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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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): May 21, 1997
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MEDAPHIS CORPORATION
(Exact name of registrant as specified in its charter)
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DELAWARE 000-19480 58-1651222
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)
2700 CUMBERLAND PARKWAY
SUITE 300
ATLANTA, GEORGIA 30339
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (770) 444-5300
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NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
Exhibit Index Located on Page: 4
Total Number of Pages: 5
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ITEM 5. OTHER EVENTS
On May 21, 1997, Medaphis Corporation issued the press release
attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit No.
99.1 Text of Press Release of Medaphis Corporation, dated May 21, 1997.
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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.
Date: May 21, 1997
MEDAPHIS CORPORATION
By: /s/ DAVID E. MCDOWELL
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David E. McDowell
Chairman and Chief Executive Officer
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INDEX
99.1 Text of Press Release of Medaphis Corporation, dated May 21, 1997.
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EXHIBIT 99.1
[MEDAPHIS LOGO]
Medaphis Corporation FOR IMMEDIATE RELEASE
2700 Cumberland Parkway Investor Contact: Melissa Coley
Suite 300 (770) 444-5348
Atlanta, Georgia 30339 Media Contact: Lisa LaMagna
(212) 445-8212
MEDAPHIS CORPORATION ANNOUNCES SEC EFFECTIVENESS ON
IPO OF HEALTHCARE RECOVERIES, INC.
ATLANTA, GEORGIA, MAY 21, 1997 - Medaphis Corporation [NASDAQ: MEDA] today
announced the initial public offering of its entire interest in its
wholly-owned subsidiary, Healthcare Recoveries, Inc., representing 9.8 million
shares of the common stock at a public offering price of $14.00 per share.
Medaphis will use the net, after-tax proceeds of approximately $115 million to
reduce outstanding bank debt. The application of these proceeds will more than
satisfy the scheduled July 31, 1997 step down payment required in the Company's
senior bank credit facility.
Healthcare Recoveries, Inc. is a leading provider of subrogation and related
recovery services to private healthcare payors. Healthcare Recoveries, Inc.
services are designed to recover the value of accident-related healthcare
benefits provided by its clients to insureds when a third-party is responsible
for such healthcare benefits.
David E. McDowell, Chief Executive Officer, remarked, "We are very pleased to
be completing this major step in our 1997 business plan announced earlier this
year. In addition to satisfying our step down payment well ahead of schedule,
the successful divestiture of Healthcare Recoveries allows us to better focus
on our core business of delivering business management services and information
products to healthcare providers."
Medaphis Corporation is a leading provider of business management services and
information products to healthcare providers. Based in Atlanta, Georgia,
Medaphis currently serves approximately 20,500 physicians and 2,600 hospitals
across the nation.
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