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FOR IMMEDIATE RELEASE
Contact: John C. Barrett (407) 282-5131
BLUE CROSS and BLUE SHIELD of FLORIDA SIGNS AGREEMENT WITH MED ADVANTAGE TO CREDENTIAL MEMBERS OF THEIR NETWORK.
Orlando, FL., May 11, 1999 - Med Advantage announced today that it has contracted with Blue Cross and Blue Shield of Florida (BCBSF) to provide credentials verification services to meet the needs of its Principal Health Care of Florida (PHCF) business which BCBSF acquired in December 1998.
As a result of this new agreement, Med Advantage will provide a range of services for BCBSF, including the primary source verification of credentials.
John C. Barrett, senior vice president of Med Advantage stated, "We are excited by the opportunity to work with BCBSF. This Agreement covers credentialing services for PHCF networks in north and central Florida. Med Advantage intends to demonstrate the cost effectiveness of outsourcing the Primary Source Verification in order to assist BCBSF with its acquisition efforts."
BCBSF is an independent licensee of the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. A financially strong, tax-paying mutual company, BCBSF is subject to the same regulation by the Department of Insurance as other health care organizations operating in Florida. Standard and Poor's affirmed its "A+" claims-paying ability and credit ratings of BCBSF and A.M. Best Company affirmed its "A" rating. The ratings are based on BCBSF's strong market position, good earnings profile and excellent capitalization. More information on BCBSF can be found on its web site at www.bcbsfl.com.
Med Advantage, (http://www.med-advantage.com), a subsidiary of Professionals Group, Inc., is considered one of the largest Credentials Verification Organizations (CVOs) in the country. Med Advantage is fully certified for 10 of 10 elements by the NCQA*, fully accredited by URAC**, and Med Advantage also assists clients in meeting the standards of the Joint Commission on Accreditation of Healthcare Organizations (JCAHO). The database, which Med Advantage has compiled, currently holds over 900,000 providers and has in excess of 4.3 million verified data elements.
Professionals Group, Inc. (NASDAQ:PICM), is a holding company for Med Advantage and several other insurance related subsidiaries.
* The National Committee for Quality Assurance (NCQA), located in Washington, DC, is an independent, non-profit organization that certifies credentials verification organizations and accredits managed care organizations.
** The American Accreditation HealthCare Commission / URAC is a non-profit entity founded in 1990 to establish accreditation standards for managed health care organizations. The Commission / URAC's broad based membership represents a diversity of health care constituencies; industry, provider, purchasers, consumers, and regulators. Purchasers and consumers look to Commission / URAC accreditation as a mark of distinction for a managed health care company. For more information about the Commission / URAC, visit their web site at WWW.URAC.ORG
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