Centene Corporation's Celtic Unit Extends Statewide Commonwealth Care Bridge Contract With Massachusetts
ST. LOUIS, June 9, 2011 /PRNewswire/ -- Centene Corporation (NYSE: CNC) today announced that its Celtic Group subsidiary, CeltiCare Health Plan of Massachusetts, Inc. (CeltiCare), has extended its statewide contract to serve Commonwealth Care Bridge Program members, effective July 1, 2011. Under the contract, CeltiCare will continue to be the sole provider of high quality health insurance to Massachusetts residents enrolled in the Commonwealth Care Bridge Program, which serves the state's legal immigrant population.
"We are pleased that the Commonwealth of Massachusetts has extended our contract for the Bridge Program as it ensures that our members will have continued access to excellent healthcare," said CeltiCare President and Chief Executive Officer Richard D. Lynch. "For the past two years, we have focused on developing a provider network of dedicated caregivers and providing exceptional service to all of our members. We are committed to maintaining our high levels of member satisfaction."
Commonwealth Care Bridge is a state-subsidized health insurance program for Massachusetts' legal immigrant population. In 2009, CeltiCare worked with the Commonwealth Organizations to develop a lower cost alternative that would preserve comprehensive health coverage and provide high quality care to the more than 26,000 legal immigrants.
Approximately $40 - $45 million of annualized revenue is associated with this contract. The financial impact of the renewal of the Commonwealth Care Bridge contract was already assumed in Centene's 2011 financial guidance.
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 Children's Health Insurance Program (CHIP), as well as Aged, Blind or Disabled (ABD), Foster Care, long-term care, 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.
SOURCE Centene Corporation
Released June 9, 2011