorandums on both operations to potential buyers. The estate has asked the Court to expedite the sales process with an initial due date for qualifying bids of September 26, 2001. Memorandums can be obtained by contacting Harpeth Capital at 404/365-0000, or by emailing Mr. Villwock at [e-mail].

About Harpeth Capital

Harpeth Capital is a Nashville, TN based middle-market investment banking firm formed in March, 2000. It's healthcare investment banking affiliate, Harpeth Capital Atlanta ("HCA"), was formed in January 2001 by Jeffrey C. Villwock (former head of healthcare research for The Robinson-Humphrey Company and two-time Wall Street Journal All-Star Analyst) and Michael Dickson (founder of American HomePatient). HCA's Atlanta based partners include Geoffrey Faux (former president of Orthodontic Centers of America and head of southeast investment banking for Prudential Securities). HCA specializes in healthcare banking, including mergers and acquisition advisory and capital raising assignments. Among its current engagements, HCA is working on six M&A assignments and four capital raises. HCA has recently completed assignments for Iasis Healthcare, HealthMont, Surginet, Le@P Technology and the Tenet Shareholder Committee. Harpeth Capital is affiliated with Clayton Associates, LLC, a private equity firm with over $50 million invested in southeastern based companies.