Health Net Federal Services and Enterprise Technology Solutions Win Department of Veterans Affairs Claims Repricing Contract
Health Net, Inc. (NYSE:HNT) today announced that Health Net Federal Services LLC, the government operations division of Health Net, Inc., and Enterprise Technology Solutions (ETS) LLC, a Service-Disabled Veteran-Owned Small Business (SDVOSB) partner, have been awarded a contract by the Department of Veterans Affairs Health Administration Center (VA HAC) to reprice health care provider invoices in the VA’s Region 5. The new contract will begin on November 1, 2007, and runs through October 31, 2008, with four additional option years. Region 5 includes Veterans Integrated Service Networks (VISNs) 19, 20, 21 and 22, which are located in 10 Western states and parts of three Midwestern states.
“Health Net, working in partnership with ETS, is honored to be selected by the VA to provide repricing services in Region 5,” said Donna Hoffmeier, Health Net’s program officer, VA Services. “The Preferred Pricing Program continues to assist the VA in meeting its economic objective of providing high quality, accessible health care services to the nation’s veterans, at the most reasonable prices obtainable. More importantly, the savings generated by this program are returned to the VA Medical Centers, where the funds can help increase veteran access to patient care services.”
As the prime contractor for the Region 5 contract, ETS will work closely with Health Net and VA to provide expertise on invoicing, project management, client services and account management.
“Our partnership with Health Net is a perfect fit to assist VA in achieving its medical and economic objectives,” said Don Neilson, president and founder of ETS. “We are proud to team up with Health Net to provide VA with solutions that reduce administrative burden and cost, and enhance VA’s ability to serve veterans effectively.”
About Health Net’s VA Programs
Health Net partners with VA to provide cost-saving programs that reduce health care claims expenditures. Health Net’s Preferred Pricing Program provides VA with broad access to a nationwide provider network at discounted rates. The Diagnosis Related Group (DRG) Review and Recovery Program identifies claims overpayments due to billing, processing or coding errors for the VA’s National DRG Recovery Audit Program. Health Net’s VA Community Based Outpatient Clinics (CBOCs) further contribute to cost containment by making quality health care affordable and accessible to veterans outside the VA’s core medical services. For more information on Health Net’s VA Programs, visit our Web site at www.healthnetfederalservices.com.
About Health Net
Health Net Federal Services, a subsidiary of Health Net, Inc., has a long history of providing cost-effective, quality managed health care programs for government agencies including the Department of Defense and Veterans Affairs. As the managed care support contractor for the TRICARE North Region, Health Net provides health care services to over 3Â million uniformed services beneficiaries, active and retired, and their families.
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 health plans and government contracts subsidiaries provide health benefits to approximately 6.6Â million individuals across the country through group, individual, Medicare, Medicaid and TRICARE and Veterans Affairs programs. Health Net’s behavioral health subsidiary, MHN, provides mental health benefits to approximately 7 million individuals in all 50 states. 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 offer 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 http://www.healthnet.com. For more information on Health Net Federal Services, please visit www.healthnetfederalservices.com.
About ETS
Enterprise Technology Solutions, LLC (ETS) is a Service-Disabled Veteran-Owned Small Business. ETS provides independent support to clients both in the Federal and Commercial Business Sectors. In January 2007, ETS was awarded a GSA Contract. ETS specializes in information technology, computer programming, program management and analysis, integrated systems design, database management, database solutions, telecommunications, environmental engineering, and logistics support. For more information on ETS, visit the company’s Web site at www.etechsolutionsllc.com.
Cautionary Statements
Health Net, Inc. and its representatives may from time to time make written and oral forward-looking statements, including statements contained in news releases, in Health Net’s filings with the Securities and Exchange Commission, in the company’s reports to shareholders and in meetings with investors and analysts, 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, litigation costs, 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 and subsequent Quarterly Reports on Form 10-Q filed 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.