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.
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SOURCE WellCare Health Plans, Inc.