HealthPlan Services Changes Name To Planvista

Apr 02, 2001, 01:00 ET from HealthPlan Services Corporation

    TAMPA, Fla., April 2 /PRNewswire/ -- HealthPlan Services Corporation
 (NYSE:   HPS) announced today that its Board of Directors has approved a change
 in the Company's name from HealthPlan Services Corporation to PlanVista
 Corporation, reflecting the new focus on the Company's remaining core
 business.  In a separate announcement, the Company indicated it has entered
 into a definitive agreement to sell its Third Party Administration and
 Managing General Underwriting Businesses.
     According to Company President and Chief Executive Officer Phillip S.
 Dingle, "The name PlanVista embodies the focus and future of our company.  On
 a going-forward basis, we will operate a smaller yet more profitable business
 that combines the operations of a preferred provider organization with superb
 technology, and enables us to save our payer and network partners significant
 bottom-line dollars."
     Since 1998, the Company's PlanVista Solutions division has achieved
 significant growth and profitability benchmarks.  In October 2000, the
 division underwent a name change to PlanVista Solutions.  More recently,
 PlanVista has announced several new agreements for the provision of claims
 repricing, data management, and other cost containment services.  The Company
 continues to expect net revenue and operating income to grow at rates which
 exceed 60% and 75%, respectively, for 2001.  Management remains comfortable
 with its estimates of $22-23 million of operating income for PlanVista during
 2001.
     According to Dingle, "Our strategy is to expand PlanVista through internal
 growth, technology development, and diversification of product offerings.  At
 the same time, we are moving to reduce and restructure our bank debt.  Perhaps
 most importantly, we will have a sharper focus on a core business that we can
 grow."
     The Company has reserved "PVC" as its new trading symbol and will soon be
 finalizing the transition.
     HealthPlan Services is a leading managed health care services company,
 providing medical cost containment and third party administration services for
 health care payers and providers.  HealthPlan Services' medical cost
 containment business includes PlanVista Solutions, one of the nation's largest
 independently owned full-service preferred provider organizations.  PlanVista
 Solutions provides network access, electronic claims repricing, and claims and
 data management services to health care payers and provider networks
 throughout the United States.  HealthPlan Services' third party administration
 business provides distribution, enrollment, billing and collection, and claims
 administration services for insurance companies, HMOs and other managed care
 organizations, and Taft-Hartley union benefit plans.  Visit the company's Web
 sites at www.healthplan.com and www.nppn.com.
     This press release, particularly the statements made by Mr. Dingle,
 include forward-looking statements related to HealthPlan Services that involve
 risks and uncertainties including, but not limited to our ability to expand
 our client base; the success of our diversification efforts; our ability to
 manage costs and reduce and restructure debt; changes in law; fluctuations in
 business conditions and the economy; and our ability to attract and retain key
 management personnel.  These forward-looking statements are made in reliance
 on the "safe harbor" provisions of the Private Securities Litigation Reform
 Act of 1995.  For further information about these factors that could affect
 the Company's future results, please see the Company's filings with the
 Securities and Exchange Commission.  Copies of these filings are available
 upon request from the Company's chief financial officer.  Prospective
 investors are cautioned that forward-looking statements are not guarantees of
 future performance.  Achieved results may differ materially from management
 expectations.
 
 

SOURCE HealthPlan Services Corporation
    TAMPA, Fla., April 2 /PRNewswire/ -- HealthPlan Services Corporation
 (NYSE:   HPS) announced today that its Board of Directors has approved a change
 in the Company's name from HealthPlan Services Corporation to PlanVista
 Corporation, reflecting the new focus on the Company's remaining core
 business.  In a separate announcement, the Company indicated it has entered
 into a definitive agreement to sell its Third Party Administration and
 Managing General Underwriting Businesses.
     According to Company President and Chief Executive Officer Phillip S.
 Dingle, "The name PlanVista embodies the focus and future of our company.  On
 a going-forward basis, we will operate a smaller yet more profitable business
 that combines the operations of a preferred provider organization with superb
 technology, and enables us to save our payer and network partners significant
 bottom-line dollars."
     Since 1998, the Company's PlanVista Solutions division has achieved
 significant growth and profitability benchmarks.  In October 2000, the
 division underwent a name change to PlanVista Solutions.  More recently,
 PlanVista has announced several new agreements for the provision of claims
 repricing, data management, and other cost containment services.  The Company
 continues to expect net revenue and operating income to grow at rates which
 exceed 60% and 75%, respectively, for 2001.  Management remains comfortable
 with its estimates of $22-23 million of operating income for PlanVista during
 2001.
     According to Dingle, "Our strategy is to expand PlanVista through internal
 growth, technology development, and diversification of product offerings.  At
 the same time, we are moving to reduce and restructure our bank debt.  Perhaps
 most importantly, we will have a sharper focus on a core business that we can
 grow."
     The Company has reserved "PVC" as its new trading symbol and will soon be
 finalizing the transition.
     HealthPlan Services is a leading managed health care services company,
 providing medical cost containment and third party administration services for
 health care payers and providers.  HealthPlan Services' medical cost
 containment business includes PlanVista Solutions, one of the nation's largest
 independently owned full-service preferred provider organizations.  PlanVista
 Solutions provides network access, electronic claims repricing, and claims and
 data management services to health care payers and provider networks
 throughout the United States.  HealthPlan Services' third party administration
 business provides distribution, enrollment, billing and collection, and claims
 administration services for insurance companies, HMOs and other managed care
 organizations, and Taft-Hartley union benefit plans.  Visit the company's Web
 sites at www.healthplan.com and www.nppn.com.
     This press release, particularly the statements made by Mr. Dingle,
 include forward-looking statements related to HealthPlan Services that involve
 risks and uncertainties including, but not limited to our ability to expand
 our client base; the success of our diversification efforts; our ability to
 manage costs and reduce and restructure debt; changes in law; fluctuations in
 business conditions and the economy; and our ability to attract and retain key
 management personnel.  These forward-looking statements are made in reliance
 on the "safe harbor" provisions of the Private Securities Litigation Reform
 Act of 1995.  For further information about these factors that could affect
 the Company's future results, please see the Company's filings with the
 Securities and Exchange Commission.  Copies of these filings are available
 upon request from the Company's chief financial officer.  Prospective
 investors are cautioned that forward-looking statements are not guarantees of
 future performance.  Achieved results may differ materially from management
 expectations.
 
 SOURCE  HealthPlan Services Corporation