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Providence Service Corporation Comments on $87 Billion Medicaid Assistance for States in the American Recovery and Reinvestment Act Signed into Law Yesterday
Date:2/18/2009

TUCSON, Ariz., Feb. 18 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today commented on the Medicaid assistance for states in the American Recovery and Reinvestment Act, which was signed by President Obama yesterday. The American Recovery and Reinvestment Act includes an $87 billion temporary increase in the share of Medicaid that the federal government would pay over nine calendar quarters (October 1, 2008, through December 31, 2010).

"The Medicaid stimulus package is a significant piece of legislation, providing unprecedented levels of fiscal support for our state government payers to serve today's growing Medicaid population," said Fletcher McCusker, CEO. "While we expect this to translate to added funding for many of the services we provide, the retroactive date is not expected to impact our 2008 results, and the overall timing and implementation of the program still remains somewhat uncertain."

The Economic Recovery legislation contains three provisions relating to increased Medicaid funding for states. First, it would suspend through fiscal year 2011 the reductions that some states would otherwise experience in the percentage of their Medicaid costs paid by the federal government, known as the state's FMAP. This would prevent states from losing federal funding simply because economic conditions in the states were much stronger several years ago. Secondly, all states would receive a "base" 6.2 percentage point increase in their FMAP rate. Finally, states experiencing poor economic conditions as indicated by a significant rise in unemployment would receive additional assistance. Depending on the extent of the state's rise in unemployment, a state could receive a 5.5 percent, 8.5 percent, or 11.5 percent reduction in the share of Medicaid costs the state pays. To receive an
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