ST. LOUIS, Feb. 1, 2021 /PRNewswire/ -- Centene
Corporation (NYSE: CNC) announced today that its Oklahoma subsidiary, Oklahoma Complete Health,
has been selected by the Oklahoma Health Care Authority (OHCA) for
statewide contracts to provide managed care for the SoonerSelect
and SoonerSelect Specialty Children's Plan (SCP) programs.
"We look forward to working with the state of Oklahoma in their transition to value-based
care models by providing services that address the social
determinants of health, remove barriers to treatment, and deliver
better health outcomes for Oklahoma residents at a lower cost to the
state," said Brent Layton, Executive Vice President, Markets,
Products, International, and Chief Business Development Officer of
Centene. "Oklahoma Complete Health will be a local partner to the
OHCA and hire from within the communities we serve, as we
continue to create partnerships with local providers and
community-based organizations to improve the health of SoonerSelect
enrollees throughout Oklahoma."
The SoonerSelect program provides physical and behavioral
healthcare as well as pharmacy benefits to over 550,000 Oklahoma
Medicaid recipients, with an estimated 200,000 additional
Oklahomans to gain coverage through Medicaid expansion in
July 2021.
The SoonerSelect Specialty Children's plan provides behavioral
health, physical health, and pharmacy benefits to Oklahoma's children involved in the juvenile
justice system and those served by the Department of Human
services, including children in foster care and receiving adoption
assistance. Centene is the nation's leading managed care provider
of foster care services, and brings unparalleled experience in
improving the health outcomes of programs which serve child welfare
and foster care populations.
The SoonerSelect and SoonerSelect Specialty Children's Plan
Program will commence in mid-to-late fall.
About Centene
Centene Corporation, a Fortune 50 company, is a leading
multi-national healthcare enterprise that is committed to helping
people live healthier lives. The Company takes a local approach –
with local brands and local teams – to provide fully integrated,
high-quality, and cost-effective services to government-sponsored
and commercial healthcare programs, focusing on under-insured and
uninsured individuals. Centene offers affordable and
high-quality products to nearly 1 in 15 individuals across the
nation, including Medicaid and Medicare members (including Medicare
Prescription Drug Plans) as well as individuals and families served
by the Health Insurance Marketplace, the TRICARE program, and
individuals in correctional facilities. The Company also serves
several international markets, and contracts with other healthcare
and commercial organizations to provide a variety of specialty
services focused on treating the whole
person. Centene focuses on long-term growth and the
development of its people, systems and capabilities so that it can
better serve its members, providers, local communities, and
government partners.
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://investors.centene.com/.
Forward-Looking Statements
All statements, other than statements of current or
historical fact, contained in this press release 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). Centene (the "Company", "our", or "we") intends
such forward-looking statements to be covered by the safe-harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995, and we are including this
statement for purposes of complying with these safe-harbor
provisions. In particular, these statements include, without
limitation, statements about our future operating or financial
performance, market opportunity, growth strategy, competition,
expected activities in completed and future acquisitions, including
statements about the impact of our proposed acquisition
of Magellan Health (the "Magellan Health Transaction"),
our recently completed acquisition (the "WellCare Acquisition")
of WellCare Health Plans, Inc. ("WellCare"), other recent
and future acquisitions, investments and the adequacy of our
available cash resources.
These forward-looking statements reflect our current views
with respect to future events and are based on numerous assumptions
and assessments made by us in light of our experience and
perception of historical trends, current conditions, business
strategies, operating environments, future developments and other
factors we believe 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 our or our
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 press release
are based on information available to us on the date hereof. Except
as may be otherwise required by law, we undertake no obligation to
update or revise the forward-looking statements included in this
press release, whether as a result of new information, future
events or otherwise, after the date hereof. 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 risk that
regulatory or other approvals required for the Magellan Health
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 our resources or otherwise have
an adverse effect on the Company; the risk that Magellan
Health's stockholders do not adopt the definitive merger
agreement; the possibility that certain conditions to the
consummation of the Magellan Health Transaction will not be
satisfied or completed on a timely basis and accordingly the
Magellan Health Transaction may not be consummated on a timely
basis or at all; the impact of COVID-19 on global markets,
economic conditions, the healthcare industry and our results of
operations, which is unknown, and the response by governments and
other third parties; uncertainty as to the expected financial
performance of the combined company following completion of the
Magellan Health Transaction; uncertainty as to our expected
financial performance during the period of integration of the
WellCare Acquisition; the possibility that the expected synergies
and value creation from the Magellan Health Transaction or the
WellCare Acquisition will not be realized, or will not be realized
within the expected time period; the exertion of management's time
and our 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 Magellan Health Transaction; the risk
that unexpected costs will be incurred in connection with the
completion and/or integration of the Magellan Health Transaction or
the integration of the WellCare Acquisition or that the integration
of Magellan Health or WellCare will be more difficult or
time consuming than expected; the risk that potential litigation in
connection with the Magellan Health Transaction may affect the
timing or occurrence of the Magellan Health Transaction or result
in significant costs of defense, indemnification and liability; a
downgrade of the credit rating of our indebtedness, which could
give rise to an obligation to redeem existing indebtedness;
unexpected costs, charges or expenses resulting from the Magellan
Health Transaction or the WellCare Acquisition; the possibility
that competing offers will be made to acquire Magellan Health;
the inability to retain key personnel; disruption from the
announcement, pendency and/or completion of the Magellan Health
Transaction or the integration of the WellCare Acquisition,
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; the risk that, following the Magellan Health
Transaction, the combined company may not be able to effectively
manage its expanded operations; our ability to accurately predict
and effectively manage health benefits and other operating expenses
and reserves, including fluctuations in medical utilization rates
due to the impact of COVID-19; competition; membership and revenue
declines or unexpected trends; changes in healthcare practices, new
technologies, and advances in medicine; increased healthcare costs;
changes in economic, political or market conditions; 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 (ACA) and the Health Care and Education
Affordability Reconciliation Act, collectively referred to as the
ACA and any regulations enacted thereunder that may result from
changing political conditions or judicial actions, including the
ultimate outcome in "Texas
v. United States of America" regarding the constitutionality
of the ACA; rate cuts or other payment reductions or delays by
governmental payors and other risks and uncertainties affecting our
government businesses; our ability to adequately price products on
the Health Insurance Marketplaces and other commercial and Medicare
products; tax matters; disasters or major epidemics; the outcome of
legal and regulatory proceedings; changes in expected contract
start dates; provider, state, federal, foreign and other contract
changes and timing of regulatory approval of contracts; the
expiration, suspension, or termination of our contracts with
federal or state governments (including but not limited to
Medicaid, Medicare, TRICARE or other customers); the difficulty of
predicting the timing or outcome of pending or future litigation or
government investigations; challenges to our contract awards;
cyber-attacks or other privacy or data security incidents; the
possibility that the expected synergies and value creation from
acquired businesses, including businesses we may acquire in the
future, will not be realized, or will not be realized within the
expected time period; the exertion of management's time and our
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; disruption caused by
significant completed and pending acquisitions, including, among
others, the WellCare Acquisition, making it more difficult to
maintain business and operational relationships; the risk that
unexpected costs will be incurred in connection with the completion
and/or integration of acquisition transactions; changes in expected
closing dates, estimated purchase price and accretion for
acquisitions; the risk that acquired businesses will not be
integrated successfully; restrictions and limitations in connection
with our indebtedness; our ability to maintain or achieve
improvement in 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; availability of debt and equity
financing, on terms that are favorable to us; inflation; foreign
currency fluctuations and risks and uncertainties discussed in the
reports that Centene has filed with the Securities
and Exchange Commission.
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 our business operations,
financial condition and results of operations, in our filings with
the Securities and Exchange Commission (SEC), including
our 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, we cannot give assurances with respect to our future
performance, including without limitation our ability to maintain
adequate premium levels or our ability to control our future
medical and selling, general and administrative
costs.
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SOURCE Centene Corporation