MIAMI, April 10 /PRNewswire-FirstCall/ --Physicians Healthcare Management Group, Inc. (Phyhealth) (Pink Sheets: PHYH), a developer of health maintenance organizations (HMOs) in partnership with physicians, today announced that Phyhealth Plan Corporation has retained Network TPA, LLC, an affiliate of Florida-based eHDL to provide third party administration and credentialing verification services for Phyhealth's Pilot HMO scheduled to be launched later this year.
Mr. Robert Trinka, chairman and chief executive officer, stated, "Retaining a third-party administrator for our Pilot HMO has many important advantages. First, the cost savings resulting from not having to build out our own systems and operations infrastructure are substantial. Additionally, partnering with Network TPA for certain administrative functions will reduce our time-to-market and enable us to focus our resources more on the marketing, sales and regulatory compliance aspects of our business."
Mr. Trinka continued, "Our diligent search for a third-party administrator led us to Network TPA because of the value they offer for performing a comprehensive array of services. We were also impressed with its Florida experience and track record, its relationships with physician organizations, and the experience and knowledge of the company's management and staff. Dr. Kester Nedd, CEO of the company, is an internationally renowned neurologist and a successful healthcare entrepreneur. We are delighted to have this opportunity to work with Dr. Nedd, Angel Mongeotti, eHDL's vice president of operations and the entire TPA Division team. We think eHDL is an excellent fit with Phyhealth and our decision to engage the firm is consistent with our mission to promote physician managed healthcare. We are also excited about the prospect of exploring other opportunities where our organizations might collaborate."
About eHDL
Founded in October 1999, eHDL is headquartered in Ft. Lauderdale, FL., and provides real-time transaction and administrative processing services, linking health care providers and payers. Utilizing eHDL's integrated products and services, customers enjoy increased revenues and reduced administrative costs. The company's offerings include third party administration, credentialing verification, provider network services, electronic transactions and an on- line provider directory. Network TPA, LLC is an affiliate of eHDL and which has offices in Atlanta, Georgia.
About Physicians Healthcare Management Group, Inc.
Physicians Healthcare Management Group, Inc. (Phyhealth) is a developer of community-based health maintenance organizations (HMOs) that are owned and operated in partnership with the participating physicians. Phyhealth Plans are designed to deliver high-quality affordable healthcare by enabling physicians to assume end-to-end management of healthcare for their patients. The Phyhealth model empowers physicians to provide preventive healthcare and proactively manage their patient's general health by aligning incentives amongst the HMO, physician and the patient. Phyhealth intends to offer additional value-added products and services in cooperation with physicians, including medical malpractice insurance, local care facilities and wellness programs, as well as information technologies such as secure electronic medical records.
Forward-Looking Statements
This press release contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Physicians Healthcare Management Group, Inc, and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. Additional information is available at: http://www.phyhealth.com.
SOURCE Physicians Healthcare Management Group, Inc.
