8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

August 4, 2005

Date of Report (Date of earliest event reported)

WEBMD CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	0-24975	94-3236644
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

669 River Drive, Center 2
Elmwood Park, New Jersey 07407-1361

(Address of principal executive offices, including zip code)

(201) 703-3400

(Registrant’s telephone number, including area code)

(Former name or address, if changed since last report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition
	Item 7.01. Regulation FD Disclosure
	Item 8.01. Other Events.
	Item 9.01. Financial Statements and Exhibits
SIGNATURE
EXHIBIT INDEX
EX-99.1 PRESS RELEASE
EX-99.2 FINANCIAL TABLES
EX-99.3 2005 FINANCIAL GUIDANCE SUMMARY
EX-99.4 PRESS RELEASE

     All statements contained in this Current Report on Form 8-K , other than statements of historical fact, are forward-looking statements, including those regarding: our guidance on future financial results and other projections or measures of our future performance; the planned initial public offering of WebMD Health equity; the amount and timing of the benefits expected from strategic initiatives and acquisitions or from deployment of new or updated technologies, products, services or applications; the prospects for new applications of porous plastics and other porous media; and other potential sources of additional revenue. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: market acceptance of our products and services; operational difficulties relating to combining acquired companies and businesses; customer relations and operations challenges resulting from the change in our corporate name and branding; our ability to form and maintain mutually beneficial relationships with customers and strategic partners; changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet, information technology and plastics industries, including matters relating to the Health Insurance Portability and Accountability Act of 1996 (HIPAA); and our ability to attract and retain qualified personnel. Further information about these matters can be found in our other Securities and Exchange Commission filings. We expressly disclaim any intent or obligation to update these forward-looking statements.

* * * *

     Exhibit 99.1 furnished with this Current Report on Form 8-K includes financial measures in accordance with accounting principles generally accepted in the United States of America, or GAAP, as well as non-GAAP financial measures, each of which is expected to be discussed on the Analyst and Investor Conference Call referred to in Exhibit 99.1. The non-GAAP financial measures include: our income before taxes, non-cash and other items; and related per share amounts. Exhibit 99.2 to this Current Report includes a reconciliation of the historical non-GAAP financial measures to historical GAAP financial measures. Exhibit 99.3 to this Current Report includes a reconciliation of forward-looking non-GAAP financial measures to forward-looking GAAP financial measures. Forward-looking income per share before taxes, non-cash and other items is based on 356 million weighted-average shares outstanding, which is also the projected weighted-average shares outstanding used in computing forward-looking net income per share. We believe that the above non-GAAP measures, and changes in those measures, are meaningful indicators of our company’s performance and provide additional information that our management finds useful in evaluating such performance and in planning for future periods. Accordingly, we believe that such additional information may be useful to investors. The non-GAAP financial measures should be viewed as supplemental to, and not as an alternative for, the GAAP financial measures.

Item 2.02.     Results of Operations and Financial Condition

     On August 4, 2005, we issued a press release announcing our results for the quarter ended June 30, 2005. A copy of the press release is attached as Exhibit 99.1. Exhibit 99.1 is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. The press release was accompanied by the financial tables incorporated by reference into Item 8.01, below.

2

Item 7.01.     Regulation FD Disclosure

     Exhibit 99.3 to this Current Report includes forward-looking financial information expected to be discussed on the previously announced conference call with investors and analysts to be held by us at 4:45 p.m., Eastern time, today (August 4, 2005). The call can be accessed at www.webmd.com (in the About WebMD section) and a replay will be available at the same location. Exhibit 99.3 is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

* * *

     On August 4, 2005, we issued a press release regarding changing our name to Emdeon Corporation. A copy of the press release is attached hereto as Exhibit 99.4. Exhibit 99.4 is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

     Additional information regarding the name change can be found under the heading “Proposal 2: Amendment of the WebMD Charter to Change the Corporate Name of WebMD to Emdeon Corporation” in the preliminary Proxy Statement for our 2005 Annual Meeting of Stockholders that we filed with the SEC on August 4, 2005.

Item 8.01.     Other Events.

     On August 4, 2005, we issued a press release announcing our results for the quarter ended June 30, 2005. Attached hereto as Exhibit 99.2 and incorporated by reference herein are financial tables that accompanied the press release announcing the results.

Item 9.01.     Financial Statements and Exhibits

     (c)     Exhibits

               The following exhibits are filed or furnished herewith:

99.1	Press Release, dated August 4, 2005, regarding our results for the quarter ended June 30, 2005
99.2	Financial Tables accompanying Exhibit 99.1
99.3	2005 Financial Guidance Summary
99.4	Press Release, dated August 4, 2005, regarding changing our name to Emdeon Corporation

3

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, WebMD Corporation has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	WEBMD CORPORATION
Dated: August 4, 2005	By:	/s/ Lewis H. Leicher
		Lewis H. Leicher
		Senior Vice President

4

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release, dated August 4, 2005, regarding our results for the quarter ended June 30, 2005
99.2	Financial Tables accompanying Exhibit 99.1
99.3	2005 Financial Guidance Summary
99.4	Press Release, dated August 4, 2005, regarding changing our name to Emdeon Corporation

5

EX-99.1

EXHIBIT 99.1

WEBMD REPORTS SECOND QUARTER RESULTS

REVENUE, INCOME BEFORE TAXES, NON-CASH AND OTHER ITEMS AND NET INCOME
IN LINE WITH COMPANY GUIDANCE AND ANALYSTS’ CONSENSUS ESTIMATES

WEBMD CORPORATION TO BE RENAMED EMDEON CORPORATION

ELMWOOD PARK, NJ (August 4, 2005) — WebMD Corporation (NASDAQ: HLTH) today announced financial results for the three months ended June 30, 2005.

WebMD Corporation Now Operating As Emdeon Corporation

In a separate release issued today, WebMD Corporation announced that it is now operating under the name Emdeon Corporation. Emdeon’s ticker symbol will remain HLTH. WebMD Corporation is changing its corporate name in order to avoid confusion with its subsidiary, WebMD Health, which is expected to trade separately on NASDAQ under the symbol WBMD following its planned initial public offering of 10% to 14% of its equity. The Company made this decision because the WebMD name is more closely associated with WebMD Health and its Web sites than with its other businesses.

The Company’s segments will be known as Emdeon Business Services, Emdeon Practice Services, WebMD Health and Porex. The implementation of operational and branding use of the name Emdeon will begin immediately. At the Annual Meeting of Stockholders to be held on September 29, 2005, the Company will seek approval of an amendment to its Certificate of Incorporation to change its legal name from WebMD Corporation to Emdeon Corporation.

Kevin Cameron, Chief Executive Officer of Emdeon Corporation, stated: “While our name is changing, our mission and goals remain the same. We intend to continue to work, on behalf of our payer, vendor and provider customers, to improve both the financial and clinical aspects of healthcare delivery. At the core of our vision is the commitment to connect providers, payers, employers, physicians and consumers in order to simplify business processes, to provide actionable financial and clinical knowledge at the right time and place and to improve healthcare quality.”

Key Financial Highlights

Revenue for the second quarter was $322.6 million compared to $281.9 million a year ago, an increase of 14.4%. Income before taxes, non-cash and other items for the second quarter was $45.8 million or $0.13 per share compared to $30.0 million or $0.09 per share a year ago. Income before taxes, non-cash and other items for the second quarter includes approximately $3.6 million, or $0.01 per share, of charges primarily related to severance and recruiting expenses within the

1

WebMD Health segment, which was not previously included in our guidance or analysts’ consensus estimates for the quarter. Net income for the second quarter was $16.2 million or $0.05 per share compared to $5.8 million or $0.02 per share a year ago.

As of June 30, 2005, Emdeon had approximately $511 million in cash and short and long-term marketable debt securities.

Mr. Cameron continued, “I am pleased with our results for the second quarter and with the progress we are making across our businesses. While we still have much to do, it is gratifying to see that the planning and hard work to improve our operating infrastructure is beginning to yield benefits.”

Segment Operating Results

Emdeon Business Services revenue was $191.5 million for the second quarter compared to $166.0 million in the prior year, an increase of 15.3%. The increase in Emdeon Business Services revenue was attributable to the acquisition of ViPS as well as growth across our paid claims communications services and patient statement services. Income before taxes, non-cash and other items was $40.4 million compared to $28.9 million in the prior year. Operating margins increased as a result of decreases in HIPAA related expenses and lower transaction related expenses.

Emdeon Practice Services revenue was $78.6 million for the second quarter compared to $71.8 million in the prior year, an increase of 9.5%. Income before taxes, non-cash and other items was $8.2 million compared to $1.8 million in the prior year. Operating margins increased from 2.5% in the prior year to 10.4% as a result of revenue mix and improvements in our delivery and service infrastructure.

WebMD Health revenue was $40.5 million for the second quarter compared to $31.9 million in the prior year, an increase of 27.0%, driven by continued growth in our online public and private portals. Income before taxes, non-cash and other items was $4.4 million compared to $7.6 million in the prior year. These results include approximately $3.6 million of charges primarily related to severance and recruiting expenses. The Company indicated in April that these items were not included in its guidance.

Porex revenue was $20.4 million for the second quarter compared to $20.7 million in the prior year, a decrease of 1.6%. Income before taxes, non-cash and other items was $6.1 million compared to $6.3 million in the prior year.

Financial Guidance

The Company reaffirmed its full year 2005 financial guidance for revenue, income before taxes, non-cash and other items, and for net income. Per share amounts have been adjusted to reflect an increase in the number of shares outstanding resulting primarily from the conversion of $215 million of the Company’s 3 ¹/4% convertible notes. As previously announced following the Company’s first quarter, consolidated revenue for 2005 is expected to be between $1.260 billion and $1.30 billion, an increase of approximately 10% to 12% over 2004. Income before taxes, non-cash and other items is expected to be between $182 million and $202 million, or $0.51 to $0.57 per share. Net income in 2005 is expected to be between $73 million and $85 million, or $0.21 to $0.24 per share.

This guidance takes into account the $3.6 million of items at WebMD Health referenced above, the impact of the conversion and redemption of our 3 ¹/4% convertible notes and the actual expenses incurred in the first six months of 2005 related to the ongoing Department of Justice investigation.

Specifically for the third quarter of 2005, the Company expects revenues to be approximately $325 million to $335 million and income before taxes, non-cash and other items to be approximately $0.13 to $0.14 per share, and net income to be approximately $0.06 to $0.07 per share.

The Company’s guidance assumes weighted average shares outstanding of 356 million during the year.

2

Analyst and Investor Conference Call

As previously announced, Emdeon will hold a conference call with investors and analysts to discuss these results at 4:45 pm (eastern) on August 4, 2005. The call can be accessed at www.webmd.com (in the About WebMD section). A replay of the audio webcast will be available at the same web address and after August 5, 2005 will also be available at www.emdeon.com (in the About Emdeon section).

ABOUT EMDEON

Emdeon (NASDAQ: HLTH) is a leading provider of business, technology and information solutions that transform both the financial and clinical aspects of healthcare delivery. At the core of Emdeon’s vision is the commitment to connect providers, payers, employers, physicians and consumers in order to simplify business processes, to provide actionable knowledge at the right time and place and to improve healthcare quality.

Emdeon Business Services provides revenue cycle management and clinical communication solutions that enable payers, providers and patients to improve healthcare business processes. Emdeon Practice Services provides physician practice management and electronic health record software and services that increase practice efficiency and enhance patient care. WebMD Health provides health information services for consumers, physicians, healthcare professionals, employers and health plans through our public and private online portals and health-focused publications. Porex is a developer, manufacturer and distributor of proprietary porous plastic products and components used in healthcare, industrial and consumer applications.

*****************************

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of any securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

*****************************

All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including those regarding: guidance on our future financial results and other projections or measures of our future performance; the planned initial public offering of WebMD Health equity; the amount and timing of the benefits expected from strategic initiatives and acquisitions or from deployment of new or updated technologies, products, services or applications; the prospects for new applications of porous plastics and other porous media; and other potential sources of additional revenue. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: market acceptance of our products and services; operational difficulties relating to combining acquired companies and businesses; our ability to form and maintain mutually beneficial relationships with customers and strategic partners; customer relations and operations challenges resulting from the change in our corporate name and branding; changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet, information technology and plastics industries, including matters relating to the Health Insurance Portability and Accountability Act of 1996 (HIPAA); and our ability to attract and retain qualified personnel. Further information about these matters can be found in our Securities and Exchange Commission filings. We expressly disclaim any intent or obligation to update these forward-looking statements.

*****************************

This press release includes both financial measures in accordance with accounting principles generally accepted in the United States of America, or GAAP, as well as non-GAAP financial measures. The non-GAAP financial measures include: our income before taxes, non-cash and other items; and related per share amounts. We believes that those non-GAAP measures, and changes in those measures, are meaningful indicators of our company’s performance and provide additional information that our management finds useful in evaluating such performance and in planning for future periods. Accordingly, we believe that such additional information may be useful to investors. The non-GAAP financial measures should be viewed as supplemental to, and not as an alternative for, the GAAP financial measures. The tables attached to this press release contain historical GAAP financial measures and a reconciliation between historical GAAP and non-GAAP financial measures. We are filing a Current Report on Form 8-K today furnishing this press release as an exhibit. Exhibit 99.3 furnished with that Current Report includes a reconciliation of certain forward-looking non-GAAP information to GAAP financial information.

*****************************

WebMD®, WebMD Health®, Emdeon™, Emdeon Business Services™, Emdeon Practice Services™and POREX® are trademarks of WebMD Corporation or its subsidiaries.

-Tables Follow-

3

EX-99.2

Exhibit 99.2

WebMD CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data, unaudited)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2005		2004			2005		2004
Revenue	$	322,556	$	281,881		$	626,490	$	553,095
Costs and expenses:
Cost of operations		181,950		163,961			354,113		326,603
Development and engineering		14,457		12,991			29,097		24,087
Sales, marketing, general and administrative		83,533		83,298			165,670		160,292
Depreciation and amortization		17,541		13,148			34,045		25,733
Legal expense		4,283		2,215			8,443		4,252
Interest income		3,936		4,511			8,257		9,994
Interest expense		3,895		4,838			8,676		9,586
Other expense (income), net		1,712		(447	)		5,544		(484	)
Income before income tax provision		19,121		6,388			29,159		13,020
Income tax provision		2,955		613			3,144		1,544
Net income	$	16,166	$	5,775		$	26,015	$	11,476
Net income per common share:
Basic	$	0.05	$	0.02		$	0.08	$	0.04
Diluted	$	0.05	$	0.02		$	0.08	$	0.03
Weighted-average shares outstanding used in computing net income per common share:
Basic		337,303		322,919			331,318		316,965
Diluted		349,624		337,763			342,656		332,582

WebMD CORPORATION
CONSOLIDATED SEGMENT INFORMATION
(In thousands, except per share data, unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
Revenues
Emdeon Business Services	$	191,514		$	166,037		$	377,247		$	329,816
Emdeon Practice Services		78,596			71,773			151,614			142,779
WebMD Health		40,465			31,852			74,040			58,161
Porex		20,397			20,737			40,253			39,158
Inter-segment eliminations		(8,416	)		(8,518	)		(16,664	)		(16,819	)
	$	322,556		$	281,881		$	626,490		$	553,095
Income before taxes, non-cash and other items
Emdeon Business Services	$	40,420		$	28,914		$	78,673		$	58,764
Emdeon Practice Services		8,183			1,771			12,580			3,122
WebMD Health		4,350			7,626			9,201			12,168
Porex		6,064			6,275			11,461			11,317
Corporate		(13,299	)		(14,228	)		(26,925	)		(27,533	)
Interest income		3,936			4,511			8,257			9,994
Interest expense		(3,895	)		(4,838	)		(8,676	)		(9,586	)
	$	45,759		$	30,031		$	84,571		$	58,246
Basic income per common share before taxes, non-cash and other items (a)	$	0.14		$	0.09		$	0.26		$	0.18
Diluted income per common share before taxes, non-cash and other items (a)	$	0.13		$	0.09		$	0.25		$	0.18
Taxes, non-cash and other items (b)
Depreciation and amortization		(17,541	)		(13,148	)		(34,045	)		(25,733	)
Non-cash advertising and distribution services and stock compensation		(3,102	)		(8,727	)		(7,380	)		(15,725	)
Legal expense		(4,283	)		(2,215	)		(8,443	)		(4,252	)
Income tax provision		(2,955	)		(613	)		(3,144	)		(1,544	)
Other income (expense), net		(1,712	)		447			(5,544	)		484
Net income	$	16,166		$	5,775		$	26,015		$	11,476
Net income per common share
Basic	$	0.05		$	0.02		$	0.08		$	0.04
Diluted	$	0.05		$	0.02		$	0.08		$	0.03
Weighted-average shares outstanding used in computing income per common share:
Basic		337,303			322,919			331,318			316,965
Diluted		349,624			337,763			342,656			332,582

(a)	Basic and diluted income per common share before taxes, non-cash and other items is based on the weighted-average shares outstanding used in computing basic and diluted income per common share.
(b)	Reconciliation of income before taxes, non-cash and other items to net income

WebMD CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

	June 30,		December 31,
	2005		2004
	(Unaudited)
Assets
Cash and cash equivalents	$	35,930	$	46,019
Short-term investments		152,005		61,675
Accounts receivable, net		220,817		204,447
Inventory		13,430		13,978
Prepaid expenses and other current assets		39,724		40,613
Total current assets		461,906		366,732
Marketable debt securities		323,182		511,864
Marketable equity securities		4,094		4,017
Property and equipment, net		112,118		89,677
Goodwill		1,028,592		1,010,564
Intangible assets, net		253,249		260,509
Other assets		44,822		48,871
	$	2,227,963	$	2,292,234
Liabilities and Stockholders’ Equity
Accounts payable	$	11,167	$	17,366
Accrued expenses		151,993		201,528
Deferred revenue		114,227		99,543
Total current liabilities		277,387		318,437
Convertible subordinated notes		350,000		649,999
Other long-term liabilities		5,334		1,283
Convertible redeemable exchangeable preferred stock		98,416		98,299
Stockholders’ equity		1,496,826		1,224,216
	$	2,227,963	$	2,292,234

WebMD CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)

	Six Months Ended
	June 30,
	2005			2004
Cash flows from operating activities:
Net income	$	26,015		$	11,476
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		34,045			25,733
Amortization of debt issuance costs		1,333			1,498
Non-cash advertising and distribution services		5,013			11,284
Non-cash stock based compensation		2,367			4,441
Bad debt expense		3,722			2,914
Loss (gain) on investments		3,642			(363	)
Gain on sale of property and equipment		—			(121	)
Loss on redemption of convertible debt		1,902			—
Changes in operating assets and liabilities:
Accounts receivable		(18,350	)		(1,724	)
Inventory		547			206
Accounts payable		(5,881	)		(900	)
Accrued expenses		(2,450	)		(19,179	)
Deferred revenue		9,501			6,320
Prepaid expenses and other, net		1,294			(937	)
Net cash provided by operating activities		62,700			40,648
Cash flows from investing activities:
Proceeds from maturities and sales of available-for-sale securities		190,673			1,011,914
Purchases of available-for-sale securities		(94,350	)		(1,103,876	)
Purchases of property and equipment		(38,717	)		(12,047	)
Proceeds received from sale of property and equipment		400			417
Cash paid in business combinations, net of cash acquired		(74,110	)		(58,060	)
Net cash used in investing activities		(16,104	)		(161,652	)
Cash flows from financing activities:
Redemption of convertible debt		(86,694	)		—
Proceeds from issuance of common stock		31,437			25,011
Net proceeds from issuance of preferred stock		—			98,115
Payments of notes payable and other		(304	)		(257	)
Purchases of treasury shares		—			(4,877	)
Net cash (used in) provided by financing activities		(55,561	)		117,992
Effect of exchange rates on cash		(1,124	)		(200	)
Net decrease in cash and cash equivalents		(10,089	)		(3,212	)
Cash and cash equivalents at beginning of period		46,019			39,648
Cash and cash equivalents at end of period	$	35,930		$	36,436

EX-99.3

Exhibit 99.3

2005 FINANCIAL GUIDANCE SUMMARY

(Table presented in thousands)

Consolidated	Range
Revenues	$	1,260,000	$	1,300,000
Income before taxes, non-cash and other items	$	182,000	$	202,000
Depreciation and amortization		69,000		73,000
Non-cash advertising and distribution services and stock compensation		13,000		15,000
Other expense		6,000		6,000
Legal expense		8,000		8,000
Income tax provision		13,000		15,000
Net income	$	73,000	$	85,000

Background and Assumptions

• The 2005 guidance reflects the actual first and second quarter expenses for the on-going Department of Justice Investigation but does not include any projected expenses related to the Department of Justice Investigation, which may continue to be significant.

• The 2005 guidance includes the impact of our Healthshare acquisition from its acquisition date of March 14, 2005 but does not include the effects of any additional acquisitions that may occur during 2005.

• The 2005 guidance does not reflect the effect of the WebMD Health IPO, including incremental public company costs, the net proceeds of the IPO itself, shared services allocations between segments and the post-IPO minority interest.

EX-99.4

EXHIBIT 99.4
 

Contacts:
Investors:	Media:
Risa Fisher	Jennifer Meyer
rfisher@webmd.net	jmeyer@webmd.net
rfisher@emdeon.com	jmeyer@emdeon.com
201-414-2002	212-624-3912

WEBMD CORPORATION TO BE RENAMED EMDEON CORPORATION

ELMWOOD PARK, NJ (August 4, 2005) — WebMD Corporation (NASDAQ: HLTH) today announced that it is now operating under the name Emdeon Corporation. The Company’s ticker symbol will remain HLTH.

Kevin Cameron, Chief Executive Officer of Emdeon Corporation, stated: “While our name is changing, our mission and goals remain the same. As a leading provider of business, technology and information solutions, we intend to continue to work on behalf of our payer, vendor and provider customers to transform both the financial and clinical aspects of healthcare delivery. At the core of our vision is the commitment to connect providers, payers, employers, physicians and consumers in order to simplify business processes, to provide actionable financial and clinical knowledge at the right time and place and to improve healthcare quality.”

Emdeon’s ticker symbol will remain HLTH. WebMD Corporation is changing its corporate name in order to avoid confusion with its subsidiary, WebMD Health, which is expected to trade separately on NASDAQ under the symbol WBMD following its planned initial public offering of 10% to 14% of its equity. The Company made this decision because the WebMD name is more closely associated with WebMD Health and its Web sites than with its other businesses.

Emdeon Corporation’s businesses include:

• Emdeon Business Services, which provides revenue cycle management and clinical communications solutions that enable payers, providers and patients to improve healthcare business processes. Emdeon Business Services offers a full suite of products and services to automate key healthcare business functions, including electronic transaction services, document management solutions, payment services, print-and-mail services, decision support and data warehousing solutions, and consulting services.

• Emdeon Practice Services, which provides physician practice management and electronic health record software and related services. Its innovative solutions are used by large and small medical practices in all specialties to improve efficiency and enhance patient care.

• WebMD Health, which provides health information services for consumers, physicians, healthcare professionals, employers and health plans through its public and private online portals and health-focused publications. WebMD’s mission is to be the most trusted brand of health information, providing the most effective and efficient channel to reach, inform and educate consumers and providers.

• Porex, which manufactures and distributes porous plastic products and components used in healthcare, industrial and consumer applications.

At the Annual Meeting of Stockholders of the Company to be held on September 29, 2005, the Company will seek approval of an amendment to its Certificate of Incorporation to change its legal name from WebMD Corporation to Emdeon Corporation. The implementation of operational and branding use of the name Emdeon will begin immediately.

Analyst and Investor Conference Call

Emdeon will hold a conference call with investors and analysts to discuss its financial results for the three months ended June 30, 2005 at 4:45 pm (eastern) on August 4, 2005. The call can be accessed at www.webmd.com (in the About WebMD section). A replay of the audio webcast will be available at the same web address and after August 5, 2005 will also be available at www.emdeon.com (in the About Emdeon section).

ABOUT EMDEON

Emdeon (NASDAQ: HLTH) is a leading provider of business, technology and information solutions that transform both the financial and clinical aspects of healthcare delivery. At the core of Emdeon’s vision is the commitment to connect providers, payers, employers, physicians and consumers in order to simplify business processes, to provide actionable knowledge at the right time and place and to improve healthcare quality.

Emdeon Business Services provides revenue cycle management and clinical communication solutions that enable payers, providers and patients to improve healthcare business processes. Emdeon Practice Services provides physician practice management and electronic health record software and services that increase practice efficiency and enhance patient care. WebMD Health provides health information services for consumers, physicians, healthcare professionals, employers and health plans through our public and private online portals and health-focused publications. Porex is a developer, manufacturer and distributor of proprietary porous plastic products and components used in healthcare, industrial and consumer applications.

*****************************

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of any securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

*****************************

All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including those regarding: guidance on our future financial results and other projections or measures of our future performance; the planned initial public offering of WebMD Health equity; the amount and timing of the benefits expected from strategic initiatives and acquisitions or from deployment of new or updated technologies, products, services or applications; the prospects for new applications of porous plastics and other porous media; and other potential sources of additional revenue. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: market acceptance of our products and services; operational difficulties relating to combining acquired companies and businesses; our ability to form and maintain mutually beneficial relationships with customers and strategic partners; customer relations and operations challenges resulting from the change in our corporate name and branding; changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet, information technology and plastics industries, including matters relating to the Health Insurance Portability and Accountability Act of 1996 (HIPAA); and our ability to attract and retain qualified personnel. Further information about these matters can be found in our Securities and Exchange Commission filings. We expressly disclaim any intent or obligation to update these forward-looking statements.

*****************************

WebMD®, WebMD Health®, Emdeon™, Emdeon Business Services™, Emdeon Practice Services™and POREX® are trademarks of WebMD Corporation or its subsidiaries.