INC. MAGAZINE CITES OXFORD HEALTH PLANS AS ONE OF 100 FASTEST GROWING COMPANIES IN THE U.S.
INC. MAGAZINE CITES OXFORD HEALTH PLANS AS ONE OF 100 FASTEST GROWING COMPANIES IN THE U.S. DARIEN, Conn., May 6 /PRNewswire/ -- Oxford Health Plans, Inc., (NASDAQ: OXHP), a provider of managed care health benefit plans in the greater New York area, has been cited by INC. Magazine in its current issue as one of the fastest growing companies in the United States. From sales of just $5 million in 1987, Oxford expanded revenues to more than $95 million in 1991. The magazine ranked Oxford 57th in its list of the fastest growing companies. "Oxford has enjoyed tremendous success over the past few years," Stephen F. Wiggins, Oxford's founder and chief executive officer. The company made a public stock offering in August of 1991 and a subsequent secondary stock offering in April of 1992. "These financings," said Wiggins, "combined with the company's strong financial performance, have resulted in a debt-free balance sheet with cash of more than $80 million." "Our continued growth rate in excess of 60 percent per year is the result of a lot of little successes, rather than a few big sales," Wiggins observed. "Our largest customer represents under 3 percent of our revenues, so we have successfully diversified our revenue base." The company indicated it has 900 commercial employer groups as customers of its health benefit plans. Oxford Health Plans, Inc. owns and operates health maintenance organizations in New York, New Jersey and Connecticut. The company also owns and operates an accident and health insurance company and a third party claims administration firm. It delivers its health benefits plans through a network of more than 5,600 participating physicians throughout Metropolitan New York. "We are particularly proud of our growth because it is internally generated, rather than based on acquisition," Wiggins continued. "Our people have succeeded in growing this firm without meaningful advertising or huge promotional budgets. The word-of-mouth from our strong customer service has helped our growth rate," he continued. Much of Oxford's growth has been based on its innovative Freedom Plan Program. The Freedom Plan gives employers a benefit plan that combines traditional insurance coverage with HMO benefits. People covered by the plan can use Oxford's participating physicians and receive health benefits without any out-of-pocket costs. They also retain the freedom to use their own doctor, while paying a deductible and higher out-of-pocket expenses. "We were the first to introduce these innovative products in Metropolitan New York," said Jay Silverstein, Oxford's director of marketing. "They addressed the buyer's unwillingness to lock an entire employee group into a limited network of providers. It's really the best of both worlds, while still delivering significant savings on premiums," he continued. This year Oxford also began a unique program serving individuals eligible for participation in Medicare and Medicaid programs. The Medicare program provides benefits to individuals over 65 years of age and the Medicaid program works with state and city governments to address the health care costs problems related to serving the poor. "We are pleased our growth has not precluded us from participating in programs that address the needs of the poor and our nation's senior citizens," said Wiggins. -0- 5/6/92 /Stephen F. Wiggins, chairman, president and CEO of Oxford Health Plans, 203-656-1442; or Tom Gavin, 212-661-8030 or 203-846-4719 (after 7 p.m.), or Kathy Brunson, 312-266-7800, both of Financial Relations Board for Oxford Health Plans/ (OXHP) CO: Oxford Health Plans Inc. ST: Connecticut IN: HEA SU:
PS-SH -- NY028 -- 7028 05/06/92 11:13 EDT
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|Date:||May 6, 1992|
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