Contract in the North Region now runs through at least March 31, 2016
Company Website:
http://www.healthnet.com
ARLINGTON, Va. -- (Business Wire)
Health
Net Federal Services, LLC (Health Net), a subsidiary of Health
Net, Inc., today announced that the U.S. Department of Defense (DoD)
modified the Company’s TRICARE program contract in the North Region to,
among other things, add three additional one-year option periods.
As part of the modification, the DoD awarded the first of the three
option periods, allowing Health Net to continue providing access to
health care services to TRICARE beneficiaries through at least March 31,
2016. If the DoD ultimately exercises the two remaining option periods,
the contract will run through March 31, 2018.
“Health Net is gratified for the opportunity to continue serving men and
women who bravely serve our country, as well as their family members and
military retirees,” said Thomas Carrato, president of Health Net Federal
Services. “And we are honored that the DoD recognizes the value of our
programs and services.”
Health Net has administered the TRICARE program for active-duty members
of the military and their family members in the North Region since 2004.
It currently provides benefits to about 2.8 million eligible
beneficiaries. The North Region encompasses all or portions of 22 states
and the District of Columbia.
About Health Net Federal Services
Health
Net Federal Services has a long history of providing cost-effective,
quality managed health care programs for government agencies, including
the U.S. Departments of Defense and Veterans Affairs (VA). As the
managed care support contractor for the TRICARE program in the North
Region, Health Net provides health care services to approximately
2.8 million uniformed services beneficiaries, active and retired, and
their families. In addition, Health Net provides high quality,
cost-effective health care solutions for veterans, as well as behavioral
health services for active duty service members, veterans and their
families.
Health Net Federal Services also works collaboratively with VA to
administer the Patient Centered Community Care program. Health Net
Federal Services processes authorizations for health care on behalf of
VA for veterans to receive care from authorized community providers,
schedules appointments, manages receipt of all required medical
documentation for care, and processes claims for payment.
For information about Health Net Federal Services, please visit www.hnfs.com.
About Health Net
Health
Net, Inc. (NYSE:HNT) is a publicly traded managed care organization
that delivers managed health care services through health plans and
government-sponsored managed care plans. Its mission is to help people
be healthy, secure and comfortable. Health Net provides and administers
health benefits to approximately 6.0 million individuals across the
country through group, individual, Medicare (including the Medicare
prescription drug benefit commonly referred to as “Part D”), Medicaid,
dual eligible, U.S. Department of Defense, including TRICARE, and U.S.
Department of Veterans Affairs programs. Health Net also offers
behavioral health, substance abuse and employee assistance programs,
managed health care products related to prescription drugs, managed
health care product coordination for multi-region employers, and
administrative services for medical groups and self-funded benefits
programs.
For more information on Health Net, Inc., please visit Health Net’s
website at www.healthnet.com.
Cautionary Statements
The company and its representatives may from time to time make written
and oral forward-looking statements within the meaning of the Private
Securities Litigation Reform Act (“PSLRA”) of 1995, including statements
in this and other press releases, in presentations, filings with the
Securities and Exchange Commission (“SEC”), reports to stockholders and
in meetings with investors and analysts. All statements in this press
release, other than statements of historical information provided
herein, may be deemed to be forward-looking statements and as such are
intended to be covered by the safe harbor for “forward-looking
statements” provided by PSLRA. These statements are based on
management’s analysis, judgment, belief and expectation only as of the
date hereof, and are subject to changes in circumstances and a number of
risks and uncertainties. Without limiting the foregoing, statements
including the words “believes,” “anticipates,” “plans,” “expects,”
“may,” “should,” “could,” “estimate,” “intend,” “feels,” “will,”
“projects” and other similar expressions are intended to identify
forward-looking statements. Actual results could differ materially from
those expressed in, or implied or projected by the forward-looking
information and statements due to, among other things, health care
reform and other increased government participation in and taxation or
regulation of health benefits and managed care operations, including but
not limited to the implementation of the Patient Protection and
Affordable Care Act and the Health Care and Education Reconciliation Act
of 2010 (collectively, the “ACA”) and related fees, assessments and
taxes; the company’s ability to successfully participate in California’s
Coordinated Care Initiative, which is subject to a number of risks
inherent in untested health care initiatives and requires the company to
adequately predict the costs of providing benefits to individuals that
are generally among the most chronically ill within each of Medicare and
Medi-Cal and implement delivery systems for benefits with which the
company has limited operating experience; the company’s ability to
successfully participate in the federal and state health insurance
exchanges under the ACA, which involve uncertainties related to the mix
and volume of business that could negatively impact the adequacy of the
company’s premium rates and may not be sufficiently offset by the risk
apportionment provisions of the ACA; increasing health care costs,
including but not limited to costs associated with the introduction of
new treatments or therapies; the company’s ability to reduce
administrative expenses while maintaining targeted levels of service and
operating performance, including through the company’s master services
agreement with a subsidiary of Cognizant Technology Solutions
Corporation (Cognizant); whether the company receives required
regulatory approvals for Cognizant’s provision of services to the
company and any conditions imposed in order to obtain such regulatory
approvals; the company’s ability to recognize the intended cost savings
and other intended benefits of the Cognizant transaction; the risk that
Cognizant may not perform contracted functions and services in a timely,
satisfactory and compliant manner; negative prior period claims reserve
developments; rate cuts and other risks and uncertainties affecting the
company’s Medicare or Medicaid businesses; trends in medical care
ratios; membership declines or negative changes in the company’s health
care product mix; unexpected utilization patterns or unexpectedly severe
or widespread illnesses; failure to effectively oversee the company’s
third-party vendors; noncompliance by the company or the company’s
business associates with any privacy laws or any security breach
involving the misappropriation, loss or other unauthorized use or
disclosure of confidential information; the timing of collections on
amounts receivable from state and federal governments and agencies;
litigation costs; regulatory issues with federal and state agencies
including, but not limited to, the California Department of Managed
Health Care and Department of Health Care Services, the Arizona Health
Care Cost Containment System, the Centers for Medicare & Medicaid
Services, the Office of Civil Rights of the U.S. Department of Health
and Human Services and state departments of insurance; operational
issues; changes in economic or market conditions; investment portfolio
impairment charges; volatility in the financial markets; and general
business and market conditions. Additional factors that could cause
actual results to differ materially from those reflected in the
forward-looking statements include, but are not limited to, the risks
discussed in the “Risk Factors” section included within the company’s
most recent Annual Report on Form 10-K and subsequent Quarterly Reports
on Form 10-Q filed with the SEC and the other risks discussed in the
company’s filings with the SEC. Readers are cautioned not to place undue
reliance on these forward-looking statements. Except as may be required
by law, the company undertakes no obligation to address or publicly
update any of its forward-looking statements to reflect events or
circumstances that arise after the date of this release.
Contacts:
Health Net, Inc.
Investor Contact:
Peter O’Neill,
818-676-8692
peter.oneill@healthnet.com
or
Media
Contact:
Brad Kieffer, 818-676-6833
brad.kieffer@healthnet.com
www.twitter.com/hn_bradkieffer
Source: Health Net Federal Services, LLC
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