TAMPA, Fla., June 5, 2018 /PRNewswire/ -- Staywell Health Plan, a WellCare Health Plans, Inc. (NYSE: WCG) company, announced today it has received a Notice of Intent to Award a contract from the Florida Department of Health to provide managed care services for the Children's Medical Services Managed Care Plan (CMS Plan).
Under the proposed five-year contract award expected to begin on Jan. 1, 2019, Staywell will be the sole contractor for the CMS Plan.
The CMS Plan covers more than 60,000 medically complex children under the age of 21 who are either in the traditional Medicaid program or in the Children's Health Insurance Program (CHIP). This is the first year the CMS Plan will be managed by a Medicaid managed care company.
"We look forward to partnering with the Florida Department of Health to help serve our state's most vulnerable children," said Elizabeth Miller, state president, WellCare of Florida. "We have been serving Florida's Medicaid members for more than 20 years. This latest award, and our selection in April to expand our Medicaid services in the state, is recognition of our proven track record and ability to help our members in Florida live better, healthier lives."
On April 24, 2018, WellCare received a Notice of Agency Decision from the Florida Agency for Health Care Administration (AHCA) that it intends to award Staywell a new five-year contract to provide managed care services to Medicaid-eligible beneficiaries in the state of Florida.
Staywell was selected to serve Comprehensive Plan members in 10 of 11 regions (all counties except Broward), representing an increase of two regions. Under the Comprehensive Plan, Staywell will continue to provide Managed Medical Assistance (MMA) services and add Long-Term Care (LTC) services for Medicaid beneficiaries ages 18 and older in need of nursing facility-level care. Staywell was also selected to serve Specialty Plan members with a diagnosis of Serious Mental Illness (SMI) across all 11 regions.
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. The company served approximately 4.3 million members nationwide as of March 31, 2018. For more information about WellCare, please visit the company's website at www.wellcare.com.
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," "will," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions are forward-looking statements. For example, statements regarding the date for commencement of services under the new 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 and litigation related to the Medicaid awards, the approval of the contract by the Centers for Medicare & Medicaid Services, any changes to the program or contract or timing, 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 integrating care management, advocating for our members, building advanced relationships with providers and government partners, ensuring a competitive cost position, and delivering prudent, profitable growth, WellCare's ability to effectively estimate and manage growth, WellCare's ability to meet the requirements of readiness reviews, potential reductions in Medicaid revenue, WellCare's ability to estimate and manage medical benefits expense effectively, including through its vendors, WellCare's ability to improve healthcare quality and access, and its ability to negotiate actuarially sound rates, especially in new programs with limited experience. 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, 2017, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 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.
SOURCE WellCare Health Plans, Inc.