Centene Corporation's Arizona Subsidiary Awarded Long-Term Care Contracts
ST. LOUIS, May 9, 2011 /PRNewswire/ -- Centene Corporation (NYSE: CNC) was notified that the Arizona Health Care Cost Containment System (AHCCCS) has awarded Bridgeway Health Solutions, Centene's Arizona subsidiary, contracts to deliver Arizona Long Term Care System (ALTCS) services. We were one of the three successful bidders and were awarded contracts in three geographic service areas (GSAs).
Effective October 1, 2011, Bridgeway will be the sole contractor for two GSAs covering Pinal, Gila, Cochise, Graham and Greenlee counties totaling approximately 2,300 members. Bridgeway will be one of the three contractors in Maricopa County serving 15,200 members. Bridgeway currently serves approximately 3,100 members in Maricopa, Yuma and La Paz counties. At current membership levels, these contract awards represent an estimated 50% increase in Bridgeway's long-term care at risk membership.
"Centene is pleased to expand our presence in Arizona, and we look forward to providing comprehensive, quality healthcare services to long-term care recipients," said Chairman and Chief Executive Officer Michael F. Neidorff.
We estimate approximately $50-$60 million of incremental annualized revenue associated as a result of these contract awards by AHCCCS. Additional information regarding these awards will be provided during our previously announced Investor Day Presentation on June 14, 2011.
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.
SOURCE Centene Corporation
Released May 9, 2011