SAN JUAN, Puerto
Rico, Sept. 25,
2018 /PRNewswire/ -- Triple-S Management
Corporation (NYSE: GTS), a leading managed care company in
Puerto Rico, today announced that
its managed care subsidiary, Triple-S Salud, Inc. ("Triple-S" or
the "Company"), has entered into a contract with the Puerto Rico
Health Insurance Administration ("ASES" by its Spanish acronym) to
participate in the Government of Puerto
Rico's Revised Medicaid Health Plan, which is set to go into
effect November 1, 2018.
Triple-S will be one of the five managed care organizations
("MCOs") serving the Island's Medicaid Health
population.
"We are very pleased to officially be
participating in the Revised Medicaid Health Plan and to continue
providing Medicaid services to Medicaid members
island-wide," said Roberto
Garcia-Rodriguez, President and Chief Executive
Officer of Triple-S Management
Corporation. "We are excited to
implement our innovative model focused on ensuring preventive care
and improving the health outcomes of the chronically
ill."
Under the revised Medicaid program, MCOs have been
initially assigned a preliminary number of members, but with
participants allowed to select their insurance carriers, MCO's will
also be able to compete for membership across Puerto Rico, while bearing full risk.
According to ASES, in assigning members across the five MCOs, it
has initially distributed the total membership of the program
equivalently among the five MCOs and then adjusted the numbers by
taking into consideration a combination of other factors.
Approximately 280,000 members have been preliminarily assigned to
Triple-S.
Under the prior model, MCOs were awarded one or more of
eight regions through a bid process and managed all beneficiaries
in the awarded regions on an exclusive basis while bearing full
risk for medical, dental and pharmacy benefits.
The Revised Medicaid Health Plan is expected to be for a
three-year term through September 30,
2021, with an additional one-year term at ASES'
option. Premium rates will be negotiated for each contract
year.
About Triple-S Management Corporation
Triple-S Management Corporation is an independent licensee
of the Blue Cross Blue Shield Association. It is one of the leading
players in the managed care industry in Puerto Rico. Triple-S Management has the
exclusive right to use the Blue Cross Blue Shield name and mark
throughout Puerto Rico, the
U.S. Virgin Islands, and
Costa Rica. With almost 60 years
of experience in the industry, Triple-S Management offers a broad
portfolio of managed care and related products in the Commercial,
Medicare Advantage, and Medicaid markets under the Blue Cross Blue
Shield marks. It also provides non-Blue Cross Blue Shield branded
life and property and casualty insurance in Puerto Rico. For more information about
Triple-S Management, visit
www.triplesmanagement.com or contact
investorrelations@ssspr.com.
Forward-Looking Statements
This document contains forward-looking statements, as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include information about possible or
assumed future sales, results of operations, developments,
regulatory approvals or other circumstances. Sentences that include
"believe", "expect", "plan", "intend", "estimate", "anticipate",
"project", "may", "will", "shall", "should" and similar
expressions, whether in the positive or negative, are intended to
identify forward-looking statements.
All forward-looking statements in this news release
reflect management's current views about future events and are
based on assumptions and subject to risks and uncertainties.
Consequently, actual results may differ materially from those
expressed here as a result of various factors, including all the
risks discussed and identified in public filings with the U.S.
Securities and Exchange Commission (SEC).
In addition, the Company operates in a highly competitive,
constantly changing environment, influenced by very large
organizations that have resulted from business combinations,
aggressive marketing and pricing practices of competitors, and
regulatory oversight. The following factors, if markedly different
from the Company's planning assumptions (either individually or in
combination), could cause Triple-S Management's results to differ
materially from those expressed in any forward-looking statements
shared here:
- Trends in health care costs and utilization
rates
- Ability to secure sufficient premium rate
increases
- Competitor pricing below market trends of increasing
costs
- Re-estimates of policy and contract
liabilities
- Changes in government laws and regulations of managed
care, life insurance or property and casualty insurance
- Significant acquisitions or divestitures by major
competitors
- Introduction and use of new prescription drugs and
technologies
- A downgrade in the Company's financial strength
ratings
- A downgrade in the Government of Puerto Rico's debt
- Litigation or legislation targeted at managed care, life
insurance or property and casualty insurance companies
- Ability to contract with providers consistent with past
practice
- Ability to successfully implement the Company's disease
management, utilization management and Star ratings
programs
- Ability to maintain Federal Employees, Medicare and
Medicaid contracts
- Volatility in the securities markets and investment
losses and defaults
- General economic downturns, major disasters, and
epidemics
This list is not exhaustive. Management believes the
forward-looking statements in this release are reasonable. However,
there is no assurance that the actions, events or results
anticipated by the forward-looking statements will occur or, if any
of them do, what impact they will have on the Company's results of
operations or financial condition. In view of these uncertainties,
investors should not place undue reliance on any forward-looking
statements, which are based on current expectations. In addition,
forward-looking statements are based on information available the
day they are made, and (other than as required by applicable law,
including the securities laws of the
United States) the Company does not intend to update or
revise any of them in light of new information or future
events.
Readers are advised to carefully review and consider the
various disclosures in the Company's SEC reports.
FOR FURTHER INFORMATION:
|
|
|
|
AT THE
COMPANY:
|
INVESTOR
RELATIONS:
|
Juan José
Román-Jiménez
|
Mr. Garrett
Edson
|
EVP and Chief
Financial
Officer
|
ICR
|
(787)
749-4949
|
(787)
792-6488
|
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SOURCE Triple-S Management Corporation