8-K

                       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

         DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): June 26, 2002

                               -------------------

                         CONCENTRA OPERATING CORPORATION
             (Exact name of Registrant as specified in its charter)


          Nevada                      001-15699                 75-2822620
     (State or other           (Commission File Number)      (I.R.S. Employer
jurisdiction of incorporation)                            Identification Number)


        5080 Spectrum Drive
       Suite 400 - West Tower                                   75001
           Addison, Texas                                     (Zip code)
       (Address of principal
         executive offices)


       Registrant's telephone number, including area code: (972) 364-8000


                                 Not Applicable
                  (former address if changed since last report)




Item 5. Other Events

See the press release attached hereto as Exhibit 99.1 dated June 26, 2002,
announcing Concentra Operating Corporation's intention to redeem $47.5 million
of its 13% Series A and Series B Senior Subordinated Notes, the Company's
borrowing of $55 million in a bridge loan facility to facilitate the redemption,
and the modification of certain financial covenants under the Company's $475
million Senior Credit Facility.

Item 7. Financial Statements and Exhibits

(c) Exhibits

99.1     Press Release of the Registrant dated June 26, 2002





                                   SIGNATURES

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

                          CONCENTRA OPERATING CORPORATION
                          (Registrant)


                          By:               /s/ Richard A. Parr II
                                   --------------------------------------------
                          Name:    Richard A. Parr II
                          Title:   Executive Vice President, General Counsel &
                                   Secretary

Date:    June 27, 2002



                                INDEX TO EXHIBITS

EXHIBIT
NUMBER

99.1     Press Release of the Registrant dated June 26, 2002

EX-99.1

                                  EXHIBIT 99.1

[LOGO OF CONCENTRA]

Contacts:   Daniel J. Thomas                   Thomas E. Kiraly
            President and                      Executive Vice President and
            Chief Executive Officer            Chief Financial Officer
            (972) 364-8111                     (972) 364-8217

             CONCENTRA OPERATING CORPORATION TO REDEEM $47.5 MILLION
                      OF ITS 13% SENIOR SUBORDINATED NOTES

         ADDISON, Texas, June 26, 2002 - Concentra Operating Corporation
("Concentra") today announced that it intends to redeem $47.5 million of its 13%
Series A and Series B Senior Subordinated Notes, pursuant to the provisions of
the Indenture. The redemption represents 25% of the $190 million of currently
outstanding notes, which were issued in 1999 in connection with Concentra's
recapitalization. Concentra expects to complete the redemption on July 24, 2002.
The holders affected by the redemption will be notified by the Trustee, the Bank
of New York, as to the amounts to be redeemed from them, in accordance with the
Indenture.

         To facilitate the redemption, Concentra's parent company, Concentra
Inc., has borrowed $55 million in a bridge loan facility from Salomon Smith
Barney and Credit Suisse First Boston. The bridge loan facility has been
guaranteed by Concentra Inc.'s primary equity sponsor, Welsh Carson Anderson &
Stowe. The proceeds of the loan have been contributed to Concentra as equity to
fund the redemption and related transaction fees. The new debt has a term of two
years and requires no cash interest payments until maturity.

         In addition to benefiting the Company by lowering its level of
indebtedness, Concentra's redemption of the bonds will lower its interest
expense and the consolidated interest expense of its parent corporation,
Concentra Inc. Concentra chose to undertake this redemption in advance of the
deadline of August 15, 2002 set forth in the Indenture for a transaction of this
kind. "This refinancing step makes good financial sense for Concentra," said
Daniel Thomas, President and Chief Executive Officer of Concentra. "It will
reduce the amount of debt we will carry at the operating company level, assist
us by lowering our total interest expense and will enhance the overall value of
our firm."

                                     -MORE-



Concentra Announces Debt Redemption
Page 6
June 26, 2002



         In connection with their approval of the bridge loan and redemption
transactions, Concentra's lenders under its $475 million Senior Credit Facility
have also approved modifications to Concentra's financial covenants which allow
for more financial flexibility. These modifications provide for increased
leverage and decreased interest coverage requirements for the periods beginning
with the second quarter of 2002 and ending with the fourth quarter of 2004.

         Concentra Operating Corporation, the successor to and a wholly owned
subsidiary of Concentra Inc., is the comprehensive outsource solution for
containing healthcare and disability costs. Serving the occupational, auto and
group healthcare markets, Concentra provides employers, insurers and payors with
a series of integrated services which include employment-related injury and
occupational health care, in-network and out-of-network medical claims review
and re-pricing, access to specialized preferred provider organizations, first
notice of loss services, case management and other cost containment services.

         This press release contains certain forward-looking statements, which
the Company is making in reliance on the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that all
forward-looking statements involve risks and uncertainties, and that the
Company's actual results may differ materially from the results discussed in the
forward-looking statements. Factors that could cause or contribute to such
differences include, but are not limited to, the potential adverse impact of
governmental regulation on the Company's operations, changes in nationwide
employment and workplace injury trends, interruption in its data processing
capabilities, operational financing and strategic risks related to the Company's
capital structure and growth strategy, possible fluctuations in quarterly and
annual operations, possible legal liability for adverse medical consequences,
competitive pressures, adverse changes in market conditions for the Company's
services, and dependence on key management personnel. Additional factors include
those described in the Company's filings with the Securities and Exchange
Commission.

                                      -END-