COLUMBIA, S.C. and TAMPA, Fla., June 1, 2016 /PRNewswire/ -- WellCare Health Plans, Inc. (NYSE: WCG) announced today that it completed the acquisition of certain assets of Advicare Corp.'s Medicaid business, which includes the transfer of approximately 30,000 members to WellCare of South Carolina. The financial terms of the transaction were not disclosed.
As part of the transaction, Regional HealthPlus joined WellCare's provider network in South Carolina, effective June 1, 2016.
"This acquisition supports our commitment to serving South Carolina's Medicaid beneficiaries and to strengthening our partnership with the state to deliver quality, cost-effective health care solutions that benefit low-income children and families," said Ken Burdick, WellCare's chief executive officer. "Advicare's Medicaid business complements our existing portfolio and supports our efforts to be a leader in government-sponsored programs."
"Our members' health is our first priority, and we are working to ensure the transition is as seamless as possible for Advicare Medicaid members," said Kathy Warner, state president, WellCare of South Carolina. "WellCare of South Carolina and Regional HealthPlus share a commitment to providing coordinated health care that emphasizes primary and specialty care in an effort to improve and sustain positive health outcomes."
Regional HealthPlus offers a full spectrum of services through three member hospitals: Spartanburg Medical Center, Pelham Medical Center and Union Medical Center, and more than 500 physicians and allied health professionals. In addition, Regional HealthPlus includes four ambulatory surgery centers and a number of ancillary providers. U.S. News and World Report ranked Spartanburg Medical Center the No. 1 regional hospital in South Carolina in 2014-15.
Advicare Medicaid members will continue to receive all of their 2016 plan benefits and will now also receive WellCare's value-added benefits, including $120 credit toward over-the-counter (OTC) supplies and the healthy rewards program, which incentivizes members for completing preventive health, wellness and engagement milestones. They will be sent a new ID card, member handbook and provider information within 14 days. Their providers should now use the WellCare claims submission process. Providers will also be sent additional information.
Advicare Medicaid members and providers can visit wellcare.com/southcarolina or call toll-free 1-888-588-9842 (TTY: 1-877-650-0952) for assistance with questions.
As of March 31, 2016, WellCare serves approximately 61,000 Medicaid, 3,000 Medicare Advantage and 13,000 Medicare Prescription Drug Plan members in South Carolina.
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 3.7 million members nationwide as of March 31, 2016. 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 Advicare members' transition to WellCare 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, WellCare's ability to effectively manage growth, WellCare's ability to effectively integrate acquisitions, potential reductions in Medicaid and Medicare revenue, WellCare's ability to estimate and manage medical benefits expense effectively, including through its vendors, WellCare's ability to negotiate actuarially sound rates, WellCare's progress on top priorities such as improving health care quality and access, ensuring a competitive cost position, and delivering prudent, profitable growth, 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 (the "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, 2015, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 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's forward-looking statements speak only as of the date on which the statements are made. WellCare undertakes no duty, and expressly disclaims any obligation, to update these forward-looking statements to reflect any future events, developments or otherwise.
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SOURCE WellCare Health Plans, Inc.