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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: AUGUST 4, 1999
DATE OF EARLIEST EVENT REPORTED: N.A.
UNITED MEDICORP, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
COMMISSION FILE NUMBER 1-10418
DELAWARE 75-2217002
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
10210 NORTH CENTRAL EXPRESSWAY
SUITE 400
DALLAS, TEXAS 75231
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (214) 691-2140
N.A.
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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UNITED MEDICORP, INC. AND SUBSIDIARIES
ITEM 5. OTHER EVENTS
On August 3, 1999, the Registrant issued a press release stating
that it had been notified by the Washington Hospital Center ("WHC") that
claim transmissions from the Department of Women's Services will terminate
effective October 1, 1999. Additionally, the Registrant stated that WHC
management has verbally expressed its intentions to restructure the current
Hospital Billing contract. WHC Women's Services' revenue accounted for
approximately 1% and 7% of total consolidated revenue during 1998 and during
the first two quarters of 1999, respectively. The WHC Hospital Billing
contract accounted for approximately 52%, 36% and 53% of total consolidated
revenues during 1997, 1998, and during the first two quarters of 1999,
respectively. The Registrant further stated that it was currently discussing
various contract restructuring options with WHC related to the Hospital
Billing contract, all of which will result in a significant revenue reduction.
As a result of the above, combined with the loss of the Presbyterian
Healthcare System collection service agreement announced on May 19, 1999, the
Registrant is facing a significant reduction in revenues that will not be
quantifiable until the terms of the restructured WHC Hospital Billing
contract are finalized. Cost reduction steps are being implemented in an
attempt to better position the Registrant for this significant reduction in
revenues and profit margins. The Registrant will continue to vigorously
pursue new business; however, there can be no assurance that new business
sufficient to ensure the survival of the Company can be obtained.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) Exhibits
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Exhibit Number Description
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99.1 Press release issued by the Registrant on
August 3, 1999
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNITED MEDICORP, INC.
(REGISTRANT)
By: /s/ R. Kenyon Culver Date: August 4, 1999
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R. Kenyon Culver
Vice President and Chief Financial Officer
(Principal Accounting Officer)
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UNITED MEDICORP, INC. AND SUBSIDIARIES
EXHIBIT 99.1 TO FORM 8-K
UNITED MEDICORP ANNOUNCES LOSS OF
WASHINGTON HOSPITAL CENTER WOMEN'S SERVICES CONTRACT
(WHC HOSPITAL BILLING CONTRACT TO BE RESTRUCTURED)
DALLAS, TEXAS--United Medicorp, Inc. (Dow Jones ticker symbol "UMCI")
announced today that on July 28, 1999, it was notified by the Washington
Hospital Center ("WHC") that claim transmissions from the Department of
Women's Services will terminate effective October 1, 1999. Management
estimates that UMC will continue to generate revenue from this contract
through January 1, 2000 consistent with revenues generated on a monthly basis
through June 30, 1999. Additionally, WHC management has verbally expressed
that it intends to restructure the current Hospital Billing contract. WHC
Women's Services' revenue accounted for approximately 1% and 7% of total
consolidated revenue during 1998 and during the first two quarters of 1999,
respectively. The WHC Hospital Billing contract accounted for approximately
52%, 36% and 53% of total consolidated revenues during 1997, 1998, and during
the first two quarters of 1999, respectively.
Peter Seaman, Chairman and Chief Executive Officer, stated "We are
disappointed that UMC will no longer be providing billing and follow-up
services to WHC's Department of Women's Services. It is our understanding
that this decision, as well as the decision to restructure the Hospital
Billing contract, were related to cost reduction measures being taken
throughout the hospital industry in response to declining reimbursement
attributable to the Balanced Budget Act of 1997 and other factors. We are
currently discussing various contract restructuring options with WHC related
to the Hospital Billing contract, all of which will result in a significant
revenue reduction. As a result of the above, combined with the loss of the
Presbyterian Healthcare System collection service agreement announced on May
19, 1999, the Company is facing a significant reduction in revenues that will
not be quantifiable until the terms of the restructured WHC Hospital Billing
contract are finalized. We have begun to take cost reduction steps in an
attempt to better position ourselves for this significant reduction in
revenues and profit margins. We will continue to vigorously pursue new
business; however, there can be no assurance that we will be able to close
new business sufficient to ensure the survival of the Company."
Based in Dallas, Texas, United Medicorp, Inc., provides medical insurance
claims processing, accounts receivable management, collection agency services
to healthcare providers nationwide, interim staffing services to healthcare
business offices, and behavioral healthcare services through Allied Health
Options, Inc., a wholly owned subsidiary of UMC.
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