23.08.2010 18:31:00
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American CareSource Holdings Adds Three New Clients to Portfolio
American CareSource Holdings, Inc. (NASDAQ: ANCI), the nation’s leading ancillary health care system, announced today that it has signed and implemented three new client agreements in the July-August timeframe. The new clients implemented are Lubbock, TX-based Caprock HealthPlans Inc., a third party administrator (TPA) representing more than 10,000 covered lives; Beaumont, TX-based GreenTree Administrators, Inc. (GreenTree), a regional third party administrator (TPA) representing an additional 5,000 covered lives in Texas, Louisiana and Arkansas; Orange, California-based Community Claims Administration (CCA), a third party administrator (TPA) representing an approximately 10,000 covered lives.
David S. Boone, Chief Executive Officer of American CareSource ("ACS”), said, "We are pleased to add each of these companies to our client portfolio and to provide access to our over 38,000 quality provider locations. We welcome Caprock, GreenTree, and CCA as new clients and look forward to providing our ever increasing range of high quality, affordable, ancillary healthcare services to these valuable organizations. Our new relationship with these select TPA’s represents the attainment of another key milestone in our strategy to broaden our reach within the TPA market. We strongly believe that our unwavering dedication to customer satisfaction, coupled with comprehensive services and an advantageous cost structure, will greatly enhance these new clients’ current service offerings.”
"A key to our success is our ability to provide access to high quality providers in a cost effective manner. Our relationship with ACS allows for cost containment while maintaining a 'high touch' environment where the employer health plan and the individual plan member are both taken into consideration,” said Caprock President David M. Adams. "Our affiliation with ACS gives us the opportunity to offer even more provider choices to our members and their families. I look forward to working with David Boone and the team at ACS to provide the kind of quality care and expert customer service our clients have come to expect from Caprock.”
Bill Lindsey, General Manager at GreenTree Benefit, stated, "We are equally pleased to have solidified this important partnership with ACS. Through our agreement with ACS we can continue to deliver our clients more choices, better quality care and additional savings.”
Elizabeth Ciaccio, RN MBA, CEO of CCA, stated, "CCA management believes that technology cannot fully replace personalized service. All of CCA’s clients are treated as unique organizations with specialized needs. CCA’s treats its clients’ employees with the same care and dignity that CCA employees would like their own family members treated. As a result of this philosophy, we feel confident that our relationship with ACS will be advantageous to the future of our company and our clients.”
About American CareSource Holdings, Inc.
American CareSource Holdings, the first national, publicly traded ancillary care network services company, offers a comprehensive national network of over 4,600 ancillary service providers at more than 38,000 sites through its subsidiary, Ancillary Care Services. Ancillary Care Services provides ancillary health care services through its network that offers cost effective alternatives to physician and hospital-based services. This market is estimated at $574 billion and has grown to over 20% of total national health expenditures. These providers offer services in 31 categories including laboratories, dialysis centers, free-standing diagnostic imaging centers, non-hospital surgery centers, as well as durable medical equipment such as orthotics and prosthetics and others.
The Company's ancillary network and management provides a complete outsourced solution for a wide variety of health care payors and plan sponsors including self-insured employers, indemnity insurers, preferred provider organizations, health maintenance organizations, third party administrators and both federal and local governments. For additional information, please visit www.anci-care.com.
About Caprock Health Plans, Inc.
Caprock HealthPlans, Inc. is a Lubbock, Texas, based Third Party Administrator formed in June of 2000 and operates with a Certificate of Authority issued by the Texas Department of Insurance. Caprock provides turnkey health plan administration services to businesses and governmental entities electing to self-insure their employer sponsored healthcare benefit plan. For more information about Caprock, visit their website at www.caprockhp.com.
About GreenTree Administrators, Inc.
GreenTree Administrators, Inc. is a leading third party administrator and benefits consultant. GreenTree Administrators provides a customized employee benefit plan that combines the right mix of health insurance options to make sense for employers of 25 to 18,000 throughout the United States. For more information about GreenTree Administrators, visit their website at www.GreenTreebenefit.com.
About Community Claims Administration
Community Claims Administration (CCA) is a service-oriented claims administrator located in Orange, California. CCA offers a full range of services targeted towards the group health market. All services can be customized to meet the unique needs of each client. To find out more information about CCA, visit the website at www.ccadmin.com.
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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
Any statements that are not historical facts contained in this release, including with respect to future engagements by clients, revenue growth, earnings, and guidance are forward-looking statements. It is possible that the assumptions made by American CareSource Holdings, Inc. for purposes of such statements may prove to be inaccurate or may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve further risks and uncertainties, including but not limited to those relating to demand for our services, pricing, market acceptance, our ability to integrate with our clients, our ability to attract and maintain providers, our ability to manage growth, the effect of economic, political and regulatory conditions, the effect of competition, risks in product development, the ability to complete transactions, and other risks identified in this release, and the Securities and Exchange Commission filings of American CareSource Holdings, Inc.
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