Exhibit 99.4

CONCENTRA OPERATING CORPORATION

Unaudited Pro Forma Financial Statements

The following unaudited pro forma financial statements have been prepared to give effect to the October 3, 2005 acquisition of Beech Street Corporation (“Beech Street”) by Concentra Operating Corporation (the “Company” or “Concentra”), under the purchase method of accounting. The unaudited pro forma statements of operations and pro forma balance sheet give effect to (i) the acquisition and (ii) the related refinancing. The unaudited pro forma balance sheet information as of September 30, 2005 has been prepared as if such transactions had occurred on that date, and the unaudited pro forma statements of operations for the nine months ended September 30, 2005 and for the year ended December 31, 2004 have been prepared as if such transactions had occurred at January 1, 2004. The adjustments are described in the accompanying notes.

Concentra acquired all of the outstanding shares of capital stock of Beech Street on October 3, 2005, in a $165.0 million cash transaction. Beech Street was privately-held and was based in Lake Forest, California. Beech Street is one of the country’s leading preferred provider organizations and has approximately 400,000 physicians, 52,000 ancillary providers, and 3,800 acute care hospitals within its provider network. In connection with this acquisition, Concentra refinanced its senior credit facility. Concentra replaced its existing $501.5 million term loan facility with a new $675.0 million senior credit facility, consisting of a $150.0 million revolving credit facility and a $525.0 million term loan facility. The new senior credit facility also provides Concentra with a lower interest rate payable on its borrowings under this agreement. As part of the refinancing of the senior credit facility, Concentra wrote-off approximately $6.0 million of related, unamortized deferred financing fees.

Unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial position or results of operations that would have actually been reported had the acquisition occurred at the beginning of the periods presented, nor is it necessarily indicative of future financial position or results of operations. The unaudited pro forma financial statements presented herein are based upon the respective historical consolidated financial statements of Concentra and Beech Street and notes thereto. These unaudited pro forma financial statements do not include, nor do they assume, any benefits from cost savings or synergies of operations of the combined companies. Additionally, the unaudited pro forma income statements do not include restructuring charges expected to be incurred in connection with the acquisition.

The unaudited pro forma financial statements should be read in conjunction with the historical consolidated financial statements of Concentra Operating Corporation and Beech Street.

1

CONCENTRA OPERATING CORPORATION

Pro Forma Consolidated Balance Sheets (Unaudited)

As of September 30, 2005

(in thousands)

	Historical						Pro Forma
	Concentra			Beech Street			Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	82,481		$	2,752		$	(13,088	)(1)	$	72,145
Restricted cash and short-term investments		4,175			—			—			4,175
Accounts receivable, net		174,820			6,142			(133	)(2)		180,829
Prepaid expenses and other current assets		38,787			9,000			—			47,787
Total current assets		300,263			17,894			(13,221	)		304,936
Property and equipment, net		111,729			2,422			3,473	(3)		117,624
Goodwill and other intangible assets, net		453,473			22,216			152,527	(4),(5),(6)		628,216
Other assets		31,721			154			(626	)(7),(8),(9)		31,249
Total assets	$	897,186		$	42,686		$	142,153		$	1,082,025
LIABILITIES AND STOCKHOLDER’S EQUITY
Current liabilities:
Revolving credit facility	$	—		$	—		$	—		$	—
Current portion of long-term debt		3,979			—			1,538	(10)		5,517
Accounts payable and accrued expenses		135,982			14,191			2,981	(2),(11),(12)		153,154
Total current liabilities		139,961			14,191			4,519			158,671
Long-term debt, net		697,592			—			156,909	(10)		854,501
Deferred income taxes and other liabilities		66,840			—			15,257	(7),(12)		82,097
Fair value of economic hedges		131			—			—			131
Total liabilities		904,524			14,191			176,685			1,095,400
Stockholder’s equity:
Common stock		—			303			(303	)(13)		—
Paid-in capital		43,734			30,985			(30,985	)(13)		43,734
Accumulated deficit		(51,072	)		(2,793	)		(3,244	)(8),(13)		(57,109	)
Total stockholder’s equity (deficit)		(7,338	)		28,495			(34,532	)		(13,375	)
Total liabilities and stockholder’s equity	$	897,186		$	42,686		$	142,153		$	1,082,025

See accompanying notes to pro forma consolidated financial statements.

2

CONCENTRA OPERATING CORPORATION

Pro Forma Consolidated Statements of Operations (Unaudited)

For the Nine Months Ended September 30, 2005

(in thousands)

	Historical						Pro Forma
	Concentra			Beech Street			Adjustments			Consolidated
Revenue:
Health Services	$	495,089		$	—		$	—		$	495,089
Network Services		203,726			51,529			(869	)(14)		254,386
Care Management Services		152,858			—			—			152,858
Total revenue		851,673			51,529			(869	)		902,333
Cost of services:
Health Services		401,134			—			—			401,134
Network Services		120,550			26,370			(313	)(15)		146,607
Care Management Services		131,309			—			—			131,309
Total cost of services		652,993			26,370			(313	)		679,050
Total gross profit		198,680			25,159			(556	)		223,283
General and administrative expenses		91,717			26,361			(201	)(15)		117,877
Amortization of intangibles		1,748			63			2,759	(16)		4,570
Gain on sale of assets		(1,426	)		—			—			(1,426	)
Operating income (loss)		106,641			(1,265	)		(3,114	)		102,262
Interest expense, net		41,281			104			7,156	(17)		48,541
Loss on change in fair value of economic hedges		131			—			—			131
Other, net		2,602			—			—			2,602
Income (loss) before income taxes		62,627			(1,369	)		(10,270	)		50,988
Provision (benefit) for income taxes		8,490			(6,562	)		(4,365	)(18)		(2,437	)
Income (loss) from continuing operations		54,137			5,193			(5,905	)		53,425
Loss from discontinued operations		548			—			—			548
Net income (loss)	$	53,589		$	5,193		$	(5,905	)	$	52,877

See accompanying notes to pro forma consolidated financial statements.

3

CONCENTRA OPERATING CORPORATION

Pro Forma Consolidated Statements of Operations

For the Year Ended December 31, 2004 (Unaudited)

(in thousands)

	Historical					Pro Forma
	Concentra			Beech Street		Adjustments			Consolidated
Revenue:
Health Services	$	576,880		$	—	$	—		$	576,880
Network Services		281,374			69,896		(1,108	)(14)		350,162
Care Management Services		237,595			—		—			237,595
Total revenue		1,095,849			69,896		(1,108	)		1,164,637
Cost of services:
Health Services		474,343			—		—			474,343
Network Services		163,800			34,610		(761	)(15)		197,649
Care Management Services		208,505			—		—			208,505
Total cost of services		846,648			34,610		(761	)		880,497
Total gross profit		249,201			35,286		(347	)		284,140
General and administrative expenses		130,263			30,596		(539	)(15)		160,320
Amortization of intangibles		3,234			19		3,743	(16)		6,996
Loss on impairment of goodwill and long-lived assets		41,682			—		—			41,682
Unusual gains		(96	)		—		—			(96	)
Operating income (loss)		74,118			4,671		(3,551	)		75,238
Interest expense, net		55,606			797		13,045	(17)		69,448
Loss on early retirement of debt		14,105			—		—			14,105
Other, net		3,047			—		—			3,047
Income (loss) before income taxes		1,360			3,874		(16,596	)		(11,362	)
Provision for income taxes		10,627			1,550		(7,053	)(18)		5,124
Income (loss) from continuing operations		(9,267	)		2,324		(9,543	)		(16,486	)
Loss from discontinued operations		708			—		—			708
Net income (loss)	$	(9,975	)	$	2,324	$	(9,543	)	$	(17,194	)

See accompanying notes to pro forma consolidated financial statements.

4

CONCENTRA OPERATING CORPORATION

Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements

(dollars in thousands)

NOTE 1 – PRELIMINARY PURCHASE PRICE ALLOCATION

Under the purchase method of accounting, the total purchase price of $165.0 million is allocated to Beech Street’s tangible and intangible assets and liabilities based on their estimated fair values as of the date of the completion of the acquisition, October, 3, 2005. The preliminary pro forma purchase price allocation assumes that the transaction occurred on the date of the unaudited pro forma consolidated balance sheet, September 30, 2005. The preliminary pro forma purchase price allocation is as follows:

Cash and cash equivalents	$	2,752
Accounts receivable, net		6,009
Prepaid expenses and other current assets		9,000
Property and equipment		5,895
Goodwill		140,913
Marketing assets		2,700
Customer relations		9,000
Network		21,000
Non-compete agreements		1,130
Other assets		1,254
Accounts payable and accrued liabilities		(19,396	)
Deferred income taxes and other liabilities		(15,257	)
Total allocated purchase price	$	165,000

NOTE 2 – PRO FORMA ADJUSTMENTS

Pro forma consolidated balance sheet adjustments (1) through (13) below assume that the acquisition occurred as of September 30, 2005. Pro forma statement of operations adjustments (14) through (18) below assume that the acquisition occurred as of the beginning of the period presented. Certain amounts in the Beech Street historical statements of operations have been reclassified to conform to classifications used by Concentra.

⁽¹⁾ To record the following:

Purchase of Beech Street	$	(165,000	)
Payment of existing credit facility and accrued interest		(368,777	)
Proceeds from new credit facility		525,000
Payment of fees and expenses for refinancing		(4,311	)
	$	(13,088	)

⁽²⁾ To eliminate intercompany balances.

⁽³⁾ To adjust Beech Street’s property and equipment to fair value.

⁽⁴⁾ To eliminate Beech Street’s historical goodwill and identifiable intangible assets.

⁽⁵⁾ To record the fair value of Beech Street’s identifiable intangible assets.

⁽⁶⁾ To record acquired goodwill.

⁽⁷⁾ To record the deferred tax assets and liabilities based on the book to tax difference in the new assets and liabilities.

5

⁽⁸⁾ To record the write-off of remaining deferred financing fees of $6.0 million on the existing senior credit facility.

⁽⁹⁾ To record capitalization of fees of $4.3 million related to the new senior credit facility.

⁽¹⁰⁾ To record the repayment of the existing senior credit facility and the proceeds from the new senior credit facility.

⁽¹¹⁾ To record payment of accrued interest of $2.2 million on the retired senior credit facility.

⁽¹²⁾ To record $5.2 million of Beech Street’s costs of acquisition, including severance and other costs.

⁽¹³⁾ To eliminate Beech Street’s equity accounts.

⁽¹⁴⁾ To eliminate intercompany revenue.

⁽¹⁵⁾ To revise Beech Street’s depreciation expense based upon the change in the fair value of the property and equipment.

⁽¹⁶⁾ To reverse amortization expense on Beech Street’s historical identifiable intangible assets and record amortization of the purchased identifiable intangible assets.

⁽¹⁷⁾ To reverse interest expense on the retired existing senior credit facility and record interest expense on the new senior credit facility.

⁽¹⁸⁾ To record income tax expense associated with the pro forma adjustments reflected above assuming a statutory rate of 42.5%.

6