SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MARLON ANTHONY M MD

(Last)

(First)

(Middle)

2724 N. TENAYA WAY

(Street)

LAS VEGAS

89128

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SIERRA HEALTH SERVICES INC [ SIE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	COB, CEO and President

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/01/2004		M		17,000	A	$3.75	221,680	D
Common Stock	03/01/2004		S⁽¹⁾		17,000	D	$33.7487	204,680	D
Common Stock								152,648	I	By the AMM & RM Family Limited Partnership⁽²⁾
Common Stock								935,341	I	By the Marlon Family Trust⁽²⁾
Common Stock								1,500	I	By the AMRM Family Partners Ltd.⁽²⁾
Common Stock								375,000	I	By the Anthony M. Marlon Charitable Remainder Trust.⁽²⁾
Common Stock								375,000	I	By the Renee Marlon Charitable Remainder Trust.⁽²⁾
Common Stock								443,662	I	By the AMRM Family Trust.⁽²⁾
Common Stock								100,000	I	By the AMM 2003 Retained Annuity Trust.⁽²⁾
Common Stock								100,000	I	By the Renee Marlon 2003 Retained Annuity Trust.⁽²⁾
Common Stock								129,915	I	By the 401(k) Plan.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (Right to Buy)⁽³⁾	$3.75	03/01/2004		M			17,000	05/17/2001⁽⁴⁾	05/16/2010	Common Stock	17,000	$0	216,000⁽⁴⁾	D

Explanation of Responses:

1. Sale under Rule 10b5-1 Trading Plan.

2. The reporting person disclaims beneficial ownership of the shares of Common Stock held by the respective trusts and this report shall not be deemed an admission that the reporting person is the beneficial owner of, or has a pecuniary interest in, such securities for purposes of Section 16 or any other purpose.

3. Exercise of options granted in consideration for services under the Company's 1995 Long-Term Incentive Plan, which meets the requirements of, and which transactions are exempted by, Rule 16b-3 and Rule 16b-6(b).

4. Exercisable as to 20% on each of 5/17/01, 5/17/02, 5/17/03, 5/17/04 and 5/17/05.

Remarks:

	Anthony M. Marlon, M.D./Jayne Primaky POA	03/03/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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