TAMPA, Fla., Feb. 4, 2019 /PRNewswire/ -- WellCare Health Plans, Inc. (NYSE: WCG) today announced it has been notified by the North Carolina Department of Health and Human Services (DHHS) of the state's intent to award WellCare of North Carolina, Inc. a contract to administer the state's Medicaid Prepaid Health Plans (PHPs).
DHHS has selected four health plans, including WellCare, to serve North Carolina's Medicaid beneficiaries on a statewide basis, which is subject to a protest process. One additional health plan led by providers was selected to operate health plans in certain regions. The state will implement the new managed care system for its 1.6 million Medicaid beneficiaries beginning Nov. 1, 2019.
"We are excited to partner with the North Carolina Department of Health and Human Services, our network of healthcare providers and local community leaders to deliver integrated solutions and quality care and services that help North Carolina Medicaid members live better, healthier lives," said Gregg MacDonald, WellCare's SVP, division president and president of WellCare of North Carolina. "We have a proven track record of successfully transitioning Medicaid beneficiaries to managed care, and are honored to be selected to build upon that success in North Carolina."
As of Dec. 31, 2018, WellCare serves approximately 600 Medicare Advantage members and 33,000 Medicare Prescription Drug Plan members in North Carolina.
About WellCare Health Plans, Inc.
Headquartered in Tampa, Fla., WellCare Health Plans, Inc. (NYSE: WCG) focuses primarily on providing government-sponsored managed care services to families, children, seniors and individuals with complex medical needs primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug Plans, as well as individuals in the Health Insurance Marketplace. WellCare serves approximately 5.5 million members nationwide as of December 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, 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 September 30, 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.