MELVILLE, N.Y., Feb. 7 /PRNewswire-FirstCall/ -- Gentiva Health Services, Inc. (Nasdaq: GTIV), the nation's leading provider of comprehensive home health services, announced today that its CareCentrix(R) ancillary care benefit management unit has signed an extension of its current national homecare contract with CIGNA HealthCare, which will provide for the coordination and delivery of homecare services to CIGNA members through January 31, 2011. The extension amends a previous agreement that was set to expire January 31, 2009.
CareCentrix has been the largest national provider of homecare and related services to CIGNA HealthCare members since 1996. The extension calls for CareCentrix to continue to coordinate the provision of direct home health services, including home infusion therapy services and certain specialty medical equipment, to CIGNA HealthCare members through the CareCentrix network of nearly 4,000 credentialed provider locations. For the first nine months of 2007, the CIGNA HealthCare relationship contributed approximately 19% of total Gentiva revenues of $915.9 million.
"CIGNA HealthCare and CareCentrix have enjoyed a longstanding and mutually beneficial relationship in the delivery of homecare services to CIGNA members," said Gentiva Chairman and CEO Ron Malone. "We're pleased that CIGNA HealthCare has once again recognized CareCentrix' excellence in care coordination and customer service by agreeing to this early contract extension. We're proud of the outstanding work performed each day by the CareCentrix team in serving all of its managed care customers."
About Gentiva Health Services, Inc.
Gentiva Health Services, Inc. is the nation's leading provider of comprehensive home health and related services. The Company serves patients across the United States, through its direct service delivery units or through CareCentrix(R), which manages home health services for major managed care organizations. Gentiva is a single source for skilled nursing; physical, occupational, speech and neurorehabilitation services; hospice services; social work; nutrition; disease management education; help with daily living activities; respiratory therapy and home medical equipment; infusion therapy services; and other therapies and services. Gentiva's revenues are generated from federal and state government programs, commercial insurance and individual consumers. For more information, visit Gentiva's web site, http://www.gentiva.com, and its investor relations section at http://investors.gentiva.com. GTIV-G
Certain statements contained in this news release, including, without
limitation, statements containing the words "believes," "anticipates,"
"intends," "expects," "assumes," "trends" and similar expressions,
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
based upon the Company's current plans, expectations and projections about
future events. However, such statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among others: the
Company's ability to successfully execute its growth strategy; the impact
of significant indebtedness on the Company's liquidity and its ability to
meet the requirements of its creditors; general economic and business
conditions; demographic changes; changes in, or failure to comply with,
existing governmental regulations; legislative proposals for healthcare
reform; changes in Medicare and Medicaid reimbursement levels; effects of
competition in the markets in which the Company operates; liability and
other claims asserted against the Company; ability to attract and retain
qualified personnel; availability and terms of capital; loss of significant
contracts or reduction in revenues associated with major payer sources;
ability of customers to pay for services; business disruption due to
implementation of new business systems, or due to natural disasters or
terrorist acts; a material shift in utilization within capitated
agreements; and changes in estimates and judgments associated with critical
accounting policies and estimates. For a detailed discussion of certain of
these and other factors that could cause actual results to differ from
those contained in this news release, please refer to the Company's various
filings with the Securities and Exchange Commission (SEC), including the
"Risk Factors" section contained in the Company's annual report on Form
10-K for the year ended December 31, 2006.
Financial and Investor Contact: John R. Potapchuk
Media Contact: David Fluhrer
|SOURCE Gentiva Health Services, Inc.|
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