TAMPA, Fla.--(BUSINESS WIRE)--Comprehensive Care Corporation ("CompCare" or the "Company") (OTCBB:CHCR) announced today that it has expanded its relationship with existing clients to provide managed behavioral health services to an additional 85,000 Medicare Advantage members.
The expanded relationships began on January 1, 2011, and are designed to ensure accessible, high-quality behavioral health services with a focus on prevention, education, and care coordination to improve and maintain the overall well-being of members. The new business represents an expansion of CompCare’s business into 10 new states bringing the Company’s membership population to over one million members in 19 states, the District of Columbia and Puerto Rico. The new states include Arizona, Utah, Nevada, Mississippi, Georgia, North Carolina, South Carolina, Virginia, Ohio, Maryland and the District of Columbia. In addition, CompCare has members in Michigan, Florida, Texas, Connecticut, California, Wisconsin, Pennsylvania, Missouri, Louisiana and Puerto Rico.
Clark A. Marcus, Chairman and CEO of CompCare, stated, “We are pleased to see our existing clients expand their relationships with us by adding on approximately 85,000 Medicare Advantage members to our managed behavioral health services program. This new business also expands our footprint within the U.S., as some of these new members live in states where we had an existing provider network in anticipation of new growth, but the growth had not yet materialized until now. Having the existing provider network in place made it easier for us to not only obtain but also accommodate this exponential organic growth. We believe the expanded relationships are an important testimonial for us at this stage of our growth strategy. Expanded business such as this reinforces our key message that CompCare provides real value through its services and that we believe that we are positioned to increase our share of the managed care market. We believe that we have achieved critical mass so that our expansion could be accomplished not only by increasing our HMO accounts, but by assisting our existing accounts in the expansion of their business, and ours along with theirs. We hope to see more of this type of expansion during the coming year.”
About CompCare
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. For more information, please call 813-288-4808 or visit our website at www.compcare.com.
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 CompCare’s control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, the ability of CompCare and its staff to execute its business plan, the ability of CompCare to offer and sell any of its products at a profit, the ability of CompCare to benefit from expanded business, the likelihood, or not, of expanded business in the future, 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, if any, of our capitated contracts or other products, increases or variations in cost of care, seasonality, and CompCare’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. Any forward- looking statement in this release speaks only as of the date on which it is made. CompCare assumes no obligation to update or revise any forward-looking statements.