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Advanced Health hits Net
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January 13, 1999: 10:48 a.m. ET
Company changes name, personnel in move to e-commerce operation
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NEW YORK (CNNfn) - Advanced Health Corp. will perform some self-surgery in its bid to become an Internet-based operation, the company said Wednesday.
Effective Feb. 1, Advanced Health Corp. (ADVH), which provides information technology for electronic management of laboratory and prescription transactions, will be known as AHT Corp. and its new Nasdaq stock symbol will be AHTC.
Alan Masarek, president and chief operating officer, will resign that position and from the board effective March 31. Dr. Jon Edelson, the company's chairman and chief executive officer, will assume the additional role of president.
In November, Advanced Health Corp. said it would lay off 240 workers, or 60 percent of its staff, in a restructuring that would focus on e-commerce and other Internet services.
"Our goal," Edelson said, "is to…become a leading provider of Internet-based clinical e-commerce among physicians and healthcare organizations."
Edelson said the company had retained the investment bank Hambrecht & Quist to explore alternatives for the Tarrytown, N.Y.-based company's outsourcing services unit, which provides management and consulting services to healthcare organizations, including hospital-based and physician group practices.
"Although our outsourcing services unit has grown to support over 30 network and physician group clients, this business is no longer core to our strategy of focusing on healthcare e-commerce," Edelson said.
In other personnel changes, Rob Alger, executive vice president and chief information officer, was elected to the board to fill the vacancy created by Masarek's resignation, and Jeffrey Sauerhoff was named chief financial officer.
Advanced Health Corp. was up 25/32 at 2-25/32 in morning trading.
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