WellCare Signs Contract to Serve Iowa's Medicaid Managed Care Program
TAMPA, Fla., Oct. 9, 2015 /PRNewswire/ -- WellCare Health Plans, Inc. (NYSE: WCG) announced today that WellCare of Iowa, Inc., its wholly-owned subsidiary, signed a contract with the Iowa Department of Human Services to serve Iowa's Medicaid Managed Care program, IA Health Link, statewide. Services under the contract are expected to begin Jan. 1, 2016. The contract is for three years and may be extended for two additional two-year terms at the state's discretion.
Under the contract, WellCare will serve Iowa Medicaid, the Iowa Health and Wellness Plan, and the Healthy and Well Kids in Iowa (hawk-i) programs. WellCare will also coordinate care for Iowans who participate in the state's seven home- and community-based services waiver (HCBS) programs: AIDS/HIV, Brain Injury, Children's Mental Health, Elderly, Health and Disability, Intellectual Disability, and Physical Disability.
"WellCare is excited to participate in the launch of Iowa's Medicaid Managed Care program," said Lauralie Rubel, WellCare's Iowa state president. "We have a proven track record of successfully transitioning Medicaid beneficiaries to managed Medicaid, which is focused on improving the quality, access and efficiency of care delivered to those who participate in Medicaid programs. We look forward to partnering with the state, providers and communities to help ensure our members get the care they need, when and where they need it, to deliver better health outcomes and lower the costs of care for Iowans."
About WellCare Health Plans, Inc.
Headquartered in Tampa, Fla., WellCare Health Plans, Inc. (NYSE: WCG) focuses exclusively on providing government-sponsored managed care services, primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug Plans, to families, children, seniors and individuals with complex medical needs. WellCare serves approximately 3.8 million members nationwide as of June 30, 2015. For more information about WellCare, please visit the company's website at www.wellcare.com or view the company's videos at https://www.youtube.com/user/WellCareHealthPlan.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions are forward-looking statements. For example, statements regarding the date for commencement of services under Iowa's Medicaid Managed Care program contain forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause WellCare's actual future results to differ materially from those projected or contemplated in the forward-looking statements. These risks and uncertainties include, but are not limited to, the outcome of any protests related to the Medicaid awards, the approval of the contract by the Centers for Medicare & Medicaid Services, WellCare's ability to address operational challenges relating to the implementation of the contract requirements, including, but not limited to, meeting the requirements of readiness reviews, WellCare's progress on top priorities such as improving health care quality and access, ensuring a competitive cost position, and delivering prudent, profitable growth, WellCare's ability to effectively estimate and manage growth, potential reductions in Medicaid revenue, WellCare's ability to estimate and manage medical benefits expense effectively, including through its vendors and WellCare's ability to comply with the terms of the Corporate Integrity Agreement. Given the risks and uncertainties inherent in forward-looking statements, any of WellCare's forward-looking statements could be incorrect and investors are cautioned not to place undue reliance on any of our forward-looking statements.
Additional information concerning these and other important risks and uncertainties can be found in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), included under the captions "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, and the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2015, and other filings by WellCare with the SEC, which contain discussions of WellCare's business and the various factors that may affect it. Subsequent events and developments may cause actual results to differ, perhaps materially, from WellCare's forward-looking statements. WellCare undertakes no duty to update these forward-looking statements to reflect any future events, developments, or otherwise.
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SOURCE WellCare Health Plans, Inc.
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