Corrections or additions?
Prepared for August 16, 2000 edition of U.S. 1 Newspaper. All
Under the Internet Bubble, Some Apps Flourish
Most industries — the hotel, the retail, and the
airline industries, for instance — operate at an efficiency level
of more than 95 percent. Healthcare delivery, in contrast, operates
at 75 percent efficiency. Only about 75 percent of your doctor and
hospital costs go to keeping you healthy, and the rest goes down the
Great Billing Drain.
Onehealthbank.com has been working in stealth mode for four years
on systems to efficiently and cost-effectively process medical claims
and payment information on the Internet. It aims to connect the
company, the credit card company, and the healthcare providers. For
instance, when you need an operation and your doctor enters
into the computer, you merely swipe your credit card and get the total
bill for each of the procedures offered, what your insurance would
pay, and what your part of the bill would be. You could put the bill
on your credit card right then and there or choose another payment
Now occupying 7,000 square feet on one floor at Princeton Windsor
Office Park, onehealthbank.com plans a September 22 move to 20,000
square feet at Building 400 of Windsor Corporate Park. It has grown
from a dozen employees last year to nearly 40 full-time employers
plus 10 onsite and five off-site contractors, and it will be the very
first tenant at the former Lockheed-Martin plant.
"We are focused on getting the product live this fall," says
Bruce Elder, senior vice president. "We have signed customer
relationships to make
that happen and are doing point of service settlement, paid in real
time over the Internet."
"Our business plan has been refined," says Elder, who expects
to announce major investors and partners in several weeks. But he
is making no predictions about an IPO, saying only that it will depend
on revenue and market factors.
In a major reorganization, one of the co-founders, W.
Edward Hammersla III, left this spring. Joseph Sebastianelli is now
chairman, CEO, and president. Sebastianelli was co-president of U.S.
Healthcare and was instrumental in that company’s merger with Aetna
Inc., where he then held the office of president. He came to Princeton
from being CEO of Scripps Care, San Diego’s largest healthcare system,
and he has also been vice president of Blue Cross of Greater
and a litigation associate with Morgan, Lewis & Bockius.
Reporting to him is a four-person team including co-founder Dean
who runs the technology side of the business. An alumnus of
College, Class of 1979, Dean Boyer had a career as a minor league
baseball player. He is nationally known for his work in collecting,
correlating, and analyzing enormous volumes of data. His clients have
included the Federal Reserve Bank, American Airlines, and the Bank
of New York, and he had worked at Logic Works, the database software
company that has spawned several other successful new companies. He
cofounded onehealthbank.com in 1996 and has filed patents on payment
system software that can access pricing modules.
Hal Knight is the CFO, Rich Heilman is senior vice president for
relations, and Bruce Elder is in charge of sales and marketing. Elder,
a 1985 alumnus of the University of Minnesota, was director of the
healthcare business for Sun Microsystems and moved here from San
with his wife, a native of Budapest. As a web-based technology
self designed and managed, onehealthbank uses Sun Microsystems Unix
servers with some Windows NT PCs for the environment. Though it now
hosts its own servers for development and production, it expects to
contract with an Internet data server soon. It supports two database
platforms — DB2 and Oracle — so that it can accommodate all
its customers. Onehealthbank has its own security architecture, using
SSL (security sockets layer) technology for encryption and is
PKI (public key infrastructure).
Jerry Fennelly represented the tenant and Bernie McNamee and Pete
Corcoran at GMH represented the owners. Office Interiors is doing
the cubicle office space buildout for the two thirds of the workers
who are technical employees, and some rewiring is being done. Larry
Crisman, a recruiting consultant, works onsite. A public relations
firm, Corporate Communications, is doing some press releases.
"Our new location is just what we wanted, less than a 1/4 mile
away, in the same township. We have relatively easy access to
Junction train station. By not having to change geographic locations,
we can use the same phone numbers and it does not change anyone’s
commute," says Cy Nicholas Aures, vice president of finance and
controller. "One of the things we like is being able to recruit
local talent, and we will be moving into a class A facility, the first
company in the office park."
— Barbara Fox
Building 2, Cranbury 08512. Joseph Sebastianelli, chairman, CEO, and
president. 609-371-3000; fax, 609-371-3001. Home page:
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