8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
May 11, 2005

PROXYMED, INC.

(Exact name of registrant as specified in its charter)

Florida	000-22052	65-0202059
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1854 Shackleford Court, Suite 200, Atlanta, Georgia	30093-2924
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (770) 806-9918

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 5.02. Departure of Directors of Principal Officers; Election of Directors; Appointment of Principal Officers
	Item 9.01. Financial Statements and Exhibits.
SIGNATURES
EX-99.1 PRESS RELEASE DATED MAY 11, 2005

Item 5.02. Departure of Directors of Principal Officers; Election of Directors; Appointment of Principal Officers

     On May 11, 2005, ProxyMed, Inc. (the “Company”) announced that Mr. John G. Lettko, age 47, is joining ProxyMed as Chief Executive Officer, effective May 10, 2005. Mr. Lettko served as CEO and Chairman of the Board for Viewpointe since 2001, and prior to Viewpointe, Mr. Lettko held leadership positions in Xpede, Inc. and Electronic Data Systems Corporation (EDS).

Under the terms of his employment arrangement with the Company, Mr. Lettko will be entitled to receive a base salary of $400,000 per year, and will be eligible for an annual bonus of 100% of eligible salary based upon performance criteria to be established. Mr. Lettko received a grant of options for the purchase of 400,000 common shares of PromyMed, at the price at which the Company’s shares closed on the Nasdaq system on May 10, 2005 and vesting monthly pro rata over a 4 year period. In addition, Mr. Lettko received a grant of 200,000 options to vest in four equal amounts when the Company’s share price reaches $15, $20, $25, and $30, respectively. Mr. Lettko is obligated to purchase no less than $500,000 unregistered Company shares at the price at which the Company’s shares closed on the Nasdaq system on May 10, 2005.

A copy of the Company’s press release, dated May 11, 2005, is attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

Exhibits

As described in Item 5.02 of this Report, the following Exhibit is furnished as part of this Current Report on Form 8-K.

Exhibit No.		Description
	99.1	Press release dated May 11, 2005.

2

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ProxyMed, Inc.
Date: May 16, 2005	/s/ Gregory J. Eisenhauer
	Gregory J. Eisenhauer, C.F.A.,
	Executive Vice President and Chief Financial Officer

3

EX-99.1

Exhibit 99.1

Company News Release

Investor Relations:
Gregory J. Eisenhauer, CFA
EVP & Chief Financial Officer
770-806-4780
geisenhauer@proxymed.com

PROXYMED ANNOUNCES APPOINTMENT OF JOHN G. LETTKO AS CHIEF
EXECUTIVE OFFICER

           Atlanta, GA (Business Wire) – May 11, 2005 – ProxyMed, Inc. (Nasdaq: PILL), a leading provider of healthcare transaction processing and cost containment services, today announced that John Lettko has joined the Company as Chief Executive Officer.

     “John is a recognized leader in technology services with a track record of executing aggressive growth strategies and we are delighted to welcome him to ProxyMed,” said Kevin McNamara, Chairman of the Board for ProxyMed. “John’s appointment comes at a critical juncture in the evolution of ProxyMed and we are confident that under his leadership, the company will continue its rapid growth and expansion in the healthcare technology market.”

     Mr. Lettko, a 25-year veteran in the financial and technology services industries has held a variety of executive positions for high-growth service delivery organizations. Before joining ProxyMed, he served as CEO and Chairman of the Board for Viewpointe, a check image archive and retrieval services provider owned by Bank of America, IBM, J.P. Morgan Chase & Co., SunTrust Banks Inc., U.S. Bancorp, and Wells Fargo. Led by Mr. Lettko, Viewpointe jumped from start-up to 75% market share with 11 of the Nation’s top 50 financial institutions – including 7 of the top 10 – in less than four years. In that time, Viewpointe developed the intellectual property to operate the world’s largest check image archive as a mission-critical outsourced service and launched the first check image exchange pilot, establishing Viewpointe’s proprietary “ImageShare” product as the industry’s most efficient and dominant standard.

      Prior to Viewpointe, Mr. Lettko served as President of Xpede, Inc., a venture-backed Application Service Provider for the home lending market. While at Xpede, Mr. Lettko raised the second round of capital from leading venture capitalists and drove the sales, marketing, business development, and investor relations functions. Under Mr. Lettko’s direction, Xpede acquired an impressive customer list that included CitiBank, First Union, Cendant, Washington Mutual, Lehman, and J.P. Morgan Chase. Before leaving Xpede, Mr. Lettko and the executive team sold the Company to Alltel.

           During his 10-year tenure at EDS, he managed a global reporting staff of 1,200 and was responsible for a $300 million annual portfolio of accounts, including American Express, EBS Dealing Resources, Deutsche Bank, Merrill Lynch, CSFB, Vanguard, NASD and CitiBank. Additionally, Mr. Lettko closed and led the $600 million, 10-year global outsourcing EBS deal and successfully re-negotiated a $350 million outsourcing contract with American Express Bank Before joining EDS, Mr. Lettko held key positions at the Progressive Companies and Fleet National Bank, where he played central roles in formation of several regional ATM networks. He holds a master’s degree in Business Administration from State University of New York at Albany.

     “ProxyMed has just begun to deliver on the potential within the healthcare technology market and I believe we can build this Company into the market leader,” said John Lettko. “I am excited about the prospects for this Company and I look forward to working with our executive team to give ProxyMed the guidance and resources necessary for even greater success in the future.”

About ProxyMed, Inc.
ProxyMed provides connectivity, medical cost containment services, business process outsourcing solutions and related value-added products to physicians, payers, pharmacies, medical laboratories, and other healthcare providers and suppliers. ProxyMed’s services support a broad range of both financial and clinical transactions, and we are HIPAA certified through Claredi. To facilitate these services, ProxyMed operates Phoenix™, our secure national electronic information platform, which provides physicians and other primary care providers with direct connectivity to payers, chain and independent pharmacies and clinical laboratories.

For more information, please visit the Company’s website at www.proxymed.com.

Forward Looking Statement

ProxyMed cautions that forward-looking statements contained in this document are based on current plans and expectations, and that a number of factors could cause the actual results to differ materially from such statements. Some of these factors are described in the Safe Harbor statement below. Except for the historical information contained herein, the matters discussed in this document may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. While these statements reflect our current judgment, they are subject to risks and uncertainties. Actual results may differ significantly from projected results due to a number of factors. In particular, no assurances can be given that any investment will be made in the Company. For further cautions about the risks of investing in ProxyMed, we refer you to the documents each company files from time to time with the Securities and Exchange Commission, particularly the Company’s Form 10-K and 10-K/A for the year ended December 31, 2004. Although this release may remain available on the Company’s website or elsewhere, its continued availability does not indicate that the Company is reaffirming or confirming any of the information contained herein.

###