Centene Corporation Subsidiary Expected to Expand Operations in Texas
July 08 2005 - 6:00AM
Business Wire
Centene Corporation (NYSE: CNC) today announced that the state of
Texas has tentatively awarded contracts to its subsidiary, Superior
HealthPlan, Inc. (Superior), to serve Medicaid (STAR) and
Children's Health Insurance Program (CHIP) members in all existing
service areas. In addition, tentative contracts have been awarded
to Superior to serve both STAR and CHIP members in the Corpus
Christi service area. Superior currently serves San Antonio, El
Paso, Austin (STAR only) and Lubbock (CHIP only). Chris Bowers,
President and Chief Executive Officer of Superior, stated, "We are
pleased to be given the opportunity to add to Superior's service
areas given our focus on expanding quality healthcare in Texas.
Furthermore, the removal of the Primary Care Case Management (PCCM)
model in Lubbock, El Paso and San Antonio is consistent with our
expectations." The contracts are expected to be finalized on or
before August 17, 2005 and become effective July 1, 2006. PCCM is
scheduled to be withdrawn from the urban service areas of Lubbock,
El Paso and San Antonio beginning July 1, 2006 with complete
withdrawal by December 1, 2006. Michael F. Neidorff, Centene's
Chairman and Chief Executive Officer, added, "The commitment of
Centene and Superior is to develop and manage, through a local
presence, a system of care that is accountable, produces
demonstrated cost savings and is optimally responsive to the needs
of Medicaid and CHIP consumers. These goals reflect Centene's core
values and confirm our belief that we can collaborate with states
to move more of these recipients into effective managed care
programs." The information provided in the third paragraph above
contains forward-looking statements that relate to future events
and future financial performance of Centene. These forward-looking
statements represent the Company's estimates as of July 8, 2005.
Subsequent events and developments may cause the Company's
estimates to change. The Company disclaims any obligation to update
this forward-looking financial information in the future. Readers
are cautioned that matters subject to forward-looking statements
involve known and unknown risks and uncertainties, including
economic, regulatory, competitive and other factors that may cause
Centene's or its industry's actual results, levels of activity,
performance or achievements to be materially different from any
future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. Actual
results may differ from projections or estimates due to a variety
of important factors, including Centene's ability to accurately
predict and effectively manage health benefits and other operating
expenses, competition, changes in healthcare practices, changes in
federal or state laws or regulations, inflation, provider contract
changes, new technologies, reduction in provider payments by
governmental payers, major epidemics, disasters and numerous other
factors affecting the delivery and cost of healthcare. The
expiration, cancellation or suspension of Centene's Medicaid
managed care contracts by state governments would also negatively
affect Centene. About Superior HealthPlan Superior HealthPlan, Inc.
(Superior) was formed in 1997 as a joint venture between Centene
Corporation and Community Health Centers Network, L.P. Superior
currently serves 243,700 members in Texas. Additional information
is available at www.superiorhealthplan.com About Centene
Corporation Centene provides multi-line managed care programs and
related services to individuals receiving benefits under Medicaid,
including Supplemental Security Income (SSI) and the State
Children's Health Insurance Program (SCHIP). The Company operates
health plans in Indiana, Kansas, Missouri, New Jersey, Ohio, Texas
and Wisconsin. In addition, the Company contracts with other
healthcare organizations to provide specialty services including
behavioral health, nurse triage and pharmacy compliance.
Information regarding Centene is available via the Internet at
www.centene.com.
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