ST. LOUIS, Jan. 18, 2012 /PRNewswire/ -- Centene
Corporation (NYSE: CNC) announced today that its subsidiary,
Coordinated Care Corporation (Coordinated Care), has been selected
to contract with the Washington Health Care Authority (HCA) to
serve Medicaid beneficiaries in the state. Approximately
840,000 beneficiaries are eligible to be served by the state's
Healthy Options managed Medicaid and Basic Health programs.
The Healthy Options program currently provides fully capitated,
managed care services for approximately 700,000 Temporary
Assistance for Needy Families (TANF) and TANF-related Children's
Health Insurance Program (CHIP) clients. HCA intends to add
about 100,000 Medicaid clients who are eligible for Supplemental
Security Income (SSI) but who are not dually eligible for Medicare
under the new contract at this time. Basic Health currently
provides subsidized health care coverage for approximately 40,000
low-income adults.
"We are pleased and honored to be selected to offer coordinated
healthcare services and programs to the people of Washington," said Jesse Hunter, Executive Vice President of
Corporate Development and Operating Group Chairman of Centene.
"Centene's core philosophy is to provide accessible, high-quality
care at a lower cost, and we look forward to working together with
the Health Care Authority to execute on this vision."
According to HCA's timetable, next steps will be to finalize
contracts with the successful bidders by the end of February.
Services for enrollees are expected to commence in the third
quarter of 2012.
"Washington will be the 15th
state in which Centene operates health plans and is a continued
example of Centene's dedication to providing innovative health
solutions at the local level for the members and states we serve",
said Michael F. Neidorff, Chairman
and Chief Executive Officer of Centene. "We believe our
strategic provider partnerships will help us deliver improved
health outcomes for our members in a cost-effective
manner."
Updates regarding this award will be provided when additional
material information becomes available. As a reminder,
Centene's 2011 fourth quarter and year-end financial results
conference call will be held on February 7,
2012 at 8:30am (Eastern
Time).
About Centene Corporation
Centene Corporation, a Fortune 500 company, is a leading
multi-line healthcare enterprise that provides programs and
related services to the rising number of 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, in addition to
other state-sponsored programs, and Medicare (Special Needs Plans).
Centene's CeltiCare subsidiary offers states unique, "exchange
based" and other cost-effective coverage solutions for low-income
populations. The Company 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, life and health management,
managed vision, telehealth services, and pharmacy benefits
management. More information regarding Centene is available at
www.centene.com.
The information provided in this press release contains
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. 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, membership and revenue projections, timing of
regulatory contract approval, 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.
SOURCE Centene Corporation