CompCare Secures New Contract, Enters New Geographic Market
2008-12-04 16:42:05 -
Comprehensive Care Corporation (OTCBB:CHCR) (CompCare) today announced it has signed a contract with Health Plan of Michigan, Inc. (HPM) and Meridian Health Plan, Inc. of Illinois to provide behavioral health services for 167,000 Medicaid recipients. By January 1, 2009, CompCare expects to manage approximately 650,000 lives in Michigan via five health plans, making it the largest Managed Behavioral Health Organization (MBHO) servicing Medicaid HMOs in that state. Additionally, CompCare will enter Illinois for the first time with Meridian Health Plan serving Medicaid beneficiaries for behavioral health care.
John Hill, CompCare Chief Executive Officer, said, "Our new contract expands CompCare"s presence in the state of Michigan, where we have participated with the state"s Managed Medicaid program since its inception almost ten years ago. Our network of more than 2,600 providers assures access for consumers in our health plan partners" service areas in both Michigan and Indiana. We have strong working relationships with community mental health centers, as well as with large provider groups. Integrating medical and behavioral health through care coordination, we also make available our most recent Pharmacy Management, Autism and ADHD products."
Richard L. Powers, CompCare"s Sr. Vice President for Business Development, added, "Winning the contract also signifies the importance we place on quality and customer service. Close attention to member and customer needs is a hallmark of our organization and crucial in maintaining successful client relationships. We remain committed to providing the personal touch CompCare is so well known for."
About Comprehensive Care Corporation
Established in 1969, CompCare provides behavioral health, substance abuse, and employee assistance programs for governmental agencies, managed care companies and employer groups throughout the United States. Headquartered in Tampa, Florida, CompCare focuses on personalized attention, flexibility, a commitment to high-quality services, and innovative approaches to behavioral health that address both the specific needs of clients and changing healthcare industry demands.
About Health Plan of Michigan
Health Plan of Michigan is the third largest Medicaid HMO in the State of Michigan, providing health care services to over 167,000 Medicaid enrollees in 42 Michigan counties through a contract with the Michigan Department of Community Health (DCH). HPM is a privately owned and physician managed Medicaid health plan. Its corporate headquarters is located in Detroit, Michigan. The company is ranked among the Top 15 Medicaid Health Plans in the country by U.S. News & World Report/NCQA"s America"s Best Health Plans.
About Meridian Health Plan
Meridian Health Plan is a new Medicaid health plan operating in the State of Illinois providing services to All Kids, FamilyCare and Moms & Babies participants residing in seven Illinois counties. Meridian Health Plan"s corporate offices are located in Chicago, Illinois.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company"s control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, changes in local, regional, and national economic and political conditions, the effect of governmental regulation, competitive market conditions, varying trends in member utilization, our ability to manage healthcare operating expenses, our ability to achieve expected results from new business, the profitability of our capitated contracts, cost of care, seasonality, the Company?s ability to obtain additional financing, and additional risk factors as discussed in the reports filed by the company with the Securities and Exchange Commission, which are available on its website at www.sec.gov.
Comprehensive Care Corporation, Tampa
John M. Hill, 813-288-4808
or
PondelWilkinson Inc.
Robert Jaffe/Roger Pondel, 310-279-5980
