SAN JUAN, Puerto Rico,
Oct. 10, 2019 /PRNewswire/ --
Triple-S Management Corporation (NYSE: GTS) ("Triple-S" or the
"Company"), a leading managed care company in Puerto Rico, announced today that the 2020
Care Coordination Medicare Advantage HMO contract (H5774) of its
subsidiary, Triple-S Advantage, Inc., will remain among Medicare
Advantage plans with at least a 4-star rating (out of a maximum
possible rating of 5 stars, as determined by the Centers for
Medicare and Medicaid Services) for a fourth consecutive year.
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"Only 1 in 3 Medicare Advantage plans are 4 stars or higher in
the U.S.,"1 said Madeline Hernández-Urquiza, President
of Triple-S Advantage, Inc. "This is the fourth straight year we
have earned a 4-star rating or higher. While we are pleased with
this achievement, we continue strengthening our efforts to help our
members live healthier and have an excellent overall experience
with Triple-S, particularly when it comes to service, treatment
adherence and engagement in our clinical programs."
Triple-S Advantage received a 4-star rating in its HMO contract
and 4.5 stars in its Part D (Pharmacy) offering. The new ratings
reflect a half-star reduction from current ratings of 4.5 stars
(HMO) and 5 stars (Part D), respectively, and will apply in payment
year 2021.
"As standards for Medicare Advantage become more rigorous,
maintaining a 4-star rating or higher becomes an even more vital
objective to achieve," added Ms. Hernández-Urquiza. "While the bar
in star rating continues to be raised, these more stringent
standards ultimately translate into better health services for our
members."
The CMS Star Rating System reflects the quality of care that the
member receives, as well as their satisfaction with their plan, and
considers measures such as preventive tests, the management of
chronic conditions such as diabetes and hypertension, the
prevention of falls and hospital readmissions and compliance with
medication therapies, among others. Each year, CMS collects this
data and, based on it, issues a rating of one to five stars.
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. Triple-S Advantage, Inc. is a Health Maintenance
Organization (HMO) with a Medicare contract and a contract with the
Puerto Rico Medicaid Program. Medicare evaluates plans based on a
5-star rating system. Star Ratings are calculated each year and may
change from one year to the next. The achieved rating applies to
the 2020 contract year. For more information about Triple-S
Management, visit www.triplesmanagement.com or contact
investorrelations@ssspr.com.
Forward-Looking Statements
This document informs the
market of our new CMS ratings but does not in any other respect
update our disclosures. 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.
1https://www.cms.gov/Medicare/Prescription-DrugCoverage/PrescriptionDrugCovGenIn/PerformanceData.html
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