- Oxford Continues to Extend Business in Connecticut -
TRUMBULL, Conn., Oct. 23 /PRNewswire-FirstCall/ -- Oxford Health Plans,
Inc. (NYSE: OHP) announced today that it has signed a multi-year agreement
with the Colonial Individual Practice Association (IPA) and Colonial
Cooperative Care (CCC), expanding Oxford's physician network to include more
than 500 primary care physicians and specialists in Eastern Connecticut.
(LOGO: http://www.newscom.com/cgi-bin/prnh/20001212/OXHPLOGO )
"By working in collaboration with the Colonial IPA and CCC, Oxford's
regional focus and commitment to healthcare cost management will enable us to
offer diverse and affordable health plan products to meet the ever-changing
needs of employers and consumers in this marketplace. Oxford continues to
increase its statewide presence through provider relationships that complement
our strong provider networks in Hartford and Fairfield counties," said Charles
G. Berg, president and CEO-elect of Oxford.
"Additionally, reaching long-term agreements with physicians and hospitals
makes healthcare costs more predictable, a significant variable as we work
diligently to address the affordability issue facing our employer groups and
our members," Berg continued.
With the addition of the Colonial IPA and CCC, Oxford's Connecticut
provider network consists of more than 8,000 physicians in 11,000 office
locations affiliated with 31 hospitals in the state. In addition to growing
its network of physicians and hospitals, Oxford will continue to introduce new
benefits plans and target employer groups not traditionally offering Oxford,
better positioning itself to cover a larger percentage of the more than
two million Connecticut managed care insured. This past spring, Oxford
completed its acquisition of MedSpan, further extending its provider network.
Currently, Oxford, including MedSpan, has more than 117,000 fully insured
members in Connecticut.
"As Oxford increases its presence in the state, we look forward to
building a strong, constructive relationship in order to deliver high quality,
cost-effective healthcare to its members," said Richard Geller, M.D., chairman
of the Colonial IPA. "We also will work closely with Oxford to enhance its
disease management and other healthcare programs."
"As part of this agreement, CCC will provide administrative support to
Oxford in managing its eastern Connecticut network, most particularly the
Colonial IPA," said Anthony G. Alessi, M.D., president and chief executive
officer for CCC. "Created by physicians in the Colonial IPA, CCC is in the
best position to help Oxford successfully implement administrative and
management programs, including Oxford's e-commerce initiatives, in its quest
to ease the administrative burden for physicians, while providing access to
quality health care."
Colonial Cooperative Care, based in Norwich, Conn., provides healthcare
solutions for physicians, employers and patients in Eastern Connecticut.
Colonial Individual Practice Association (IPA), a multi-specialty physician
network, founded the organization in 1997. The mission of Colonial
Cooperative Care is to provide superior healthcare management solutions and
shape the future of healthcare in Eastern Connecticut through strategic
partnerships with physicians, patients and employers.
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. In the year 2002, the company received an Excellent Accreditation
from the National Committee for Quality Assurance (NCQA), an independent,
non-profit organization dedicated to improving managed care quality and
service. Oxford's services include traditional health maintenance
organizations (HMOs), point-of-service (POS) plans, preferred provider
organization (PPO) plans, third-party administration of employer-funded
benefits and Medicare plans.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain comments that are considered
forward-looking statements within the meaning of applicable federal securities
laws and are based upon Oxford's current expectations and assumptions, which
are subject to a number of risks and uncertainties, which could cause actual
results to materially differ from those anticipated. A discussion of those
risks and uncertainties is included in the discussion under "Business -
Cautionary Statement Regarding Forward-Looking Statements" in the Oxford
annual report on Form 10-K for the fiscal year ended December 31, 2001, and
the quarterly reports on Form 10-Q for the quarters ended March 31 and
June 20, 2002.
SOURCE Oxford Health Plans, Inc.
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Related links:
http://www.oxfordhealth.com
Company News On-Call:
http://www.prnewswire.com/comp/104612.html
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20001212/OXHPLOGO
CONTACT:
Maria Gordon Shydlo of Oxford Health Plans,
Inc., +1-203-459-7674; or Tony Alessi, M.D., of Colonial
Cooperative Care, +1-860-885-0630, ext. 104
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