Humana, a national Medicare leader, partnering with CareSource, one of nation’s most respected Medicaid companies
LOUISVILLE, Ky. & DAYTON, Ohio--(BUSINESS WIRE)-- Humana Inc. (NYSE: HUM), one of the nation’s largest and most experienced Medicare companies, and CareSource, one of the most respected Medicaid companies in the U.S., are joining forces in a strategic alliance designed to enable both companies to more effectively serve Medicare and Medicaid beneficiaries – particularly people who qualify for both programs, the ‘dual-eligible’ population. Humana and CareSource anticipate working together in multiple states.
Humana, with more than 5 million members enrolled in Medicare plans (both Medicare Advantage medical plans and stand-alone prescription drug plans), brings more than 25 years of experience working with Medicare beneficiaries. CareSource, a community-based nonprofit with more than 900,000 Medicaid members (primarily in Ohio), has 23 years of experience in Medicaid.
Working together, the companies will benefit from each other’s respective strengths and expert knowledge of Medicare and Medicaid beneficiaries. Through the alliance, Humana and CareSource will deliver innovative solutions to federal and state governments looking to enhance care coordination and improve health outcomes for pregnant women, children, working-age adults, seniors, and individuals with disabilities, including the ‘dual-eligible’ population.
“As one of the nation’s leading Medicare companies, Humana sought a Medicaid partner with a corresponding level of experience and expertise, and we’re excited about what this new alliance with CareSource will mean for the members we’ll serve,” said Michael B. McCallister, Humana’s Chairman and Chief Executive Officer. “Without integration it is a challenge to manage and coordinate the care of beneficiaries enrolled in both Medicare and Medicaid. Humana looks forward to applying the expertise we’ve gained through the years to help Medicare-Medicaid enrollees get the care they need, when they need it, enabling them to remain in their homes and live healthier lives.”
“With all the changes in the health care industry, this alliance with Humana perfectly positions CareSource for strategic diversification and growth,” said Pamela Morris, CareSource President and Chief Executive Officer. “This alliance brings together the best of CareSource’s mission-based Medicaid expertise with Humana’s extensive network and experience with the senior population to offer full-service solutions to the state and federal governments.”
In states where Humana and CareSource work together, the relationship will be exclusive. The companies did not disclose financial terms of the alliance but acknowledged that there will be some level of risk-sharing.
Humana’s Medicare members live in all 50 states, Washington D.C. and Puerto Rico. The company has seen its Medicare membership grow from approximately 500,000 in 2005 to more than 5 million today. Humana has demonstrated its ability to help Medicare beneficiaries achieve better health outcomes than people enrolled in Original Medicare.
CareSource has more than 900,000 Medicaid members who reside in Ohio and Michigan, making CareSource Ohio’s largest Medicaid company and one of the larger Medicaid companies in the U.S. True to its mission to improve health care for the underserved, CareSource is known and well-respected for the outstanding work its associates do managing the care of Medicaid enrollees, especially in partnering with communities and social service organizations to provide the full range of services so many Medicaid enrollees need.
Humana Inc., headquartered in Louisville, Kentucky, is a leading health care company that offers a wide range of insurance products and health and wellness services that incorporate an integrated approach to lifelong well-being. By leveraging the strengths of its core businesses, Humana believes it can better explore opportunities for existing and emerging adjacencies in health care that can further enhance wellness opportunities for the millions of people across the nation with whom the company has relationships.
More information regarding Humana is available to investors via the Investor Relations page of the company’s web site at www.humana.com, including copies of:
- Annual reports to stockholders
- Securities and Exchange Commission filings
- Most recent investor conference presentations
- Quarterly earnings news releases
- Replays of most recent earnings release conference calls
- Calendar of events (including upcoming earnings conference call dates and times, as well as planned interaction with research analysts and institutional investors)
- Corporate Governance information
CareSource is a nonprofit health plan founded on the principles of quality and service, delivered with compassion and a thorough understanding of the Medicaid consumer. By staying true to its mission of making a difference in the lives of underserved people by improving their health care, CareSource has become one of the largest and fastest growing Medicaid managed care plans in the nation. Today, CareSource serves more than 900,000 Medicaid and Medicare Advantage consumers in Ohio and Michigan.
With a strong focus on preventive care, CareSource utilizes a continuum of care model to members at all stages of health and illness. In addition to all required services, CareSource offers extra benefits such as a 24-hour nurse advice line, transportation to doctor’s appointments, and a variety of care management programs. For more information about CareSource, visit www.caresource.com.
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Humana Corporate Communications
Jim Turner, 502-580-3221
Humana Investor Relations
Regina Nethery, 502-580-3644
CareSource Media Relations Specialist
Betsy Woods, 937-531-3158
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