-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, COP+dazq3PzsJz9J9FnZOL7fvq/tQd2hl/rHI96cTZBzqjMQunZdcZWbAaOqMWnF RNBJw8BblSxfUYolOVaPgg== 0000947871-00-000120.txt : 20000215 0000947871-00-000120.hdr.sgml : 20000215 ACCESSION NUMBER: 0000947871-00-000120 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000213 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDICAL MANAGER CORP/NEW/ CENTRAL INDEX KEY: 0000850436 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 222975182 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-17822 FILM NUMBER: 538623 BUSINESS ADDRESS: STREET 1: 669 RIVER DRIVE STREET 2: RIVER DRIVE CENTER II CITY: ELMWOOD PARK STATE: NJ ZIP: 07407-1361 BUSINESS PHONE: 2017033400 MAIL ADDRESS: STREET 1: 669 RIVER DRIVE STREET 2: RIVER DRIVE CENTER II CITY: ELMWOOD PARK STATE: NJ ZIP: 07407-1361 FORMER COMPANY: FORMER CONFORMED NAME: MEDICAL MANAGER CORP /NEW/ DATE OF NAME CHANGE: 19990723 FORMER COMPANY: FORMER CONFORMED NAME: SYNETIC INC DATE OF NAME CHANGE: 19920703 8-K 1 FORM 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): February 13, 2000 MEDICAL MANAGER CORPORATION (Exact name of Registrant as specified in its charter) Delaware 0-17822 22-2975182 (State or other (Commission (I.R.S. Employer jurisdiction of File Number) Identification No.) incorporation) 669 River Drive, River Drive Center II, Elmwood Park, NJ 07407 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (201) 703-3400 2 Item 5. Other Events On February 13, 2000, Healtheon/WebMD Corporation, a Delaware corporation ("Healtheon/WebMD"), and Medical Manager Corporation, a Delaware corporation ("Medical Manager") entered into an Agreement and Plan of Merger (the "Merger Agreement"), providing for the merger of Medical Manager with and into Healtheon/WebMD, with Healtheon/WebMD as the surviving corporation (the "Medical Manager Merger"). Pursuant to the Merger Agreement, each share of common stock, par value $.01 per share, of Medical Manager issued and outstanding immediately prior to the effective time of the Medical Manager Merger will be converted into the right to receive 1.65 shares of common stock, par value $0.0001 per share, of Healtheon/WebMD, and Medical Manager will become a wholly-owned subsidiary of Healtheon/WebMD. Consummation of the Medical Manager Merger is subject to certain conditions, including, among other things, (i) approval of the shareholders of each of Healtheon/WebMD and Medical Manager, (ii) expiration or termination of the waiting period under the Hart-Scott- Rodino Antitrust Improvements Act of 1976, as amended, and (iii) that all conditions to the CareInsite Merger (as defined below) shall have been satisfied, or if permissible, waived as provided for in the CareInsite Merger Agreement (as defined below). In connection with the Medical Manager Merger, certain stockholders of Medical Manager and certain stockholders of Healtheon/WebMD have entered into voting agreements, dated as of February 13, 2000, pursuant to which those stockholders agree to vote in favor of the Medical Manager Merger. Also on February 13, 2000, Healtheon/WebMD, Avicenna Systems Corporation, a Massachusetts corporation ("ASC") and wholly-owned subsidiary of Medical Manager, and CareInsite, Inc., a Delaware corporation and majority-owned subsidiary of ASC ("CareInsite"), entered into an Agreement and Plan of Merger (the "CareInsite Merger Agreement"), providing for the merger of CareInsite with and into ASC, with ASC as the surviving corporation (the "CareInsite Merger"). Pursuant to the CareInsite Merger Agreement, each share of common stock, par value $.01 per share ("CareInsite Common Stock"), of CareInsite issued and outstanding immediately prior to the effective time of the CareInsite Merger will be converted into the right to receive 1.3 shares of common stock, par value $0.0001 per share, of Healtheon/WebMD, and ASC will become an indirect wholly-owned subsidiary of Healtheon/WebMD. Consummation of the CareInsite Merger is subject to certain conditions, including, among other things, (i) approval of the shareholders of each of Healtheon/WebMD and CareInsite, (ii) expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and (iii) the Medical Manager Merger and the transactions contemplated by the Medical Manager Merger Agreement shall have been consummated. 3 In connection with the CareInsite Merger, Healtheon/WebMD has entered into voting agreements, dated as of February 13, 2000 with Medical Manager and ASC to vote their shares of CareInsite Common Stock in favor of the CareInsite Merger. In addition, Cerner Corporation, which owns approximately 20% of the outstanding shares of CareInsite, has entered into a voting agreement, dated as of February 13, 2000, to vote its shares of CareInsite Common Stock in favor of the CareInsite Merger. A copy of the joint press release issued by Healtheon/WebMD and Medical Manager on February 14, 1999 is attached hereto as Exhibit 99.1 and is hereby incorporated by reference in its entirety. The Medical Manager Merger Agreement and the voting agreements described herein will be filed on a Form 8-K promptly after the date hereof. Item 7. Financial Statements and Exhibits (c) Exhibit 99.1 Joint Press Release, dated February 14, 2000, by Healtheon/WebMD Corporation and Medical Manager Corporation. 4 EXHIBIT INDEX ------------- Exhibit No. Description - ------- ----------- 99.1 Joint Press Release, dated February 14, 2000, by Healtheon/WebMD Corporation and Medical Manager Corporation. 5 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. MEDICAL MANAGER CORPORATION Date: February 14, 2000 By: /s/ Anthony Vuolo -------------------------------------- Name: Anthony Vuolo Title: Senior Vice President, Business Development EX-99.1 2 PRESS RELEASE EXHIBIT 99.1 Contacts: Healtheon/WebMD: Medical Manager Corp./CareInsite, Inc.: Investor Relations: - ------------------- Investor Relations/Media: ------------------------- John R. Runningen Risa Fisher 404/495-7680 201/703-3400 jr@webmd.net - ------------ rfisher@careinsite.com Media: Jennifer Meyer 212/880-5253 jennifer.meyer@ogilvypr.com - --------------------------- HEALTHEON/WEBMD TO ACQUIRE MEDICAL MANAGER AND CAREINSITE TO IMPROVE THE EFFICIENCY AND EFFECTIVENESS OF THE HEALTHCARE DELIVERY SYSTEM Combined Company Poised to Deliver Comprehensive, Internet-Enabled Connectivity and Services to Physicians, Payors, Consumers and the Entire Healthcare Industry ATLANTA AND ELMWOOD PARK, NJ (February 14, 2000) -- Healtheon/WebMD Corp. (NASDAQ: HLTH) has signed definitive agreements to acquire Medical Manager Corporation (NASDAQ: MMGR), a leading provider of physician practice management systems, and its publicly traded subsidiary, CareInsite, Inc. (NASDAQ: CARI), a provider of innovative healthcare network and clinical communication services. With the goal of improving the healthcare industry, the acquisitions bring together companies with complementary strengths and a shared vision aimed at reducing healthcare costs and improving the quality of care, by providing access to information and replacing inefficient healthcare processes with convenient, and efficient technology, tools and services. Under the terms of the agreement, Healtheon/WebMD will pay 1.65 shares of Healtheon/WebMD common stock for each share of Medical Manager and 1.3 shares for each share of CareInsite not owned by Medical Manager. Completion of the acquisitions, which will be accounted for as a purchase transaction, is expected mid-year, subject to regulatory and shareholder approvals. "The merger of these three companies represents a critical step in the realization of our collective vision to transform the healthcare industry by using the Internet to enable a more efficient and effective healthcare delivery system," said Jeff Arnold, chief executive officer of Healtheon/WebMD. "Each company brings unique core competencies that will facilitate a new 2 paradigm in healthcare. With more than 5,000 employees, world-class partnerships, market- leading technology, the leading Internet healthcare brand and over $1.5 billion in cash, we are extremely excited about the potential of these combined resources to accelerate the realization of our vision." Uniting to Make Better Healthcare a Reality The combined companies are well positioned to increase efficiencies and lower costs in the $1.2 trillion healthcare industry, which has been estimated to generate $280 billion in unnecessary administrative and clinical expenditures each year. Currently, only an estimated 10 percent of the 30 billion annual healthcare transactions are electronic, representing a significant opportunity for the combined company to replace paper-based inefficiencies with streamlined electronic communications. This combination expands the critical mass in clinical, financial and administrative transactions, which enhances a comprehensive suite of services for physicians, consumers, payors, providers and suppliers. "We aim to transform the underlying information infrastructure of the healthcare industry and simplify the system for the benefit of patients, physicians and payors," said Martin J. Wygod, chairman of Medical Manager and CareInsite. "Teaming up with Healtheon/WebMD accelerates and strengthens our ability to add value to all healthcare participants. Our offerings are designed to increase access to information, drive seamless connectivity, and reduce administrative and clinical inefficiencies. By providing a more efficient healthcare system, we can ultimately help people lead healthier lives." New Services Broaden Value to Payors, Physicians and Consumers, Will Reduce Administrative and Medical Costs Medical Manager is a leading supplier of practice management systems (PMS) in the United States with an installed base of approximately 33,000 sites, representing an estimated 185,000 physicians, including the pending acquisition of Physician Computer Network (PCN). This base is supported by Medical Manager's 2,500 sales and support representatives. CareInsite is an Internet-based healthcare network for physicians, payors, suppliers and patients which is designed to enable physicians to conduct clinical and administrative transactions that deliver relevant information at the point of care. Healtheon/WebMD aggregates physicians and consumers on one portal, www.webmd.com, and provides content, connectivity and administrative transaction services to the healthcare industry. The combined companies are positioned to enhance the value provided to payors with an expanded set of services that will help them reduce administrative inefficiencies and lower their medical loss ratios. With streamlined communications to share up-to-the-minute information between physicians, consumers, payors, providers and suppliers, all parties will realize the benefits of a more efficient and affordable healthcare system. Based on the complementary assets and the integration of WebMD Practice with the combined company's desktop solutions, it is expected that physician adoption will be accelerated and additional transactions will be driven through the installed base of physicians. Additionally, the services available to physicians, payors and laboratories will be significantly enhanced by leveraging the assets of The Medical Manager installed base with the administrative 3 transactions, clinical applications and WebMD Practice's premium services such as transcription, e-commerce and clinical news. Michael A. Singer, co-chief executive officer of Medical Manager Corp. said, "Soon, offices that use The Medical Manager will be able to access a co-branded version of WebMD services. These physicians will be able to remotely access The Medical Manager from home, office or hospital, via WebMD Practice. With access to the appointment calendar, patient charts, even hospital rounds data, WebMD will become an essential part of the physician's daily routine." -----END PRIVACY-ENHANCED MESSAGE-----