Centene Corporation Receives Georgia Health Plan Rate Increase
ST. LOUIS--(BUSINESS WIRE)--Nov. 21, 2007--Centene Corporation (NYSE: CNC) announced today that its Georgia subsidiary, Peach State Health Plan (Peach State), executed an amendment to its basic contract with the Georgia Department of Community Health (DCH), establishing the new rates under which Peach State will now operate. Centene expects the new rates to provide an increased effective yield of approximately 3.8%, beginning October 1, 2007, which is consistent with its expectations. Centene continues to clarify with DCH the effective yield, if any, of changes for the period July 1 to September 30, 2007.
Eric Slusser, Executive Vice President and Chief Financial Officer of Centene stated, "As we discussed on our third quarter earnings call, our 2007 fourth quarter guidance included an assumed rate increase for our Georgia health plan. Accordingly, our existing guidance is unchanged by this announcement."
About Centene Corporation
Centene Corporation is a leading multi-line healthcare enterprise that provides programs and related services to individuals receiving benefits under Medicaid, including the State Children's Health Insurance Program (SCHIP) and Supplemental Security Income (SSI). The Company operates health plans in Arizona, Georgia, Indiana, New Jersey, Ohio, South Carolina, Texas and Wisconsin. In addition, the Company contracts with other healthcare and commercial organizations to provide specialty services including behavioral health, health management, long-term care, managed vision, nurse triage, pharmacy benefits management and treatment compliance. Information regarding Centene is available via the Internet at www.centene.com.
CONTACT: Centene Corporation
Edmund E. Kroll, 212-759-0382
Senior Vice President, Finance and Investor Relations
Sandy McBride, 314-725-4477
Director, Corporate Communications
SOURCE: Centene Corporation