Health Net and Hartford Hospital Reach Agreement to Cover Medicare Beneficiaries
SHELTON, Conn.–(BUSINESS WIRE)–May 24, 2006–Health Net of the Northeast, Inc., a subsidiary of Health Net, Inc. (NYSE:HNT), announced today that Hartford Hospital, the largest hospital in Hartford, Conn., has joined the company’s Medicare provider network. Under the terms of the contract, Hartford Hospital will provide a range of outpatient and inpatient services to Health Net’s SmartChoice members, including orthopedics, cardiology and endocrinology.
“We are proud to add Hartford Hospital to our Medicare network,” said Steven H. Nelson, president, Health Net of the Northeast. “This new partnership helps ensure that we can provide access to high quality, cost-effective health care to our Medicare beneficiaries throughout all of Hartford County. Currently, Health Net is the only health plan that can provide in-network access at all of the hospitals in Hartford County.”
“We are pleased to be included in the Health Net network of health care providers,” said John Biancamano, vice president of Finance, Hartford Hospital. “We are looking forward to being able to offer Health Net Medicare members convenient, economical access to our full range of services. We invite them to call us or visit our Web site for more information about our world-class medical care, including our cancer center and innovative cardiac care.”
About Hartford Hospital
Hartford Hospital, founded in 1854, one of the largest teaching hospitals and tertiary centers in New England with perhaps the region’s busiest surgery practice, has been training physicians for nearly 130 years. It is a member of Hartford Healthcare Corporation, a large, diversified health care system. The hospital is an 867-bed regional referral center that provides high-quality care in all clinical disciplines. Among its divisions is The Institute of Living, a 114-bed mental health facility with a national and international reputation of excellence. Jefferson House, a 104-bed long-term care facility, is also a special division of Hartford Hospital. The hospital’s active medical staff includes more than 900 physicians and dentists within 17 departments. In 2005, the hospital had over 39,000 discharges and more than 80,000 emergency department visits. It delivered close to 4,000 babies that year. The hospital has been a “Top 100″ hospital multiple times, and was the only one in Connecticut to be named one of the country’s “Top 50″ hospitals and a “Top 10″ hospital for cardiovascular surgery in a survey published by the AARP. In January of 2004, the hospital won nursing’s most prestigious award, Magnet Status. Major centers of clinical excellence include cardiology, oncology, emergency services and trauma, mental health, women’s health, bloodless surgery and advanced organ transplantation. Hartford Hospital owns and operates the state’s only air ambulance system, Life Star.
About Health Net
Health Net of the Northeast, Inc., headquartered in Shelton, Conn., employs approximately 1,800 associates in Connecticut, New Jersey and New York. Health Net of the Northeast, through its subsidiaries, offers full-service health plans that serve nearly one million members in the tri-state area, including more than 30,000 Medicare beneficiaries in Connecticut. The Northeast health plans offer a wide array of products, including: Health Maintenance Organization (HMO), Point-of-Service (POS), Preferred Provider Organization (PPO), third-party administration, Medicare and Medicaid. With a physician network comprising more than 90,000 physician and provider office locations, Health Net is one of the largest health plans in the northeast, offering a full array of open-access products and coordination for multi-region employers.
Health Net of the Northeast is a subsidiary of Health Net, Inc. (NYSE:HNT). Health Net, Inc. is among the nation’s largest publicly traded managed health care companies. Its mission is to help people be healthy, secure and comfortable. The company’s HMO, POS, insured PPO and government contracts subsidiaries provide health benefits to approximately 6.6 million individuals in 27 states and the District of Columbia through group, individual, Medicare, Medicaid and TRICARE programs. Health Net’s behavioral health services subsidiary, MHN, provides behavioral health, substance abuse and employee assistance programs (EAPs) to approximately 7.3 million individuals in various states, including the company’s own health plan members. The company’s subsidiaries also offer managed health care products related to prescription drugs, and offer 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 the company’s Web site at www.healthnet.com.
Cautionary Statements
Certain matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that involve a number of risks and uncertainties. All statements, other than statements of historical information provided herein, may be deemed to be forward-looking statements. These statements are based on management’s analysis, judgment, belief and expectation only as of the date hereof, and are subject to uncertainty and changes in circumstances. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “may,” “should,” “could,” “estimate,” “intend” and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially due to, among other things, rising health care costs, negative prior period claims reserve developments, trends in medical care ratios, issues relating to provider contracts, operational issues, health care reform and general business 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 filed with the SEC and the risks discussed in the company’s other periodic filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this release.
CONTACT: Health Net, Inc.
Marian Cutler, 973-517-0519
marian.cutler@healthnet.com
SOURCE: Health Net, Inc.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Health Net, Inc.’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report or Form 10-K for the most recently ended fiscal year.