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Coventry Health Care, Inc. : Coventry Health Care Announces Missouri Managed Care Award

02/21/2012 | 05:24pm US/Eastern
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BETHESDA, Md. (February 21, 2012) - Coventry Health Care, Inc. (NYSE: CVH) announced today that it has received notification from the State of Missouri of an award to provide services for the State's Medicaid managed care program known as MO HealthNet Managed Care.  The statewide award covering the Eastern, Central, and Western Managed Care Regions is consistent with Coventry's current market-leading statewide presence and incorporates the membership which was recently acquired as part of the Family Health Partners transaction.  The new contract is scheduled to commence on July 1, 2012 and is one year in duration with two potential extension periods. 

"Today's announcement reinforces Coventry's commitment to our Medicaid business," said Allen F. Wise, chairman and chief executive officer of Coventry.  "Through our HealthCare USA subsidiary, Coventry has been a successful partner with the State of Missouri for sixteen years.  This award extends that relationship and represents another major step forward for Coventry as we continue to expand our Medicaid presence."

"We are honored and excited to have the opportunity to continue HealthCare USA's partnership with Missouri to serve and provide health coverage to its MO HealthNet Managed Care population," said Tim Nolan, Executive Vice President of Coventry.  "HealthCare USA's long history and experience with MO HealthNet Managed Care members in Missouri will allow us to deliver high quality services and help improve the health and outcomes of our members across the State."

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are defined as statements that are not historical facts and include those statements relating to future events or future financial performance, including the guidance herein. Actual performance may be significantly impacted by certain risks and uncertainties including those described in Coventry's Annual Report on Form 10-K for the year ended December 31, 2010, and Coventry's subsequent filings with the Securities and Exchange Commission.  Coventry undertakes no obligation to update or revise any forward-looking statements.

Coventry Health Care (www.coventryhealthcare.com) is a diversified national managed healthcare company based in Bethesda, Maryland, operating health plans, insurance companies, network rental and workers' compensation services companies.  Coventry provides a full range of risk and fee-based managed care products and services to a broad cross section of individuals, employer and government-funded groups, government agencies, and other insurance carriers and administrators.

Contact:

Randy Giles
Chief Financial Officer
(301) 581-5687

Drew Asher
SVP, Corporate Finance
(301) 581-5717


HUG#1588064

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