ST. LOUIS, July 10, 2019 /PRNewswire/ -- Centene
Corporation (NYSE: CNC) announced today that its Oregon subsidiary, Trillium Community Health
Plan, has been notified by the Oregon Health Authority (OHA) of
OHA's intent to award Trillium a contract to serve as a coordinated
care organization (CCO) for six counties in the state. Pending
successful completion of OHA's readiness review and additional
contract negotiations, the contract is scheduled to begin on
January 1, 2020, and continue through
December 31, 2024.
"Trillium Community Health Plan has been providing healthcare
services and programs in the State of Oregon for over 20 years,"
said Christopher Bowers, Executive Vice President of Markets
for Centene Corporation. "We look forward to expanding our
presence in Oregon and working
with the OHA to implement their vision for CCO 2.0 by continuing to
demonstrate the value of integrated care, focusing on the social
determinants of health, and maintaining sustainable cost
growth."
The Oregon Health Plan (OHP) provides health coverage to
low-income individuals and families, children, pregnant women,
single adults, and seniors throughout Oregon. Currently Trillium provides care for
over 92,000 OHP members in Lane,
western Douglas, and western
Linn Counties. With the newly
awarded contracts, Trillium will expand their services into the
Tri-County area, including Clackamas, Multnomah, and Washington counties.
About Centene
Centene Corporation, a Fortune 100 company, is a diversified,
multi-national healthcare enterprise that provides a portfolio of
services to government sponsored and commercial 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 Services and Supports (LTSS), in addition to other
state-sponsored programs, Medicare (including the Medicare
prescription drug benefit commonly known as "Part D"), dual
eligible programs and programs with the U.S. Department of Defense.
Centene also provides healthcare services to groups and individuals
delivered through commercial health plans. 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, commercial programs,
home-based primary care services, life and health management,
vision benefits management, 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.
Cautionary Statement on Forward-Looking Statements of
Centene
All statements, other than statements of current or historical
fact, contained in this communication are forward-looking
statements. Without limiting the foregoing, forward-looking
statements often use words such as "believe," "anticipate," "plan,"
"expect," "estimate," "intend," "seek," "target," "goal," "may,"
"will," "would," "could," "should," "can," "continue" and other
similar words or expressions (and the negative thereof). In
particular, these statements include, without limitation,
statements about Centene's future operating or financial
performance, market opportunity, growth strategy, competition,
expected activities in completed and future acquisitions, including
statements about the impact of Centene's proposed acquisition of
WellCare Health Plans, Inc. (the "WellCare Transaction"), Centene's
recent acquisition (the "Fidelis Care Transaction") of
substantially all the assets of New York
State Catholic Health Plan, Inc., d/b/a Fidelis Care New
York ("Fidelis Care"), investments
and the adequacy of Centene's available cash resources.
These forward-looking statements reflect Centene's current views
with respect to future events and are based on numerous assumptions
and assessments made by us in light of Centene's experience and
perception of historical trends, current conditions, business
strategies, operating environments, future developments and other
factors Centene believes appropriate. By their nature,
forward-looking statements involve known and unknown risks and
uncertainties and are subject to change because they relate to
events and depend on circumstances that will occur in the future,
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. These statements are not guarantees of future
performance and are subject to risks, uncertainties and
assumptions.
All forward-looking statements included in this filing are based
on information available to us on the date of this communication.
Except as may be otherwise required by law, Centene undertakes no
obligation to update or revise the forward-looking statements
included in this communication, whether as a result of new
information, future events or otherwise, after the date of this
filing. You should not place undue reliance on any forward-looking
statements, as actual results may differ materially from
projections, estimates, or other forward-looking statements due to
a variety of important factors, variables and events including, but
not limited to, the following: (i) the risk that regulatory or
other approvals required for the WellCare Transaction may be
delayed or not obtained or are obtained subject to conditions that
are not anticipated that could require the exertion of management's
time and Centene's resources or otherwise have an adverse effect on
Centene; (ii) the possibility that certain conditions to the
consummation of the WellCare Transaction will not be satisfied or
completed on a timely basis and accordingly the WellCare
Transaction may not be consummated on a timely basis or at all;
(iii) uncertainty as to the expected financial performance of the
combined company following completion of the WellCare Transaction;
(iv) the possibility that the expected synergies and value creation
from the WellCare Transaction will not be realized, or will not be
realized within the expected time period; (v) the exertion of
management's time and Centene's resources, and other expenses
incurred and business changes required, in connection with
complying with the undertakings in connection with any regulatory,
governmental or third party consents or approvals for the WellCare
Transaction; (vi) the risk that unexpected costs will be incurred
in connection with the completion and/or integration of the
WellCare Transaction or that the integration of WellCare will be
more difficult or time consuming than expected; (vii) the risk that
potential litigation in connection with the WellCare Transaction
may affect the timing or occurrence of the WellCare Transaction or
result in significant costs of defense, indemnification and
liability; (viii) a downgrade of the credit rating of Centene's
indebtedness, which could give rise to an obligation to redeem
existing indebtedness; (ix) unexpected costs, charges or expenses
resulting from the WellCare Transaction; (x) the inability to
retain key personnel; (xi) disruption from the announcement,
pendency and/or completion of the WellCare Transaction, including
potential adverse reactions or changes to business relationships
with customers, employees, suppliers or regulators, making it more
difficult to maintain business and operational relationships; and
(xii) the risk that, following the WellCare Transaction, the
combined company may not be able to effectively manage its expanded
operations.
Additional factors that may cause actual results to differ
materially from projections, estimates, or other forward-looking
statements include, but are not limited to, the following: (i)
Centene's ability to accurately predict and effectively manage
health benefits and other operating expenses and reserves; (ii)
competition; (iii) membership and revenue declines or unexpected
trends; (iv) changes in healthcare practices, new technologies, and
advances in medicine; (v) increased healthcare costs, (vi) changes
in economic, political or market conditions; (vii) changes in
federal or state laws or regulations, including changes with
respect to income tax reform or government healthcare programs as
well as changes with respect to the Patient Protection and
Affordable Care Act and the Health Care and Education Affordability
Reconciliation Act, collectively referred to as the Affordable Care
Act ("ACA"), and any regulations enacted thereunder that may result
from changing political conditions or judicial actions, including
the ultimate outcome of the District Court decision in "Texas v.
United States of America"
regarding the constitutionality of the ACA; (viii) rate cuts or
other payment reductions or delays by governmental payors and other
risks and uncertainties affecting Centene's government businesses;
(ix) Centene's ability to adequately price products on federally
facilitated and state-based Health Insurance Marketplaces; (x) tax
matters; (xi) disasters or major epidemics; (xii) the outcome of
legal and regulatory proceedings; (xiii) changes in expected
contract start dates; (xiv) provider, state, federal and other
contract changes and timing of regulatory approval of contracts;
(xv) the expiration, suspension, or termination of Centene's
contracts with federal or state governments (including but not
limited to Medicaid, Medicare, TRICARE or other customers); (xvi)
the difficulty of predicting the timing or outcome of pending or
future litigation or government investigations; (xvii) challenges
to Centene's contract awards; (xviii) cyber-attacks or other
privacy or data security incidents; (xix) the possibility that the
expected synergies and value creation from acquired businesses,
including, without limitation, the Fidelis Care Transaction, will
not be realized, or will not be realized within the expected time
period; (xx) the exertion of management's time and Centene's
resources, and other expenses incurred and business changes
required in connection with complying with the undertakings in
connection with any regulatory, governmental or third party
consents or approvals for acquisitions, including the Fidelis Care
Transaction; (xxi) disruption caused by significant completed and
pending acquisitions, including, among others, the Fidelis Care
Transaction, making it more difficult to maintain business and
operational relationships; (xxii) the risk that unexpected costs
will be incurred in connection with the completion and/or
integration of acquisition transactions, including, among others,
the Fidelis Care Transaction; (xxiii) changes in expected closing
dates, estimated purchase price and accretion for acquisitions;
(xxiv) the risk that acquired businesses, including Fidelis Care, will not be integrated
successfully; (xxv) the risk that, following the Fidelis Care
Transaction, Centene may not be able to effectively manage its
expanded operations; (xxvi) restrictions and limitations in
connection with Centene's indebtedness; (xxvii) Centene's ability
to maintain the Centers for Medicare and Medicaid Services (CMS)
Star ratings and maintain or achieve improvement in other quality
scores in each case that can impact revenue and future growth;
(xxviii) availability of debt and equity financing, on terms that
are favorable to us; (xxxix) inflation; and (xxx) foreign currency
fluctuations.
This list of important factors is not intended to be exhaustive.
We discuss certain of these matters more fully, as well as certain
other factors that may affect Centene's business operations,
financial condition and results of operations, in Centene's filings
with the Securities and Exchange Commission (the "SEC"), including
the registration statement on Form S-4 filed by Centene with the
Securities and Exchange Commission on May
23, 2019 (the "Registration Statement"), and Centene's
Annual Report on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K. Due to these important factors and
risks, Centene cannot give assurances with respect to Centene's
future performance, including without limitation Centene's ability
to maintain adequate premium levels or Centene's ability to control
its future medical and selling, general and administrative
costs.
View original
content:http://www.prnewswire.com/news-releases/centenes-oregon-subsidiary-receives-preliminary-award-for-expanded-oregon-health-plan-contract-300882221.html
SOURCE Centene Corporation