"New management has increased the number of states served by CompCare from eight states and Puerto Rico to 22 states, the District of Columbia and Puerto Rico," said Clark Marcus, CompCare Chairman and CEO. "This contract is an example of how we are continually growing CompCare for the ultimate benefit of our shareholders."
About CHRISTUS Spohn Health System
CHRISTUS Spohn Health System is the region's largest charity care provider and not-for-profit health care system consisting of six hospital campuses – CHRISTUS Spohn Hospital Corpus Christi (Shoreline, Memorial and South), CHRISTUS Spohn Hospital Alice, CHRISTUS Spohn Hospital Beeville and CHRISTUS Spohn Hospital Kleberg (Kingsville).
The health system is consistently ranked as a leading health system in the area and has received national recognition for several pioneering programs, including cardiac care, clinical excellence and oncology. For more than 100 years, CHRISTUS Spohn has been distinguished by its high caliber staff and affiliated physicians, its comprehensive and innovative services, and its long history of responding to the needs of the community it serves. For additional information, visit our website at www.christusspohn.org.
CHRISTUS Health Plan is a subsidiary of CHRISTUS Health delivering a broad range of health care services throughout Texas. CHRISTUS Health Plan combines the resources of physicians, multi-specialty groups, ambulatory care centers, ancillary providers and hospitals to offer members access to a comprehensive array of high quality health care.
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.
Except for statements of historical fact, the matters discussed in this press release, including but not limited to our expected profitability in the second quarter of 2012, the continued implementation of our Pharmacy Management Program, the impact of the financial responsibility shift with one of our existing, at-risk pharmacy clients, our ability to increase margins and to obtain sustainable profitability, our ability to reduce overhead and implement further cost savings, our ability to further improve the Company's performance, the outcome of our business strategy, our ability to expand our pharmacy management program with higher profit margins, and our ability to reduce pharmacy expenses throughout the year 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 the Company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, 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 and existing business, our ability to expand and manage our provider network, the profitability, if any, of our recently acquired or previously existing capitated contracts, the costs incurred in seeking new contracts, the loss or termination of any existing contract, increases or variations in cost of care, seasonality, the Company'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 is available on its website at www.sec.gov.
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