LOUISVILLE, Ky. and TAMPA, Fla., Dec. 4, 2019 /PRNewswire/ -- WellCare Health Plans, Inc. (NYSE: WCG) announced today the Kentucky Cabinet for Health and Family Services selected WellCare of Kentucky ("WellCare") to continue serving the Commonwealth's Medicaid managed care program in all eight program regions. The new five-year contract is anticipated to begin on July 1, 2020.
WellCare has provided Medicaid managed care services for Kentuckians since 2011, and under the new contract will continue to coordinate medical, behavioral and dental health for eligible Medicaid recipients in the Temporary Assistance for Needy Families (TANF); State Children's Health Insurance Program (S-CHIP); and Aged, Blind and Disabled (ABD) programs.
WellCare was also selected as the sole contractor for the Kentucky SKY (Supporting Kentucky Youth) program. Under the program, WellCare will serve all children in Kentucky's foster care system, including former foster care youth, some children who have been adopted from foster care, as well as children dually committed to the Department of Juvenile Justice (DJJ) system, benefitting approximately 24,000 enrollees.
"WellCare is proud to continue working with the Commonwealth to provide quality, cost-effective healthcare solutions that help deliver better health outcomes for our members and the communities we serve," said William Jones, WellCare's north division president and state president for Kentucky. "We have partnered with the state and its managed Medicaid program since its inception and look forward to working collaboratively with our state partners, our network of providers and our local communities to continue to deliver quality care and services that help Kentuckians live better, healthier lives."
As of Sept. 30, 2019, WellCare serves approximately 438,000 Medicaid members, 14,000 Medicare Advantage plan members and 33,000 Medicare Prescription Drug Plan members in Kentucky.
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 6.4 million members nationwide as of September 30, 2019. 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 commencement date of the services and 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, 2018, the Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 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.