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.
Chief Financial Officer
SVP, Corporate Finance