In 1999, an estimated 17.5 million people - nearly half of all adults using the Internet in the United States - visited World Wide Web sites offering healthcare information. As Internet use becomes more prevalent, it will transform the local, low-return U.S. healthcare industry. We believe that in this transformation the players holding the best hands are the major medical centres of the United States rather than the Internet - pure plays currently dominating the landscape of e-healthcare.

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