Sierra selling military unit

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Wednesday, March 3, 2004 | 11:18 a.m.

Las Vegas-based Sierra Health Services Inc. today announced it is selling its subsidiary that administered benefits for military personnel in 13 northeastern states.

Sierra Military Health Services Inc. will be sold to Health Net Federal Services in Rancho Cordova, Calif., a subsidiary of Health Net Inc. Terms were not disclosed.

Sierra said the transaction included 11 commercial leases and furnishings at the military treatment service centers and contracts with more than 26,000 network providers.

With the deal, Sierra is ending its formal protest against the Department of Defense. Sierra had managed military benefits in 13 Eastern states through a government contract called TRICARE, but lost the contract to Health Net. Sierra's TRICARE contract ends on Aug. 31.