Devon Health

Description

Devon Health Services, Inc. began as a radiology-specific Preferred Provider Organization (PPO) in 1991, and in four years transformed into an all-inclusive regional PPO in Pennsylvania, New Jersey, and Delaware. Devon Health provided network services to third-party administrators, insurance companies, unions, and other self-funded payors and, even early on, competed with national networks and insurance carriers. In the mid 1990s, regional PPO networks became prevalent. While others lost revenue, were bought, or went out of business, Devon Health maintained clients and generated profits, but experienced limited growth in market share and exposure. Competition dictated that revenue and profit margins were liable to shrink. Devon Health's founder and CEO, Dr. John Bennett, and then COO (now president), Charles Falcone devised a way to keep Devon Health from becoming a stagnant, land-locked PPO. Realizing that many of their clients had members across the country, which forced them to work with several networks to provide medical access to their members, it became apparent that Devon Health had to go nationwide. The company's vision soon shifted from the idea of being a regional PPO network to becoming a National Healthcare Cost Management Company. In order to reach the next level of success, Devon Health began to strategically align itself with key companies to expand its access and product offerings...

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