TAMPA, Fla., March 8, 2012 /PRNewswire/ -- Comprehensive Care
Corporation (CompCare) (OTC BB: CHCR), which provides behavioral
health, substance abuse and at-risk psychotropic pharmacy
management services for managed care companies throughout the U.S.
and Puerto Rico, is pleased to
announce that it has signed an amendment to its existing at-risk
pharmacy management agreement with a major client serving Medicare
members.
CompCare received an 11% rate increase which equates to an
annual increase of no less than $3.7
million based on our client's current membership. The rate
increase has an effective date of January 1,
2012. "The rate increase, along with other initiatives being
taken by the Company, results in our Puerto Rico subsidiary achieving immediate
profitability starting January 1,
2012," said Clark A. Marcus,
CompCare's Chairman and CEO.
Additionally, the client extended the initial two-year term of
the contract by an additional three months to December 31, 2012.
About CompCare:
Established in 1969, CompCare provides behavioral health,
substance abuse and psychotropic pharmacy management services for
managed care companies throughout the
United States. Headquartered in Tampa, Florida, CompCare focuses on
personalized attention, flexibility, a commitment to high-quality
services and innovative approaches to behavioral health that
address both the specific needs of clients and changing healthcare
industry demands. For more information, please call 813-288-4808 or
visit our website at www.compcare.com.
Forward-Looking Statements
Except for statements of historical fact, the matters
discussed in this press release are forward looking and made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
reflect numerous assumptions and involve a variety of risks and
uncertainties, many of which are beyond our control that may cause
actual results to differ materially from stated expectations. These
risk factors include, among others, our ability to execute our
business plan, our ability to offer and sell any of its
products at a profit, the expected growth in our business and that
of our customers, changes in local, regional, and national economic
and political conditions, the effect of governmental regulation,
competitive market conditions, varying trends in member
utilization, our ability to manage healthcare operating expenses,
our ability to achieve expected results from new business, the
profitability, if any, of our capitated contracts, subsidiaries, or
other products, increases or variations in cost of care,
seasonality, our ability to obtain additional financing, increased
outsourcing of behavioral health services, and additional risk
factors as discussed in the reports filed by the company with the
Securities and Exchange Commission, which are available on its
website at www.sec.gov. Any forward- looking statement in this
release speaks only as of the date on which it is made. We assume
no obligation to update or revise any forward-looking
statements.
Investor Contacts:
Paul Knopick
E & E Communications
pknopick@eandecommunications.com
949.707.5365
SOURCE Comprehensive Care Corporation