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THE PRINCIPAL ANNOUNCES EXPEDITED CLAIMS SERVICES IN CALIFORNIA

 THE PRINCIPAL ANNOUNCES EXPEDITED CLAIMS SERVICES IN CALIFORNIA
 DES MOINES, Aug. 14 /PRNewswire/ -- In response to California' state budget impasse the Principal Financial group announced toady it will provide expedited claims services for health care providers who serve customers of Principal Mutual Life Insurance Company and MediCal. Principal Mutual is the flagship company of the Principal Financial Group.
 Yesterday's court ruling, prohibiting the state from providing further payments to MediCal providers, causes concern some providers will be unable to continue operating. THe Hospital Council of Southern California estimates their members on average have cash reserves to continue operations for only 18 days.
 The Principal, already known as one of the industry's fastest claims payers, intends to reduce claims-paying time for affected providers by approximately 50 percent. The actions will help cash-strapped providers continue operations during the course of the budget crisis. The company will continue to provide the expedited claims processing until the California state budget is approved or court action would cause the state to pay MediCal providers.
 "We want to ensure our customers continue to receive quality medical care," says Tom Allen, director of group claims for the Principal in California. "As a civic-minded corporate citizen of California, we also hope this effort will help other Californians, who count on MediCal providers, to continue to receive needed services."
 The Principal Financial Group is a diversified family of insurance and financial services companies with some $34 billion assets under management. Its flagship and largest member, Principal Mutual Life Insurance Company, is the second largest U.S. group health provider by premiums. In California, the Principal has the state's largest volume in commercial health premiums.
 -0- 8/14/92
 /CONTACT: Tom Allen, 818-597-0023, or Susan Houser, 515-248-3587, or home, 515-255-9348, both of the Principal Financial Group/ CO: Principal Financial Group ST: Iowa, California IN: INS SU:


LD-AH -- NY080 -- 0250 08/14/92 17:50 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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