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March 2005
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EHI March 2005; Volume 6, Number 4
BCBS-MI to invest in web...ProxyMed reacts to bad press...HealthStream buys DMR...ProxyMed posts 4Q04 loss...No surprise: NDCHealth to sell...Zix to convert debt to equity...QuadraMed losses soar in 4Q04...eHealth services stocks fall 0.4%...and more...
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BCBS-MI TO SINK $200-300 MM INTO WEB
Blue Cross Blue Shield of Michigan (Detroit) said that it would invest $200 million to $300 million in Internet capabilities over the next several years to improve and modernize customer interfaces in an attempt to provide more cost-effective services for customers and providers.
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PROXYMED REACTS TO NEGATIVE PRESS
ProxyMed (Atlanta) reacted strongly to news coverage of an unqualified opinion issued by its accountant Deloitte & Touche, which stated in the company’s amended Form 10-K that “the company’s potential inability to pay certain current debt obligations when due raises substantial doubt about its ability to continue as a going concern.”
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HEALTHSTREAM ACQUIRES DMR
HealthStream Inc. (Nashville, TN) has announced the acquisition of Data Management & Research Inc. (Nashville, TN), which provides quality and satisfaction surveys, for $10.6 million or about twice DMR’s 2004 revenues of $5.2 million.
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NO SURPRISE: NDCHEALTH TO SELL
The board of NDCHealth (Atlanta) has voted to pursue the sale of the company, following an evaluation of strategic alternatives with the assistance of The Blackstone Group (EHI, February 2005).
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QUADRAMED LOSSES SOAR IN 4Q04
Net loss at QuadraMed (Reston, VA) jumped to $12.444 million in the fourth-quarter of 2004, compared to $1.750 million in the same period a year earlier.
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