New York, NY - August 22, 2012 (Investorideas.com newswire)
Investorideas.com, a leader in sector research for independent investors
including healthcare and biotech stocks features an exclusive interview
with Mr. Clark A. Marcus, Chairman and CEO of Comprehensive Care
Corporation (
OTCBB: CHCR).
CHCR is a leading behavioral health, substance abuse and psychotropic
pharmacy management services provider for managed care companies
throughout the U.S.
Q: Investorideas.com staff
For new investors can you give an overview of the Company services and where you have locations?
A: Clark Marcus, Chairman and CEO
We provide managed behavioral healthcare, substance abuse, and
pharmacy management services. We provide these services primarily to
commercial, Medicare, Medicaid and Children's Health Insurance Program
("CHIP") health plans. Additionally we provide pharmacy and analytic
services for our health plan clients to integrate medical claims
data
and pharmacy data into actionable information so patient care can be
coordinated cost effectively. Our managed care operations include
at-risk behavioral health contracts, at-risk pharmacy management
contracts, and administrative service agreements.
We have also recently launched a cost containment pharmacy
management program designed to lower our clients total annual pharmacy
spend by at least 10%. Under this unique and innovative program for the
industry, we will enter into at-risk pharmacy management agreements
whereby we guarantee our client's savings over their previous year's
pharmacy spend.
We service clients in 22 states, the District of Columbia and
Puerto Rico, with primary offices/facilities located in Tampa, Florida
and San Juan, Puerto Rico.
Q: Investorideas.com staff
In terms of payments for patient care can you give us an idea of
how you are compensated and if the recent and pending changes in
healthcare in the US will impact your company moving forward?
A: Clark Marcus, Chairman and CEO
We typically enter into contracts on an annual basis, which
evergreen every one or two years. Our arrangements with our clients fall
into two broad categories:
- At-risk arrangements under which our clients pay us a fixed fee
per member per month in exchange for our assumption of the financial
risk of providing behavioral health and/or pharmacy management services;
and
- ASO arrangements where we manage behavioral healthcare programs
or perform various managed care services, such as clinical care
management, provider network development, and claims processing without
assuming financial risk for member behavioral healthcare costs.
We believe the recent pending changes in healthcare in the US are
beneficial to our business since the number of people that will be
included under government mandated programs will increase materially.
Our existing business primarily services government mandated programs
through our health plan clients.
Q: Investorideas.com staff
Your Company recently reported six month results for 2012 that are
impressive for a small OTC Company. Can you give investors a snapshot of
the results?
A: Clark Marcus, Chairman and CEO
For the first time in many years, we have been profitable for two consecutive quarters.
In the second quarter, ended June 30, 2012, we earned $1.6 million
while losing almost $4 million in the comparable quarter last year.
Revenues for the quarter reached $18.2 million, compared with $18.6
million in the same period of 2011, or a slight decrease of less than
2%.
Several new profitable contracts in the behavioral healthcare
segment, a strict cost containment program and a contract amendment with
a major Puerto Rican client all contributed to this substantial
improvement.
Additionally, our recently launched innovative pharmacy cost
containment program, which is able to reduce pharmacy costs for our
healthcare customers by up to 10%, is expected to start generating
revenues in a few months. Considerable growth is expected from this
program in the following years.
Q: Investorideas.com staff
How does your Company fill the gap in current services for your sector and where do you see the future growth
?
A: Clark Marcus, Chairman and CEO
Our pharmacy management contracts were up 18.9 percent, or $3.1
million, to $19.4 million in the first six months of 2012. Our
strategies to reduce pharmaceutical costs for our clients will be a key
element for our future growth.
Thus far, all of our substantial growth over the past two years has
been organic in nature. However, it should not be a surprise if we
started searching for some nice acquisitions.
About CompCare:
Established in 1969, CompCare provides behavioral health, substance
abuse and psychotropic pharmacy management services for managed care
companies 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 to maximize its market share with new pharmacy
initiatives, the success and profitability of the new pharmacy
initiatives, our ability to reduce pharmaceutical costs by up to 10% for
our clients under the new pharmacy initiatives, the ability of CompCare
and its staff to execute its business plan to generate exponential
growth, the ability of CompCare to offer and sell any of its products
at a profit, 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, CompCare's ability to obtain additional financing,
increased outsourcing of behavioral health services, 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.
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