Healthaxis Announces CEO Succession; John M. Carradine, Company's President, to Assume Chief Executive Role Chairman to Lead Strategic Initiatives.IRVING, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to -- Healthaxis Inc. (Nasdaq:HAXS), an innovative provider of technology-enhanced, integrated business process solutions and services, including claims and benefit administration applications, web-enabled software solutions and outsourced claims related services for health benefit administrators and health insurance claims processors, announced today that John M. Carradine, 47, the Company's President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , has been elected to the Board of Directors and elected Chief Executive Officer, all effective as of October 1, 2005. He succeeds James W. McLane, 66, who will remain Chairman of the Company. Adam Gutstein, President of DiamondCluster International and Chairman of the Healthaxis Board Nominating and Governance Committee, commented on behalf of the board of directors: "The board determined that with Mr. McLane's previously announced intention to return to his home in Philadelphia, PA, now is the appropriate time for this evolutionary change in the company's executive leadership. The financial restructuring of the company has been completed, and the fiscal health of the company strengthened through the recent capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. from Tak Investments. Significant operational changes have been completed. A new and highly respected sales head and team are in place, and the company's capabilities have been retooled. The board is confident that John Carradine has both the experience and the ability to lead the new team, grow the company and enhance shareholder value." Mr. McLane commented: "I am pleased that the board shares my perspective that we are fortunate to have John Carradine in position to become CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the company. He has worked closely with me in the reshaping and restructuring of Healthaxis. In addition, John and Larry Thompson have developed the game plan for much greater market recognition and penetration. He has the complete confidence of the board and our employees." Commenting on the Company's leadership transition, John Carradine said: "We all are deeply appreciative of Mr. McLane's past commitment to leading the company through difficult times and the complete restructuring and rebuilding of the company, its financial security and its strategic direction. With Larry Thompson bringing a new level of market recognition and sales energy to the company, our historically strong operating team operating team Surgery The participants–surgeons, nurses, etc–in a sterile surgical procedure performed under general–less commonly, local anesthesia , and Jamie McLane's continued involvement with the strategic growth of the company, we are now positioned to build Healthaxis' share of the market." John Carradine joined Healthaxis as Chief Financial Officer in March 2001. He assumed the role of President of Healthaxis Imaging Services in July 2002. He was appointed President and Chief Operating Officer of the company in February 2004. Before joining Healthaxis, he served as Chief Financial Officer and Treasurer of Micrografx from October 1998 through February 2001, where he also served as a member of its Board of Directors. Prior to Micrografx, Mr. Carradine worked in various financial executive positions at Intellicall Inc, a publicly traded telecommunications company and at Computer Language Research, Inc., a data services and software provider. He began his career with the accounting firm of Arthur Young and Company. Mr. Carradine holds a master's degree in business administration from Southern Methodist University Southern Methodist University, at Dallas, Tex.; United Methodist; coeducational; chartered 1911. The school's facilities include laboratories for electron microscopy and stable isotopes, a museum of paleontology, and a graduate research center. and a bachelor's degree in business administration from Texas Tech University. He is a licensed CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. in the State of Texas. About Healthaxis Healthaxis (Nasdaq:HAXS) is a leading provider of fully integrated business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in and claims administration technology solutions; specializing in mailroom outsourcing, scanning, imaging, data capture, data conversion through OCR OCR in full optical character recognition Scanning and comparison technique intended to identify printed text or numerical data. It avoids the need to retype already printed material for data entry. , repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing for primary and secondary networks and PPO PPO abbr. preferred provider organization PPO Managed care Preferred provider organization, see there Infectious disease Pleuropneumonia-like organism, see there Routing services. Healthaxis' technology enhanced solutions include a HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, compliant ASP claims administration software model, PPO cleanup and maintenance tools, and a suite of self service web enabled products targeting health benefit administrators and health insurance claims processors for the mid to large tier payer market. For information on Healthaxis products and services, call 800-519-0679 or visit www.healthaxis.com. For investor information, call 972-458-8000. Forward-looking statements: Statements that are not purely historical facts, including without limitation statements about anticipated or expected future revenue and performance, constitute forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1934, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those contemplated by the forward-looking statements. Such factors include without limitation the risks and uncertainties identified in our documents filed with, or furnished to, the Securities and Exchange Commission, including those identified under the caption "Business-Risk Factors" in our most recently filed 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. and under the caption "Risk Factors" of our Form S-3 Registration Statement filed with the Commission on June 27, 2005. |
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