SAN JUAN, Puerto Rico,
Oct. 12, 2018 /PRNewswire/
-- Triple-S Management Corporation (NYSE: GTS) ("Triple-S" or
the "Company"), a leading managed care company in Puerto Rico, announced today that its 2019
Care Coordination Medicare Advantage HMO contract (H5774) has
received an overall 4.5-star quality rating from the Centers of
Medicare and Medicaid Services ("CMS") out
of a maximum possible rating of 5 stars. The new rating is an
upgrade from its previous 4-star rating.
The new rating is an upgrade from its
previous 4-star rating and will apply in payment year
2020.
Approximately 88% of Triple-S's Medicare Advantage membership
participates in its HMO
offering.
"We are thrilled that our HMO offering has received an overall
4.5-star rating. It is a
testament to our
team's commitment to provide our members high-quality
managed care services," said Roberto Garcia-Rodriguez, President and Chief
Executive Officer of Triple-S. "We have consistently
highlighted that achieving a higher rating is a vital strategic objective, because it enhances our ability to retain
and grow our membership. The upgrade is a culmination of the tireless
efforts over the past several years of our entire managed care
team, led by Madeline Hernández-Urquiza, to ensure that providers
have the tools to proactively address our members' gaps in care."
CMS' stars rating reflects the quality of care a member receives
and the member's satisfaction with his or her health carrier. The
rating measures such factors
as preventive care, hospital readmissions, adherence to
medications and the management of chronic
conditions.
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 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 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, 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'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:
|
|
|
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AT THE
COMPANY:
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INVESTOR
RELATIONS:
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Juan José
Román-Jiménez
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Mr. Garrett
Edson
|
EVP and Chief
Financial Officer
|
ICR
|
(787)
749-4949
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(787)
792-6488
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SOURCE Triple-S Management Corporation