A.M. BEST: ONLY ONE “EXCELLENT” RATING
FOR AN OREGON-BASED HEALTH PLAN – AND IT GOES TO PROVIDENCE

May 11, 2005

BEAVERTON, Ore. — Providence Health Plan (PHP) has become the only Oregon-based health insurer – and one of the few provider-sponsored health plans in the nation – to receive an A-minus (excellent) rating from A.M. Best, the world’s oldest and most authoritative insurance rating and information source. PHP moves up from the B++ (very good) rating it received the last two years.

“PHP is a remarkable organization, full of people doing the best they can to ensure that our customers are getting the most affordable, cost-effective health care they possibly can,” says Jack Friedman, chief executive, Providence Health Plan. “The fact that our performance merits this excellent rating is a tribute to all the people who work here each day.”

In announcing the rating, A.M. Best credited PHP’s successful operations, effective pricing and medical cost management. A.M. Best also noted PHP’s “strong membership growth…accomplished in a strong, competitive environment.” The firm also said the upgrade reflects the continued financial strength and support of Providence Health System – Oregon, the plan’s parent company.

A.M. Best rating information is used by insurance brokers and others to help make decisions about insurance plans and to help compare insurance providers.

Contact:  
Gary Walker
503-215-7567
Gary.Walker@providence.org