—America’s Choice Healthplans, the creator and owner of MyAmericasChoice.com, the world’s first online third-party benefits administrator, today announced that the company has completed a $4 million round of equity financing which consisted of A preferred stock. The offering was purchased by Eureka L.L.P., a growth capital fund managed by Berwind Financial Group.

The capital infusion will allow America’s Choice Healthplans to further develop and market the company’s online benefits administrative resource, MyAmericasChoice.com, which provides real-time, interactive benefits management, administration and reporting capabilities for employees, employers and participating health care providers directly over the Internet.

"This investment underscores the power and potential of MyAmericasChoice.com, as we move forward and market the online resource to human resource professionals and employees nationwide," says Clelland Green, president of America’s Choice Healthplans, based in King of Prussia, PA. "Currently, the sheer volume of the data associated with online employee benefits has restricted the use of the Internet to the simple filing of health care applications online or the ability to look up physicians participating in specific plans. MyAmericasChoice.com, however, provides complete e-commerce capabilities for both the employer and employee in order for them to more effectively manage their entire health care program, and help employees live healthier lives."

The capital investment comes on the heels of aggressive growth of America’s Choice Healthplans, which has seen the company open three regional branch offices and sign a number of high profile accounts in the first quarter of 2000.

"We have discovered that technology companies as well as companies that use technology in the daily operation of their businesses are searching for ways to improve overall productivity through a range of Internet applications," says Green. "Benefits administration, with it high data demands, is one area where automation makes tremendous sense. Many health care providers, however, are currently tied to legacy systems, unable to capitalize on the Internet’s ability to share and communicate data across enterprises. For them, MyAmericasChoice.com provides an elegant, efficient solution to measure productivity gains for the corporation."

"We believe that MyAmericasChoice.com fills an important void in the health care e-commerce space and holds great opportunity for capturing a significant portion of the market," says Christine Jones, Principal. "We’re excited about the company’s first mover status as well as its prospects for the future."

Eureka, L.L.P. is a growth capital fund managed by Berwind Financial Group and sponsored by the Berwind Group of Companies. Eureka provides expansion and acquisition financing to small and middle-market companies in the mid-atlantic and eastern seaboard regions. Berwind Financial Group’s other private equity initiatives include leveraged buyout and venture capital.

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