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November 2005
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eHealth Insider November 2005; Volume 6, Number 10
ProxyMed raises debt...Emdeon president resigns...Trizetto to buy CareKey...Zix reports net loss...Allscripts raises debt...Proxicom completes Daou deal...MedAvant launches portal...Per-Se net rises...eDiets CEO retires...eHealth, services stocks rise 4%...Highmarks invests in e-scripts...Premera to pilot e-office visits...Effect of e-script standards...Empire has 12 MM web visits...and more...
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PROXYMED RAISES DEBT, ISSUES SHARES
On the heels of a management shake-up (EHI, August), ProxyMed (Atlanta) announced that it had changed its named to MedAvant, cut its workforce by 20% to 400, trimmed unprofitable products, and received a $15 million revolver and $5 million term loan from Laurus Master Fund Ltd. in exchange for 500,000 shares of common stock or 3.9% of the company.
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EMDEON PRESIDENT RESIGNS
Emdeon (Elmwood Park, NJ) announced the resignation of its president Tony Holcombe effective Dec. 2 while simultaneously warning that 2006 earnings and revenues may be at the low end of prior projections because of anticipated weakness at the company’s business services segment.
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TRIZETTO TO BUY CAREKEY FOR $60 MM
Trizetto Group (Newport Beach, CA) announced the acquisition of privately head CareKey Inc. (Boston), a care management software company, for $60 million in cash, plus the potential for $40 million in additional payments based on the achievement of certain goals.
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HIGHMARK TO INVEST IN E-SCRIPT EFFORT
Highmark Inc. (Pittsburgh) said it will contribute $26.5 million to an e-prescribing initiative coordinated by the Pittsburgh Foundation, a charity and community organization.
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PREMERA TO PILOT E-OFFICE VISITS TO MICROSOFT LIVES
Premera Blue Cross (Mountlake Terrace, WA) and Virginia Mason Medical Center will launch an 18-month pilot of online physician office visits for selected Microsoft Inc. employees and dependents, with providers being compensated for the online encounters. RelayHealth will provide the technology for the pilot, which is slated to start Jan. 1.
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WILL E-PRESCRIBING STANDARDS DRIVE CHANGE?
Now that the Centers for Medicare & Medicaid Services (Washington) has issued its final rules for e-prescribing standards, the question is how much will the standards drive use of e-script technology.
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ALLSCRIPTS TO RAISE $200 MILLION IN DEBT
Allscripts Health Solutions (Chicago), long the envy of eHealth companies because of its formidable cash position, said it would seek to raise $200 million in a debt offering.
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EMPIRE BCBS WEB SITE HAS 13 MILLION VISITS IN 9 MONTHS
WellChoice’s Empire Blue Cross Blue Shield (New York) said that its www.empireblue.com web site has attracted 13 million visits during the first nine months of 2005, with visitors both seeking information and conducting transactions. Empire also announced a redesign of the site to improve ease of navigation for users.
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PROXICOM COMPLETES ACQUISTION OF DAOU
Proxicom Inc., an affiliate of investment firm Gores Technology Group (Los Angeles), has completed the acquisition of Daou Systems Inc. (Exton, PA) for about $0.305 per share or a total of $21.6 million in cash.
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PROXYMED/MEDAVANT LAUNCHES PROVIDER PORTAL
As part of a new strategic focus on provider connectivity, MedAvant (Atlanta)—formerly ProxyMed—announced the launch of a single physician portal allowing the real-time exchange of claims data.
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PER-SE 3Q05 NET RISES 13%
Per-Se Technologies (Alpharetta, GA) reported third-quarter 2005 net income of $9.823 million, up 13%, on revenues of $94.006 million, up 4%.
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