ST. LOUIS, Sept. 14, 2016 /PRNewswire/ -- Centene
Corporation (NYSE: CNC) announced today it has filed with the
Arizona Department of Insurance (DOI) and the Centers for Medicare
and Medicaid Services (CMS) to continue its participation as a
qualified health plan issuer in the Arizona Health Insurance
Marketplace (Marketplace) in 2017. Centene plans to offer health
maintenance organization (HMO) health insurance coverage branded as
Ambetter in Maricopa and
Pima Counties. Centene is working
diligently with the DOI and CMS to receive approval for its
filing.
"We are pleased to work with state and federal regulators to
help maintain quality coverage for over 120,000 residents in
Maricopa County. Centene has
served Arizona residents for the
last decade and we look forward to extending our offering in 2017,"
said Michael F. Neidorff, Chairman,
President and CEO for Centene. "We are confident in our disciplined
approach to serving the Marketplace and look forward to leveraging
our successful model that has been implemented in multiple states
across the country."
Centene estimates that its 2017 Ambetter offerings in
Arizona will provide incremental
revenue of over $500 million and have
a positive impact on earnings in 2017.
The participation in the Marketplace by offering HMO products in
Maricopa and Pima counties does not impact the previous
commitment to a statewide exit of the Health Net preferred provider
organization (PPO) offerings, effective January 1, 2017.
Ambetter is Centene's nationally-recognized brand on the Health
Insurance Marketplace. Consumers can start shopping for 2017
coverage during the Open Enrollment period beginning November 1, 2016, with coverage starting as soon
as January 1, 2017.
About Centene Corporation
Centene Corporation, a
Fortune 500 company, is a diversified, multi-national healthcare
enterprise that provides a portfolio of services to government
sponsored healthcare programs, focusing on under-insured and
uninsured individuals. Many receive benefits provided
under Medicaid, including the State Children's Health
Insurance Program (CHIP), as well as Aged, Blind or Disabled
(ABD), Foster Care and Long Term Care (LTC), in addition
to other state-sponsored programs, Medicare (including
the Medicare prescription drug benefit commonly known as
"Part D"), as well as programs with the U.S. Department of
Defense and U.S. Department of Veterans
Affairs. Centene operates local health plans and offers a
range of health insurance solutions. It also contracts with other
healthcare and commercial organizations to provide specialty
services including behavioral health management, care management
software, correctional healthcare services, dental benefits
management, in-home health services, life and health management,
managed vision, pharmacy benefits management, specialty pharmacy
and telehealth services.
Centene uses its investor relations website to publish important
information about the Company, including information that may be
deemed material to investors. Financial and other information about
Centene is routinely posted and is accessible on Centene's investor
relations website, http://www.centene.com/investors.
Forward-Looking Statements
The information
provided in this press release may contain certain forward-looking
statements with respect to the financial condition, results of
operations and business of Centene and certain plans and objectives
of Centene with respect thereto, including the expected benefits of
the acquisition of Health Net. These forward-looking statements can
be identified by the fact that they do not relate only to
historical or current facts. Forward-looking statements often use
words such as "anticipate", "target", "expect", "estimate",
"intend", "plan", "goal", "believe", "hope", "aim", "continue",
"will", "may", "would", "could" or "should" or other words of
similar meaning or the negative thereof. There are several factors
which could cause actual plans and results to differ materially
from those expressed or implied in forward-looking statements. Such
factors include, but are not limited to, the possibility that the
expected synergies and value creation from the acquisition will not
be realized, or will not be realized within the expected time
period, including, but not limited to, as a result of conditions,
terms, obligations or restrictions imposed by regulators in
connection with their approval of, or consent to, the acquisition;
the exertion of management's time and Centene's resources, and
other out-of-pocket expenses incurred in connection with complying
with the undertakings in connection with certain regulatory
approvals; the risk that the businesses will not be integrated
successfully; disruption from the acquisition making it more
difficult to maintain business and operational relationships; the
risk that unexpected costs will be incurred; changes in economic
conditions or political conditions; changes in federal or state
laws or regulations, including the Patient Protection and
Affordable Care Act and the Health Care Education Affordability
Reconciliation Act and any regulations enacted thereunder; provider
and state contract changes; the outcome of pending legal or
regulatory proceedings; reduction in provider payments by
governmental payors; the expiration or termination of Centene's
Medicare or Medicaid managed care contracts with federal or state
governments; tax matters; increased health care costs; and risks
and uncertainties discussed in the reports that Centene has filed
with the Securities and Exchange Commission (the "SEC"). These
forward-looking statements reflect Centene's current views with
respect to future events and are based on numerous assumptions and
assessments made by Centene in light of its experience and
perception of historical trends, current conditions, business
strategies, operating environments, future developments and other
factors it believes appropriate. By their nature, forward-looking
statements involve known and unknown risks and uncertainties
because they relate to events and depend on circumstances that will
occur in the future. The factors described in the context of such
forward-looking statements in this announcement could cause
Centene's plans with respect to the acquisition, actual results,
performance or achievements, industry results and developments to
/differ materially from those expressed in or implied by such
forward-looking statements. Although it is believed that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct and persons reading this announcement
are therefore cautioned not to place undue reliance on these
forward-looking statements which speak only as of the date of this
announcement. Centene does not assume any obligation to update the
information contained in this announcement (whether as a result of
new information, future events or otherwise), except as required by
applicable law. This list of important factors is not intended to
be exhaustive. We discuss certain of these matters more fully, as
well as certain risk factors that may affect our business
operations, financial condition and results of operations, in our
filings with the Securities and Exchange Commission, including our
annual reports on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K.
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SOURCE Centene Corporation