Centene Reaches Settlement With Commonwealth of Kentucky
ST. LOUIS, Nov. 4, 2016 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today that its subsidiary, Kentucky Spirit Health Plan, Inc. (Kentucky Spirit), has settled all lawsuits and complaints associated with its contract with the Commonwealth of Kentucky (the Commonwealth). Under the terms of the settlement agreement, Kentucky Spirit will receive an immaterial cash payment from the Commonwealth's actuarial firm and each party will dismiss all claims related to the litigation with prejudice. In addition, the parties agree that neither party acted in bad faith, that they took reasonable positions in light of the applicable contractual language and that the parties acted in good faith in attempting to address a difficult situation.
"Our top priority has always been ensuring Kentucky residents get the quality care they need," said Michael F. Neidorff, Chairman, President and CEO of Centene Corporation. "We commend Governor Bevin for taking the initiative to resolve this longstanding issue."
About Centene Corporation
Centene Corporation, a Fortune 500 company, is a diversified, multi-national healthcare enterprise that provides a portfolio of services to government sponsored 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 Care (LTC), in addition to other state-sponsored programs, Medicare (including the Medicare prescription drug benefit commonly known as "Part D"), as well as programs with the U.S. Department of Defense and U.S. Department of Veterans Affairs. 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, in-home health services, life and health management, managed vision, 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.
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SOURCE Centene Corporation
Released November 4, 2016