FOR IMMEDIATE RELEASE
Contact: Robin Wrinn
Vice President of Corporate Communications
(770) 907-7596, ext. 437
ATLANTA, GA, March 27, 2003 – LogistiCare Inc., the nation's leading provider of specialized transportation network management, today announced it has named Steven E. Russell as chief financial officer of LogistiCare, Inc. John L. Shermyen, chairman and chief executive officer of LogistiCare, made the announcement. Mr. Russell, 43, will report to Mr. Shermyen and will be responsible for LogistiCare's corporate-wide financial administration, including accounting, auditing, finance, financial planning and strategic transactions.
In making the announcement, Mr. Shermyen said: "Steven is an experienced financial professional that will serve as a valued advisor and strategist to our company as we continue our aggressive growth strategies. He has not only served in similar capacities at other companies, but also has spent many years as an internal consultant to the CEO on capital restructuring. He brings to us a unique blend of skills and expertise in technology, corporate planning and financial processes. We are delighted that he is leading our financial management activities."
Mr. Russell said: "This is a tremendous opportunity to join a great company with a unique combination of technology, financial flexibility, and strong growth opportunities. In my new role, I'm looking forward to helping the company achieve its financial goals and continue on its strong growth trajectory."
Mr. Russell joins LogistiCare with an impressive career in which he has served a number of companies in finance, sales, and general management roles.
Most recently he was a founder of Remedium Therapies, a start-up health care services entity focusing on pulmonary and respiratory rehabilitation outpatient services. Previously, he served as Chief Financial Officer of Florida Digital, a privately-held technology company based in Orlando, Fla. From 1996-1999, Mr. Russell served as Vice President and International Treasurer with Lucent Technologies, Inc. Other experience includes management positions with Pfizer and Seagram in New York, N.Y. and several years as an officer with the U.S. Army.
Mr. Russell received his bachelor of science degree in engineering from the U.S. Military Academy of West Point, N.Y, a master of science degree from Boston University, and a master of business administration degree from Harvard University in Cambridge, Mass.
LogistiCare pioneered the transportation network management system or "brokerage" concept, which offers government and commercial organizations a complete, single contract, outsourcing solution for their specialized transportation needs. LogistiCare's market approach centralizes management of certain gatekeeping processes through network operations centers, while managing through regional offices a network of multiple transportation companies to deliver the actual trip service. LogistiCare's sophisticated network operations center technology in combination with field management of local transportation companies, or "providers," ensures the appropriate level of service (e.g., ambulatory, stretcher, and wheelchair) is provided in the most efficient and satisfactory manner. Prior to this approach, a fragmented system of multiple providers offering varying levels of service existed. Network operation centers manage call center operations, including eligibility screening, reservations, billing, reporting and IT support. Regional offices manage networks of commercial, non-profit and public transportation providers. Regional office management ensure proper provider relations, facility outreach, quality assurance, and in many instances routing and dispatching.
Headquartered in Atlanta, Ga., LogistiCare is the nation's leading provider of outsourced specialized transportation network management services for government agencies, managed care organizations, self-funded insurers, hospitals, transit authorities and school boards. The company currently holds more than 25 contracts in eight states and the District of Columbia and manages a national network of more than 600 transportation providers. Its 24 office locations throughout the United States coordinate over 7 million trips for more than 3 million recipients each year. LogistiCare originated as a software solutions developer and later evolved into an outsourcing company based on the success of its proprietary management software. Its services are distinguished by an emphasis on customer service and quality assurance, complemented by the most advanced technology, including telephone, Internet, mobile data, global positioning systems and other wireless devices.
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