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First Health Announces New Clients
Contact:
Edward L. Wristen, President and CEO
or
Joseph E. Whitters, CFO
First Health
630-737-7511
FOR IMMEDIATE RELEASE
DOWNERS GROVE, Illinois, February 18, 2003 – Edward L. Wristen,
President and Chief Executive Officer of First Health Group
Corp. (NASDAQ: FHCC), announced today that the Company has
entered into agreements to provide services to new clients
and sold additional services to existing clients. These services
include PPO, claims administration, bill review, clinical
management, pharmacy benefit management, and stop-loss insurance
as well as additional services in our public sector. These
clients include, among others:
Park Place Entertainment
Yamaha Corporation of America
Sunbelt Beverage L.L.C.
The Majestic Star Casino, L.L.C.
Millennium International PPO, L.L.C.
Alaska Department of Health and Social Services
Sentry Insurance
Diversified HealthCare Services, Inc.
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New World Restaurant
Group, Inc.
Squire, Sanders & Dempsey, L.L.P.
Guarantee Trust Life Insurance
Company
HAA Preferred Partners, L.L.C.
(Health Access of America)
Nevada Division of Health Care
Financing and Policy
Virginia Department of Medical Assistance Services |
Mr. Wristen also stated, "With these new clients and
the sale of additional services to existing clients, including
those previously announced in the last several months, the
Company is estimating approximately $870 million in revenue
and EPS in the range of $1.50 to $1.55 for 2003."
First Health, the premier national health-benefits services
company, specializes in providing large payors with integrated
managed care solutions. First Health is a unique national
managed care company serving the group health, workers' compensation
and state agency markets. Using technology to enable service
and managed care innovations, First Health sets the bar for
industry performance. For more information, visit the company
website at www.firsthealth.com.
Certain statements herein regarding anticipated financial
results for 2003 and the Company's business prospects are
forward-looking statements that involve substantial risks
and uncertainties. In accordance with the Private Securities
Litigation Reform Act of 1995, factors that could cause the
Company's actual results to differ materially from those expressed
or implied by such forward-looking statements include, among
others, the inability of the Company to continue to: (i) enter
into contracts with and successfully implement programs for
new clients within the time frame established by the Company
and achieve the revenue growth expected to result from the
addition of such clients, (ii) expand its group health, workers'
compensation and public sector business, (iii) control health
care benefit expenses, or (iv) successfully integrate the
recently acquired Mail Handlers Benefit Plan administrative
assets. All forward-looking statements herein are made as
of the date hereof and the Company undertakes no obligation
to update such statements.
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