Centene Corporation (NYSE: CNC) was notified that the Arizona Health Care Cost Containment System (AHCCCS) has awarded Bridgeway Health Solutions, Centene's Arizona subsidiary, contracts to deliver Arizona Long Term Care System (ALTCS) services. We were one of the three successful bidders and were awarded contracts in three geographic service areas (GSAs).
Effective October 1, 2011, Bridgeway will be the sole contractor for two GSAs covering Pinal, Gila, Cochise, Graham and Greenlee counties totaling approximately 2,300 members. Bridgeway will be one of the three contractors in Maricopa County serving 15,200 members. Bridgeway currently serves approximately 3,100 members in Maricopa, Yuma and La Paz counties. At current membership levels, these contract awards represent an estimated 50% increase in Bridgeway's long-term care at risk membership.
"Centene is pleased to expand our presence in Arizona, and we look forward to providing comprehensive, quality healthcare services to long-term care recipients," said Chairman and Chief Executive Officer Michael F. Neidorff.
We estimate approximately $50-$60 million of incremental annualized revenue associated as a result of these contract awards by AHCCCS. Additional information regarding these awards will be provided during our previously announced Investor Day Presentation on June 14, 2011.
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