Centene Corporation Awarded Medicaid Contract in New Hampshire
ST. LOUIS, May 10, 2012 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today the Governor and Executive Council of New Hampshire have given approval for the Department of Health and Human Services (DHHS) to contract with Granite State Health Plan, a wholly-owned subsidiary of Centene, to serve Medicaid beneficiaries in New Hampshire. Granite State is one of three plans selected. The initial term of the contract will be three years with an optional contract extension for one additional two-year period for a total contract term of five years. Operations are expected to commence in the fourth quarter of 2012.
This contract award marks Centene's entry into its 17th state. Under the new contract, Granite State Health Plan will provide coordinated healthcare, behavioral health, pharmacy, vision and transportation services to members. The populations covered under the state's new Care Management Program will include TANF, CHIP, ABD, and voluntary dual eligibles and Foster Care participation in Step One; Step Two will expand coverage to include mandatory dual eligibles and Foster Care, as well as waiver services and long term care services; Step Three includes further expansion to additional eligibles as identified as a result of the Patient Protection and Affordable Care Act.
"We are pleased to be selected as part of a competitive procurement process to work with the state of New Hampshire as it transitions from a fee-for-service delivery system to an integrated care management program," said Jesse Hunter, Executive Vice President of Operations of Centene. "The goals of the state's new Care Management Program closely align with Centene's goals and experience in providing accessible, integrated care at a lower cost."
About Centene Corporation
Centene Corporation, a Fortune 500 company, is a leading multi-line healthcare enterprise that provides programs and related services to the rising number of 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, in addition to other state-sponsored programs, and Medicare (Special Needs Plans). Centene's CeltiCare subsidiary offers states unique, "exchange based" and other cost-effective coverage solutions for low-income populations. The Company 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, life and health management, managed vision, telehealth services, and pharmacy benefits management. More information regarding Centene is available at www.centene.com.
The information provided in this press release contains forward-looking statements that relate to future events and future financial performance of Centene. Subsequent events and developments may cause the Company's estimates to change. The Company disclaims any obligation to update this forward-looking financial information in the future. Readers are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, regulatory, competitive and other factors that may cause Centene's or its 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. Actual results may differ from projections or estimates due to a variety of important factors, including Centene's ability to accurately predict and effectively manage health benefits and other operating expenses, competition, membership and revenue projections, timing of regulatory contract approval, changes in healthcare practices, changes in federal or state laws or regulations, inflation, provider contract changes, new technologies, reduction in provider payments by governmental payors, major epidemics, disasters and numerous other factors affecting the delivery and cost of healthcare. The expiration, cancellation or suspension of Centene's Medicaid Managed Care contracts by state governments would also negatively affect Centene.
SOURCE Centene Corporation
Released May 10, 2012