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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 (DATE OF EARLIEST EVENT REPORTED): APRIL 8, 1997
OXFORD HEALTH PLANS, INC.
(Exact name of registrant as specified in its charter)
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Delaware 0-19442 06-1118515
(State or other jurisdiction) (Commission (IRS Employer
of incorporation) File Number) Identification No.)
800 Connecticut Avenue, Norwalk, Connecticut 06854
(Address of principal executive offices) (Zip Code)
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(203) 852-1442
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
Registrant's Press Release, dated April 8, 1997, is attached as an
Exhibit hereto and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
(99) Press Release dated April 8, 1997
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.
OXFORD HEALTH PLANS, INC.
Date: April 8, 1997 By: /s/ ANDREW B. CASSIDY
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ANDREW B. CASSIDY
Chief Financial Officer
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OXFORD HEALTH PLANS, INC. AND SUBSIDIARIES
EXHIBIT INDEX
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Exhibit Page
Number Description of Document Number
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(99) Press Release dated April 8, 1997 4
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EXHIBIT (99)
OXFORD LETTERHEAD
Contact: Jeff Boyd
(203) 851-2260
Chuck O'Neill
(203) 851-1854
OXFORD ACQUIRES MINORITY INTEREST IN
CHICAGO-BASED COMPASS PPA, INCORPORATED
Norwalk, CT, April 8, 1997 -- Oxford Health Plans, Inc. (OXHP:NASDAQ) announced
today that it has agreed to acquire a minority interest (less than ten percent)
in Compass PPA, Incorporated, the parent company of a commercial health plan in
Chicago, Ill. In addition, Compass will be licensed to use the Oxford name and
Oxford's product names for use in its service area which includes metropolitan
Chicago.
The terms of the transaction include a structure for Oxford to fully acquire
Compass in the future. Oxford will also provide investment capital to build
Compass' internal structure, expand its product offerings and provide working
capital. Completion of the transaction is subject to satisfaction of certain
conditions. Additional terms of the agreement were not disclosed.
Oxford has also agreed to sign an administrative service agreement with Compass
and will provide management support in the day-to-day operations of the health
plan.
"We see an outstanding opportunity to help Compass grow immediately while we
introduce our name and products to one of the most dynamic markets in the
country," said Stephen F. Wiggins, Oxford chairman and CEO. "Compass shares
Oxford's vision of providing high quality healthcare products while offering
value-added services to consumers. The Company is a good strategic match for
Oxford."
Compass' subsidiary, Compass Health Care Plans, Inc., is an Illinois-licensed
health maintenance organization with 24,000 members in its commercial plans.
Compass also acts as administrator for a preferred provider organization plan
with 15,000 members. Compass' provider network includes 56 IPAs including 1,800
primary care physicians and 74 hospitals in the Chicago metropolitan area.
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Oxford Health Plans, Inc. is one of the fastest-growing health plans in the
country with more than 1.7 million members. The company is also one of the
fastest-growing Medicare managed care plans in the
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country with more than 125,000 seniors enrolled in its Medicare Advantage Plan.
Product lines include traditional health maintenance organizations, its
point-of-service Freedom Plan (the Company's largest product offering), its
point-of-service Liberty Plan, third-party administration of employer funded
benefits plans, Medicare and Medicaid plans and dental plans.
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