Brief: Sierra Health receives payments
LAS VEGAS – Sierra Health Services, Inc. has received a payment of $26 million from the Department of Defense for money owed to its subsidiary Sierra Military Health Services.
The payment, received Dec. 23, was in accordance with the bid price adjustment process for the company’s TRICARE Northeast contract. Of this amount, $20 million was used to reduce borrowing under Sierra’s line of credit.
“We are extremely pleased that the government has chosen to honor its obligation under the bid price adjustment process,” said Anthony Marlon, chairman and chief executive officer of Sierra Health Services. “This payment allows us to move forward toward our goal of reducing debt and improving overall profitability.
Sierra Health Services, Inc., based in Las Vegas, is a diversified health care services company that operates health maintenance organizations, indemnity and workers’ compensation insurers, military health programs, preferred provider organizations and multi-specialty medical groups.