HEALTHCARE COMPARE CORP. REPORTS CONTRACT WITH ALBERTSON'S INC.
DOWNERS GROVE, Ill., Jan. 10 /PRNewswire/ -- James C. Smith, president and chief execuive officer of HealthCare COMPARE Corp. (NASDAQ:HCCC), announced today that the company has entered into an agreement to provide AFFORDABLE Medical Network cost containment services to Albertson's Inc. through FIRST HEALTH Strategies, Inc., a wholly owned subsidiary of First Financial Management Corporaton (FFMC). Mr. Smith noted that he is very pleased with the signing of this agreement since Albertson's Inc. is one of the largest operators of retail food and drug stores in the country. "This agreement will significantly increase HealthCare COMPARE's presence in various markets across the nation and increase its leverage in negotiations with provider groups in these areas," he said. Albertson's Inc. operates approximately 660 stores in 19 Western, Midwestern and Southern states. Two of the chain's largest health and welfare plans will be included in this PPO arrangement. This will include approximately 65,000 covered individuals (employees and their dependents). FIRST HEALTH is the nation's largest independent provider of claims administration and health care management services to self-funded employee health plans sponsored by employers such as Albertson's Inc. This agreement represents the continued growth and development of the strategic alliance between FIRST HEALTH and COMPARE to provide PPO services to FIRST HEALTH's significant national client base. HealthCare COMPARE Corp. is America's leading independent provider of medical cost management services and offers the most comprehensive managed care programs available. COMPARE provides utilization management (COMPARE Medical Review Programs), computer assisted bill review and pricing services (OUCH Systems) and negotiation of fixed price contracts with medical providers to develop and maintain preferred provider networks (The AFFORDABLE Medical Networks) for the exclusive use of our clients. It achieves significant medical cost savings for both group health and workers' compensation clients without compromising the quality of care or freedom of choice. -0- 1/10/94 /CONTACT: Media Contact: James Smith, president and CEO or Joseph Whitters, CFO, HealthCare COMPARE Corp., 708-241-7900/ (HCCC)
CO: HealthCare COMPARE Corp.; Albertson's Inc. ST: Illinois IN: HEA SU: CON
LG -- NY023 -- 0441 01/10/94 09:11 EST