TRUMBULL, Conn., Jan. 9 /PRNewswire-FirstCall/ -- Oxford Health Plans,
Inc. (NYSE: OHP) As previously announced, Oxford Health Plan's Chairman and
CEO, Norman C. Payson M.D., is scheduled to present tomorrow January 10 at the
JPMorgan H&Q Healthcare Conference in San Francisco.
The Company is planning to provide updated and more favorable commercial
enrollment guidance at that Conference. Commenting on the Company's most
recent perspectives on membership Dr. Payson said, "In light of fourth quarter
enrollment activity and our current expectation for January enrollment we now
believe Oxford will experience 2% commercial enrollment growth in 2002, not
the 1 to 2% decline we anticipated at the end of the third quarter. The
anticipated growth does not include membership from our previously announced
MedSpan acquisition that we hope to complete by the end of the first quarter."
Founded in 1984, Oxford Health Plans, Inc. (http://www.oxfordhealth.com),
provides health plans to employers and individuals in New York, New Jersey and
Connecticut, through its direct sales force, independent insurance agents and
brokers. Oxford's services include traditional health maintenance
organizations, point-of-service plans, third-party administration of
employer-funded benefit plans and Medicare plans.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release, including statements concerning
the Company's future membership and other statements contained herein
regarding matters that are not historical facts, are forward-looking
statements (as such term is defined in the Securities Exchange Act of 1934);
and because such statements involve risks and uncertainties, actual results
may differ materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ materially
include, but are not limited to:
* Changes in Federal or State regulation relating to health care and
health benefit plans, including proposed patient protection
legislation and mandated benefits.
* The state of the economy.
* The impact of the September 11, 2001 terrorist attack and the recent
cases of Anthrax infection or exposure, and the effect of any future
act of terrorism.
* Rising medical costs or higher utilization of medical services,
including higher out-of-network utilization under point-of-service
plans and new drugs and technologies.
* Competitive pressure on the pricing of the Company's products,
including acceptance of premium rate increases by the Company's
commercial groups.
* Higher than expected administrative costs in operating the Company's
business and the cost and impact on service of changing technologies.
* The ability of the Company to maintain risk transfer and other
provider arrangements and the resolution of existing and future
disputes over the reconciliations and performance under such
arrangements.
* Any changes in the Company's estimates of its medical costs and
expected cost trends.
* The impact of future developments in various litigation (including
pending class and derivative actions filed against the Company and
certain of its officers and directors, and other proceedings commenced
against the Company and several employees by certain healthcare
providers), the recent class actions in Connecticut and New York and
related litigation by the Connecticut Attorney General, regulatory
proceedings and other governmental action (including the ongoing
examination, investigation and review of the Company by various
Federal and State authorities).
* The Company's ability to renew existing members and attract new
members.
* The Company's ability to develop processes and systems to support its
operations and any future growth.
* Those factors included in the discussion under the caption "Business
-- Cautionary Statement Regarding Forward-Looking Statements" in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2000 and under the caption "Management's Discussion and
Analysis of Financial Condition and Results of Operations --
Cautionary Statement Regarding Forward-Looking Statements" in the
Company's Quarterly Report on Form 10-Q for the period ended
September 30, 2001.
SOURCE Oxford Health Plans, Inc.
 back to top
Related links:
http://www.oxfordhealth.com
CONTACT:
Investors - Gary Frazier, +1-203-459-7331, or
Deborah Abraham, +1-203-459-6674, Media - Maria Gordon Shydlo,
+1-212-805-3420, all for Oxford Health Plans, Inc.
|
