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Qualchoice Ahead of Budget, Attracts New Investment July 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 growth. The foundation, U.Va. and Martha Jefferson Hospital jointly own Blue Ridge Health Alliance, the parent company of QualChoice. "We 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." At 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. "The 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. He 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. "Possible initiatives include improved automated services, consolidating office space, and developing new employee programs," said QualChoice president Marty D'Erasmo. "New 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." |
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