Ahead of Budget, Attracts New Investment
28, 1999 -- Citing six consecutive months of better-than-budget
performance by QualChoice
of Virginia, the University of Virginia's Health Services Foundation
(HSF) has voted to invest additional funds in the company's future
foundation, U.Va. and Martha Jefferson Hospital jointly own Blue
Ridge Health Alliance, the parent company of QualChoice.
have been impressed by the recent financial performance and by the
commitment of the BRHA board, its management team, and the staff,"
said Harry J.G. van Beek, chairman of the HSF board. "There is a
high level of confidence at HSF about the future of QualChoice and
the company's ability to achieve its long-term mission."
its annual summer retreat last week, the University's Board of Visitors
separately authorized Leonard W. Sandridge, executive vice president
and chief financial officer, to create a $3 million reserve for
possible future investment in the company.
Board of Visitors sees the company's performance in 1999 as a strong
indication that QualChoice has, in fact, turned the corner in reaching
its goal of financial stability," Sandridge said.
said any additional capital invested by the University would be
used to support business functions, improve services to members
and providers, and provide a base for future growth.
initiatives include improved automated services, consolidating office
space, and developing new employee programs," said QualChoice president
funding would support a long-term plan to realize the company's
full potential over the next five years," she said. "Current projections
indicate that QualChoice can look forward to a solid, productive
financial future. This is good news for everyone."