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First Health Announces Major New Clients
Contact:
Edward L. Wristen, President and CEO
or
Joseph E. Whitters, CFO
First Health
630-737-7003
FOR IMMEDIATE RELEASE
DOWNERS GROVE, IL, September 23, 2002 – 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, among others:
Mesa Airlines, Inc.
American Republic Insurance Company
Interactive Medical Systems
Grede Foundries, Inc.
Sentara Health Management
Bill Heard Enterprises, Inc.
University Health Alliance
OFS Fitel, LLC
Employer & Occupational Services
Air Conditioning & Refrigeration Industry Joint
Trust Fund Health & Welfare Plan
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Coach USA
Global Benefits Group/TieCare International, Inc.
Florida Millwrights Piledrivers & Divers Welfare
Fund
Excellus Health Plan
Florida League of Cities
Natural Health Union
Paradigm Health Corporation
Schnuck Markets, Inc.
The Frank Gates Service Company |
Also, Mr. Wristen noted that the Company has been successful
in selling additional services such as PPO, claims administration,
bill review, clinical management, pharmacy benefit management
and stop loss insurance to numerous existing clients including:
HCA, Inc.
Gallagher Bassett Services, Inc.
Sun Healthcare Group, Inc.
Fireman's Fund Insurance Company
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Intracorp
The Hartford Financial Services Group
Boilermakers National Health & Welfare Fund
DHL Holdings (USA), Inc. |
Mr. Wristen also stated, "Based upon these new clients,
the sale of additional services to existing clients and new
business the Company expects to announce during the next several
months, the Company is comfortable with analyst estimates
of $850 million in revenue and $1.50 in EPS for 2003."
First Health, the nation's premier full-service health benefits
company, specializes in providing large employers with one
integrated source for group health and workers' compensation.
By combining pioneering technology with expert industry knowledge,
First Health delivers comprehensive, cost-effective solutions
for its clients nationally. For more information, visit the
Company website at www.firsthealth.com.
Certain statements herein regarding anticipated financial
results for 2002 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 healthcare
benefit expenses, (iv) achieve operation and cost synergies
anticipated as a result of the CCN acquisition, (v) add CCN's
contracted providers to the First Health Medical Network on
a timely basis, or (vi) 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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