John Alden and Community Care Network announce plan to offer HMO in California.
MIAMI--(BUSINESS WIRE)--March 3, 1995--John Alden Financial Corporation (NYSE NYSE
See: New York Stock Exchange :JA) and Community Care Network (CCN CCN Cloud Condensation Nuclei
CCN Church Communication Network
CCN Conseil Canadien des Normes (Standards Council of Canada)
CCN Critical Care Nurse
CCN Certified Clinical Nutritionist
CCN Community Care Network
CCN Cyclin ), a Value Health Company (NYSE:VH), announced today that John Alden John Alden (1599?–September 22 1687) was one of the Pilgrims who emigrated to America in 1620 on the Mayflower and founded the Plymouth Colony. He was originally hired by William Bradford and others to be their cooper. Financial Corporation's principal subsidiary, John Alden Life Insurance Company, has signed an agreement to market CCN's Value HealthPlan of California, a proposed new health maintenance organization (HMO HMO health maintenance organization.
A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, ).
Value HealthPlan, owned and operated by CCN, signals Value Health's entry into the HMO market. John Alden will market the new HMO to employers with less than 100 employees in California. A second carrier, Northwestern National Life Insurance Co., will market Value HealthPlan to larger employer groups.
"This agreement gives us an added marketing presence in an area that we are targeting for market share enhancement," said John Alden, Chairman and Chief Executive Officer Glendon E. Johnson. "CCN has an excellent reputation in California, and Value Health is a strong player in the field of managed care. We are period to join them in marketing this new HMO."
CCN President and Chief Executive Officer James E. Buncher said CCN will build on its strong market presence and solid provider relations in California by adding an HMO to its array of managed care options.
"As the market evolves toward the more intensive management of care, we want to be able offer an HMO option to our customers," he said. "These arrangements with John Alden and Northwestern National Life Insurance Company team their marketing and sales capabilities with CCN's managed care resources to create a synergy that doesn't exist in the marketplace. It's a new and exciting approach."
CCN expects Value Health Plan to begin operating in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, in early 1996, pending regulatory approval. Initially, the HMO's service area will cover San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Orange, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Riverside and San Bernardino counties, with expansion planned to additional service areas in Southern and Northern California.
John Alden insures more than 200,000 employer groups nationwide, the majority of which are 10 members or less. In California, the company insures more than 15,000 groups. CCN managed care systems are used by approximately 1.4 million members under group health plans and 13 million employees under 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. plans nationwide. Its California preferred provider organization pre·ferred provider organization
Abbr. PPO A medical insurance plan in which members receive more coverage if they choose health care providers approved by or affiliated with the plan. and point-of-service networks include 22,300 physicians, 285 hospitals and 4,447 other providers.
John Alden Financial Corporation is an insurance holding company that, through its subsidiaries, is principally engaged in providing group life and health insurance and managed care services. John Alden is one of the largest providers of group insurance in this market. The company also markets annuities, life insurance to individuals, credit life and health insurance, extended service contracts and other health-related risk management services and products.
San Diego-based CCN, a wholly-owned subsidiary of Value Health Inc., is a national healthcare management company that develops and operates integrated managed care systems for group health and workers' compensation payors in 37 states. CCN's managed care systems, together with utilization management and disability management services, reach more than 14 million beneficiaries.
Value Health, based in Avon, Conn., is a leading provider of speciality managed care benefit programs and healthcare information services See Information Systems. to more than 64 million people. Its customers include 58 of the nation's 250 largest corporations.
CONTACT: John Alden Corporation
Syed Ali, John Alden, 305/715-3767
Terry Merryman, 619/654-2202