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July 1, 2014
16:37 EDTWCGWellCare announces Florida MMA rate decrease
In a regulatory filing, WellCare disclosed that on June 25, WellCare received from the State of Florida’s Agency for Health Care Administration, AHCA, executed Amendment No. 1 to Contract No. FP020, the Florida MMA Contract, between AHCA and WellCare of Florida, a wholly-owned subsidiary of the company which governs the services WellCare of Florida provides under the Managed Medical Assistance component, the MMA program, of Florida’s Statewide Medicaid Managed Care program. Amendment No. 1, which is effective as of June 1, amends and restates Attachments I and II of the Florida MMA Contract to, among other things, reflect an estimated overall 2.2% decrease in the rates payable to WellCare of Florida under the Florida MMA Contract. The rates were amended to reflect changes in the MMA implementation schedule and certain other factors. The company noted, "We estimate that the rate changes will not have a significant impact on our gross margin. The amended rates were reflected in the company’s financial outlook for the year ended December 31 as updated on May 6."
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