Health Net Federal Services, LLC, a wholly owned subsidiary of Health Net, Inc., today announced it will expand its services with the Department of Veterans Affairs (VA) in support of the Veterans Access, Choice and Accountability Act of 2014 (VACAA). The VACAA allows eligible veterans who live more than 40 miles from a VA facility or are unable to get a VA appointment within 30 days of their preferred date, or within 30 days of the date determined medically necessary by their physician, to obtain approved care in their community instead. "Health Net is honored by the opportunity to assist VA in its efforts to ensure veterans have access to timely care," said Thomas Carrato, president of Health Net Federal Services. "Health Net has proudly served veterans for more than 16 years, and we look forward to our expanded role and serving the men and women who have served our country through their military service." VA has modified Health Net's Patient Centered Community Care Contract (PC3) to add several VACAA components, including production and distribution of the new Veterans Choice Card, which allows veterans to elect to receive care outside of VA when they qualify. As a result of the contract modification, approximately 9 million veterans will be provided with a Veterans Choice Card and Health Net will operate a call center to assist veterans in determining their eligibility to use the card, and to help educate them on the VACAA. Health Net also will assist eligible veterans in obtaining an appointment with a community provider meeting VACAA requirements. Health Net will provide these services in the three PC3 regions in which it operates. About Health Net Federal Services Health Net Federal Services has a long history of providing cost-effective, quality managed health care programs for government agencies, including the Departments of Defense and Veterans Affairs. As the managed care support contractor for the TRICARE North Region, Health Net provides health care services to approximately 2.8 million uniformed services beneficiaries, active and retired, and their families. In addition, Health Net provides quality, cost-effective health care solutions for veterans, as well as behavioral health services for active duty service members, veterans and their families. Additionally, Health Net Federal Services administers the VA's Patient Centered Community Care (PC3) program in TRICARE's regions 1, 2 and 4, which encompass all or portions of 37 states, Washington, D.C., Puerto Rico and the Virgin Islands.) PC3 provides eligible veterans with coordinated, timely access to care through a comprehensive network of non-VA providers who meet VA quality standards when a local VA facility cannot readily provide the care.
Health Net, Inc. (NYSE: HNT) is a publicly traded managed care organization that delivers managed health care services through health plans and government-sponsored managed care plans. Its mission is to help people be healthy, secure and comfortable. Health Net provides and administers health benefits to approximately 5.9 million individuals across the country through group, individual, Medicare (including the Medicare prescription drug benefit commonly referred to as "Part D"), Medicaid, U.S. Department of Defense, including TRICARE, and Veterans Affairs programs. Health Net also offers behavioral health, substance abuse and employee assistance programs, managed health care products related to prescription drugs, managed health care product coordination for multi-region employers, and administrative services for medical groups and self-funded benefits programs.For more information on Health Net, Inc., please visit Health Net's website at www.healthnet.com. Cautionary Statements The company and its representatives may from time to time make written and oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act ("PSLRA") of 1995, including statements in this and other press releases, in presentations, filings with the Securities and Exchange Commission ("SEC"), reports to stockholders and in meetings with investors and analysts. All statements in this press release, other than statements of historical information provided herein, may be deemed to be forward-looking statements and as such are intended to be covered by the safe harbor for "forward-looking statements" provided by PSLRA. These statements are based on management's analysis, judgment, belief and expectation only as of the date hereof, and are subject to changes in circumstances and a number of risks and uncertainties. Without limiting the foregoing, statements including the words "believes," "anticipates," "plans," "expects," "may," "should," "could," "estimate," "intend," "feels," "will," "projects" and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially from those expressed in, or implied or projected by the forward-looking information and statements due to, among other things, health care reform and other increased government participation in and taxation or regulation of health benefits and managed care operations, including but not limited to the implementation of the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively, the "ACA") and related fees, assessments and taxes; the company's ability to successfully participate in California's Coordinated Care Initiative, which is subject to a number of risks inherent in untested health care initiatives and requires the company to adequately predict the costs of providing benefits to individuals that are generally among the most chronically ill within each of Medicare and Medi-Cal and implement delivery systems for benefits with which the company has limited operating experience; the company's ability to successfully participate in the federal and state health insurance exchanges under the ACA, which have experienced technical challenges in implementation and which involve uncertainties related to the mix and volume of business that could negatively impact the adequacy of our premium rates and may not be sufficiently offset by the risk apportionment provisions of the ACA; increasing health care costs, including but not limited to costs associated with the introduction of new treatments or therapies; our ability to reduce administrative expenses while maintaining targeted levels of service and operating performance, including through our master services agreement with Cognizant; whether we receive required regulatory approvals for Cognizant's provision of services to us and any conditions imposed in order to obtain such regulatory approvals; our ability to recognize the intended cost savings and other intended benefits of the Cognizant transaction; and the risk that Cognizant may not perform contracted functions and services in a timely, satisfactory and compliant manner; negative prior period claims reserve developments; rate cuts and other risks and uncertainties affecting the company's Medicare or Medicaid businesses; the company's ability to successfully participate in Arizona's Medicaid program; trends in medical care ratios; membership declines or negative changes in our health care product mix; unexpected utilization patterns or unexpectedly severe or widespread illnesses; the timing of collections on amounts receivable from state and federal governments and agencies, including collections of amounts owed under the T-3 contract; litigation costs; regulatory issues with federal and state agencies including, but not limited to, the California Department of Managed Health Care, the Centers for Medicare & Medicaid Services, the Office of Civil Rights of the U.S. Department of Health and Human Services and state departments of insurance; operational issues; changes in economic or market conditions; failure to effectively oversee our third-party vendors; noncompliance by the company or the company's business associates with any privacy laws or any security breach involving the misappropriation, loss or other unauthorized use or disclosure of confidential information; impairment of the company's goodwill or other intangible assets; investment portfolio impairment charges; volatility in the financial markets; and general business and market conditions. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the "Risk Factors" section included within the company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC and the other risks discussed in the company's filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. Except as may be required by law, the company undertakes no obligation to address or publicly update any forward-looking statements to reflect events or circumstances that arise after the date of this release.