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Press Release - American CareSource Holdings, Inc. (XSI-AMEX)
“If you look at a graph of what ancillary care spend looks like between 1980 and today, ancillary care spend in 1980 was roughly 25% of the overall healthcare spend at that point in time in the nation, today it represents north of 30% which makes it a nearly $600 billion market for services. It is taking a larger share of the pie and is expected to do so over time. For us we feel like we are uniquely positioned in the space. We are not aware of another business similar to ours...” - Steven J. Armond (XSI) (Interview published April 18, 2008)
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American CareSource Holdings Elects New Board Director David A. George
DALLAS, TX--(Marketwire - July 28, 2009) -
American CareSource Holdings, Inc. (NASDAQ: ANCI), the nation's leading ancillary health care system, today announced the election of David A. George to Chairman of its Board of Directors on Tuesday, July 21, 2009, replacing exiting Board Chairman Edward B. Berger. Mr. George rejoins the Board of Directors after a two year absence.
"I am delighted to again be working with American CareSource," said Mr. George. "Over the last two years the Company has made tremendous progress and I am looking forward to being part of the Company's future growth by working with the management team David Boone has assembled and the Board."
Commenting on the change, President andDavid A. Boone said, "It is with great pleasure that we welcome Mr. George back on our Board. His extensive industry experience will be a terrific addition to our Board of Directors. I am looking forward to working closely with David as we continue to expand and develop our Company."
David George, Chief Executive Officer of Healthcare Solutions, Inc., is one of the nation's most experienced and accomplished health care industry executives. Over the past 25 years, Mr. George has held key executive positions with businesses focused on the management and delivery of health care services to the nation's largest payors. Prior to the formation of Healthcare Solutions, Inc., Mr. George was Chief Executive Officer of Cypress Care. He had also served as President of AdvancedPCS, the nation's largest and health services company, and as a Director and Executive Vice President of the predecessor company, Advanced Paradigm, Inc. Mr. George also served as Executive Vice President of United HealthCare, a leading health plan and managed health care services company.
"I think David George is an excellent choice for the role of Chairman for this exciting, growing company," said outgoing Chairman Edward B. Berger, who will remain a member of the Board. "While I have truly enjoyed serving as Chair for the past two years, it's time for change, and I am delighted to be passing the torch to him. Mr. George has the necessary expertise and skills to build upon the strong partnerships and collaborations we currently have at local, regional and national levels. As we continue to grow our value-added models and move forward in this ever changing health care environment, his well-recognized leadership will be invaluable in helping us strategically position American CareSource and to effectively respond in today's paradigm. We are indeed fortunate to have David back."
About American CareSource Holdings, Inc.
American CareSource Holdings, the first national, publicly traded ancillary care network services company, offers a comprehensive national network of over 3,000 ancillary service providers at more than 26,000 sites through its subsidiary, Ancillary Care Services. The Company's ancillary network and management provides a complete outsourced solution for a wide variety of health care payors and plan sponsors including self-insured employers, indemnity insurers, PPOs, HMOs, third party administrators and both federal and local governments. For additional information, please visit www.anci-care.com.
About Ancillary Care Services
Ancillary Care Services provides ancillary health care services through its network that offers cost effective alternatives to physician and hospital-based services. This market is estimated at $574 billion, and has grown to 30% of total . These providers offer services in over 30 categories, including laboratories, dialysis centers, free-standing diagnostic imaging centers, non-hospital surgery centers, as well as durable medical equipment such as , and others.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
Any statements that are not historical facts contained in this release, including with respect to future engagements by clients, revenue growth, earnings, and guidance are forward-looking statements. It is possible that the assumptions made by American CareSource Holdings, Inc. for purposes of such statements may prove to be inaccurate or may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve further risks and uncertainties, including but not limited to those relating to demand for our services, pricing, market acceptance, our ability to integrate with our clients, our ability to attract and maintain providers, our ability to manage growth, the effect of economic, political and regulatory conditions, the effect of competition, risks in product development, the ability to complete transactions, and other risks identified in this release, and the Securities and Exchange Commission filings of American CareSource Holdings, Inc.
Steven J. Armond
American CareSource Holdings, Inc.
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