Printer Friendly

HEALTH RISK MANAGEMENT SIGNS A $15 MILLION CONTRACT WITH TIME INSURANCE COMPANY

 HEALTH RISK MANAGEMENT SIGNS A $15 MILLION
 CONTRACT WITH TIME INSURANCE COMPANY
 MINNEAPOLIS, June 25 /PRNewswire/ -- Health Risk Management, Inc. (NASDAQ: HRMI) (HRM), a full-service supplier of managed care and health care information services, headquartered in Minneapolis, announced that it has signed an agreement, valued at approximately $15 million, to provide health care practice guidelines with supporting systems and turnkey management services to Time Insurance Company (Time), a national health and life insurance company, based in Milwaukee.
 Under the terms of the agreement, Time has licensed HRM's Institute for Healthcare Quality health care practice guidelines with supporting systems, valued at approximately $10 million, over a 10-year period. During the first 2-1/2 years, turnkey services will be provided at Time's Milwaukee facility and HRM's Minneapolis facility for an additional $5 million.
 Health care practice guidelines provide a foundation and technical base for promoting quality care through management of health care services and resources. Guidelines, when integrated with a managed care system, enable the health care manager to direct health care in a medically appropriate and optimal manner, with quality issues driving cost issues. Practice guidelines are becoming widely recognized as an integral tool in continuous quality improvement processes and outcome management related to medical care.
 "This is the first sale of a key product as part of our long-term strategy to fill a unique market niche," said Gary T. McIlroy, M.D., HRM chairman and chief executive officer. "Health care practice guidelines and their related systems, electronically integrated with other managed care services, represent the next generation in the future of managed health care.
 Founded in 1977 by McIlroy and Marlene Travis, president, HRM provides a broad range of integrated managed health care services to self-insured employers, unions, governmental entities, and insurance company clients in the United States and Canada.
 Founded in 1892, Time provides health, life, disability, short-term medical and long-term care insurance for small groups and individuals. In 1991 Time's individual life and annuity premiums exceeded $81 million, with $10 billion of individual life insurance, placing Time in the top eight percent of life insurers in the United States.
 -0- 6/25/92
 /CONTACT: Nancy Hurd of Health Risk Management, 612-829-3749/
 (HRMI) CO: Health Risk Management, Inc.; Time Insurance Company ST: Minnesota; Wisconsin IN: HEA INS SU: CON


DB -- MN005 -- 3728 06/25/92 11:28 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 25, 1992
Words:389
Previous Article:GENERATION 5 SECURES SOFTWARE RIGHTS; EXPANDS WORLD-WIDE
Next Article:DNAP AWARDED U.S. PATENT FOR IMPROVED CELERY
Topics:


Related Articles
CIGNA CORPORATION AND YASUDA FIRE AND MARINE IMPLEMENT TRANSACTION INVOLVING CIGNA'S LIFE INSURANCE COMPANY IN JAPAN
DUFF & PHELPS: SECURITY LIFE INSURANCE COMPANY OF AMERICA CLAIMS PAYING ABILITY RATING LOWERED TO 'A+'
CAREMARK CHOSEN TO PROVIDE HOME INFUSION FOR METLIFE CONTRACT COVERS 7 MILLION LIVES NATIONWIDE
PCA ANNOUNCES ACQUISITION OF A SECOND PUERTO RICO HEALTH CARE COMPANY AND COMPLETES ACQUISITION OF HEALTH PLUS, INC.
Champion Financial Corporation Signs Nationwide Contract With Farmer's Insurance
F&G Re Completes Reinsurance Securitization
Health Risk Management Announces Expanded Contracts: $8 Million In New Revenue Expected.
HealthPlan Services Does Not Expect To Sign A Contract With The Prudential Insurance Company Of America In The Near Term.
DCR Lowers the Rating of Continental General Insurance Company to 'A-'; Remains on Rating Watch-Down.
Matria and The Principal Sign National Agreement To Manage High-Risk Pregnancies.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters