<PAGE> OMB Number 3235-0104
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
1. Name and Address of Reporting Person
Lynx Capital Group, LLC
___________________________________________________________________________
(Last) (First) (Middle)
2601 Fair Oaks Blvd., Sacramento, CA 95864
2. Date of Event Requiring Statement (Month/Day/Year) 7-2-98
3. IRS or Social Security Number of Reporting Person (Voluntary) __________
4. Issuer Name and Ticker or Trading Symbol
Provident American Corporation (PAMC)
5. Relationship of reporting person to issuer
(Check all applicable)
____ Director XX 10% Owner
____ Officer (give ____ Other (specify
title below) below)
______________________
6. If Amendment, Date of Original (Month/Day/Year) ______________________
7. Individual or Joint/Group Filing (Check Applicable line)
XX Form filed by one Reporting Person
____ Form filed by More than One Reporting Person
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FORM 3 (continued) Page 2 of 4 Pages
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security Common Stock
2. Amount of Securities Beneficially Owned (Inst. 4) 659,200
3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) I
4. Nature of Indirect Beneficial Ownership (Inst. 5) As general partner of
limited partnerships, manager of limited liability companies and investment
adviser of managed accounts.
___________________________________________________________________________
Reminder: Report on a separate line for each class of
securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person,
see Instruction 5(b)(v). SEC 1473 (7-96)
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FORM 3 (continued) Page 3 of 4 Pages
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security Options
2. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
6-1-98 3-31-01
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
Title Common Stock Amount or Number of Shares 150,000
4. Conversion or Exercise Price of Derivative Security 3.695
5. Ownership Form of Derivative Security:
Direct (D) or Indirect (I) (Instr. 5) D
6. Nature of Indirect Beneficial Ownership (Instr. 5)
________________________________________________________________________
_____________________________________________________________________________
1. Title of Derivative Security Options
2. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
7-2-98 12-2-03
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
Title Common Stock Amount or Number of Shares 917,920
4. Conversion or Exercise Price of Derivative Security 0.91
5. Ownership Form of Derivative Security:
Direct (D) or Indirect (I) (Instr. 5) I
6. Nature of Indirect Beneficial Ownership (Instr. 5) As general partner
of investment limited partnership.
________________________________________________________________________
Explanation of Responses: Lynx Capital Group, LLC July 13, 1998
The reporting person has only By: /s/ Michael Ashker
a pro rata interest in the Michael Ashker, Manager
securities reported and **Signature of Reporting Person Date
disclaims beneficial ownership
of the securities reported
except to the extent of the
reporting person's pecuniary interest.
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FORM 3 (continued) Page 4 of 4 Pages
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection
of information contained in this form are not required
to respond unless the form displays a currently valid OMB Number.
C:\DMS\9000\001\0271623.WP
