Centene Corporation Closes MediPlan Acquisition
June 01 2006 - 7:10PM
Business Wire
Centene Corporation (NYSE: CNC) announced today that it has closed
the acquisition of MediPlan Corporation from the Aultman Health
Foundation, a not-for-profit healthcare delivery system. As
previously disclosed, this transaction will add approximately
13,000 Medicaid members in the Canton market to the 58,100 Ohio
members already covered by Centene's Ohio subsidiary, Buckeye
Community Health Plan. The agreement also includes long-term
provider contracts with Aultman Hospital and related Aultman
providers. Michael F. Neidorff, Chairman and Chief Executive
Officer of Centene, stated, "We are pleased to increase our market
coverage through this acquisition and look forward to our
participation in the state's Medicaid expansion which will roll-out
later this year. This newly expanded footprint and our role as a
key provider of comprehensive healthcare services in Ohio solidly
positions us for the state's Aged, Blind and Disabled RFP process."
About Centene Corporation Centene Corporation 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 Georgia, 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, disease
management, nurse triage, pharmacy benefit management and treatment
compliance. Information regarding Centene is available via the
Internet at www.centene.com. The second paragraph of this press
release contain forward-looking statements that relate to future
events and future financial performance of Centene; 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. 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 also
may differ from projections or estimates due to a variety of
important factors, including the timing of the completion of the
acquisition of MediPlan Corporation, Centene's ability to
successfully integrate and manage such acquisition, 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
payors, 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.
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