EATONTOWN, N.J., Jan. 4 /PRNewswire-FirstCall/ -- QMed, Inc. today announced that Donald Parisi has joined QMedCare, Inc., QMed's subsidiary engaged in sponsoring Medicare Advantage Special Needs Plans that serve high risk Medicare members. He joins QMedCare as Executive Director for a new HMO and Medicare Advantage Plan, with special needs features, that the Company is currently developing, and that it expects to begin operating in January 2007.
Prior to joining QMedCare, Parisi served as Principal of HealthPath Group, Scotch Plains, NJ, which contracts with State Commissioners of Insurance and with health plans. Parisi has extensive experience in the development and operation of HMO's. He was both General Manager and General Counsel for HealthNet New Jersey (formerly First Option Health Plan) where he had P&L responsibility for a 230,000 member HMO offering a wide range of products, including Medicare. He managed a staff of over 300 that performed claims, customer service, provider relations, network management, sales, billing, enrollment, medical management, human resources and financial services functions. As counsel he managed a four-state legal department of five attorneys and 50 other personnel, including compliance auditors, a special investigations unit and an appeals and grievances department for a million-member HMO.
Parisi served for four years as Deputy Attorney General representing the Commissioner of Insurance in the state of New Jersey. He has practiced law in New Jersey, is a member of the North Carolina bar, obtained his BA from Rutgers University and his Juris Doctor from Rutgers University School of Law.
Michael W. Cox, QMed president and CEO said, "We are obviously pleased that Don Parisi has joined QMedCare as we continue to expand our Special Needs Plan business. Don's truly extensive and successful background in managing health plans, and assuring their financial performance and integrity, as well as in Medicare products, speaks eloquently for itself. We also believe that his regulatory background and legal experience add valuable dimensions to our team and so we welcome him aboard enthusiastically."
Mr. Parisi commented, "I believe that QMedCare's information-intensive program for improving outcomes for chronically ill Medicare members represents a terrific opportunity for our Company, as well as for our country as it wrestles with ever-escalating costs of medical care. Our strategy is to grow rapidly both through sponsoring our own Special Needs Plans as well as through carving out members of other Medicare Advantage plans. I look forward to contributing materially to our success."
About QMed, Inc.
QMed provides evidence-based clinical information management systems around the country to its health plan customers. The system incorporates Disease Management services to patients and decision support to physicians. The Company's QMedCare subsidiary specializes in serving high-risk populations of Medicare beneficiaries. Health e Monitoring is QMed's subsidiary offering weight, obesity and health promotion programs. The Company has been selected and operates in two Medicare Demonstrations to test the feasibility of reimbursing its care coordinated DM services in the vast Medicare fee-for- service program. More information on QMed, Inc. can be obtained at http://www.qmedinc.com, by calling (732) 544-5544 or by emailing investor@qmedinc.com.
Except for historical information contained herein, matters discussed in this news release are forward-looking statements that involve risks and uncertainties. They include but are not limited to those relating to the timely implementation of programs, the impact of competitive product introductions, acceptance and pricing, and those risks detailed in the Company's filings with the Securities and Exchange Commission (SEC). Actual results may differ materially from any forward-looking statements due to these risks and uncertainties.
QMed, Inc.CONTACT: Robert Mosby, of QMed, Inc., +1-732-544-5544 x1107
Web site: http://www.qmedinc.com/
