SAN JUAN, Puerto Rico, Oct. 3, 2011 /PRNewswire/ -- Triple-S Management Corporation (NYSE:GTS), one of the leading managed care companies in Puerto Rico, announced today that on October 1, 2011, the Puerto Rico Health Insurance Administration (ASES) notified its subsidiary Triple-S Salud that it has been selected to administer healthcare services for the Metro North, North, San Juan, Northeast and West regions of the Puerto Rico Government's health insurance program (Medicaid), known as MiSalud, for a 20-month term commencing November 1, 2011. This selection also includes minors under custody of the Department of the Family and victims of domestic violence. The MiSalud program currently services approximately 840,000 members in these regions.
The appointment of Triple-S Salud is subject to the execution of a definitive contract with ASES and the approval of the Centers for Medicare & Medicaid Services (CMS). While there can be no assurance that the parties will reach agreement, Triple-S expects to conclude negotiations with ASES within a week.
Ramon M. Ruiz-Comas, President and Chief Executive Officer of Triple-S commented, "We are extremely pleased to have been selected once again to service this important segment of our community. With 15 years of experience, we are confident in our ability to administer the Government of Puerto Rico's health insurance program in these regions, which would double the number of lives Triple-S Salud serves on the island."
Mr. Ruiz-Comas concluded, "While we plan to provide updated guidance on our November 2, 2011 quarterly conference call, we anticipate that this contract would be accretive to our earnings in 2012."About Triple-S Management Corporation Triple-S Management Corporation is an independent licensee of the Blue Cross Blue Shield Association. It is one of the leading players in the managed care industry in Puerto Rico. Triple-S Management also has the exclusive right to use the Blue Cross Blue Shield name and mark throughout Puerto Rico and the U.S. Virgin Islands. With more than 50 years of experience in the industry, Triple-S Management offers a broad portfolio of managed care and related products in the Commercial and Medicare Advantage markets under the Blue Cross Blue Shield brand through its subsidiary Triple-S Salud, Inc. and effective February 2011, also offer non-branded Medicare products through American Health Inc. In addition to its managed care business, Triple-S Management provides non-Blue Cross Blue Shield branded life and property and casualty insurance in Puerto Rico. For more information about Triple-S Management, visit www.triplesmanagement.com or contact firstname.lastname@example.org . Forward-Looking Statements This document contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information about possible or assumed future sales, results of operations, developments, regulatory approvals or other circumstances. Sentences that include "believe", "expect", "plan", "intend", "estimate", "anticipate", "project", "may", "will", "shall", "should" and similar expressions, whether in the positive or negative, are intended to identify forward-looking statements.