SAN JUAN, Puerto Rico, Oct. 12, 2018 /PRNewswire/ -- Triple-S Management Corporation (GTS) ("Triple-S" or the "Company"), a leading managed care company in Puerto Rico, announced today that its 2019 Care Coordination Medicare Advantage HMO contract (H5774) has received an overall 4.5-star quality rating from the Centers of Medicare and Medicaid Services ("CMS") out of a maximum possible rating of 5 stars. The new rating is an upgrade from its previous 4-star rating.
The new rating is an upgrade from its previous 4-star rating and will apply in payment year 2020.
Approximately 88% of Triple-S's Medicare Advantage membership participates in its HMO offering.
"We are thrilled that our HMO offering has received an overall 4.5-star rating. It is a testament to our team's commitment to provide our members high-quality managed care services," said Roberto Garcia-Rodriguez, President and Chief Executive Officer of Triple-S. "We have consistently highlighted that achieving a higher rating is a vital strategic objective, because it enhances our ability to retain and grow our membership. The upgrade is a culmination of the tireless efforts over the past several years of our entire managed care team, led by Madeline Hernández-Urquiza, to ensure that providers have the tools to proactively address our members' gaps in care."
CMS' stars rating reflects the quality of care a member receives and the member's satisfaction with his or her health carrier. The rating measures such factors as preventive care, hospital readmissions, adherence to medications and the management of chronic conditions.
About Triple-S Management Corporation
Triple-S Management Corporation is an independent licensee of the Blue Cross Blue Shield Association. It is one of the leading players in the managed care industry in Puerto Rico. Triple-S has the exclusive right to use the Blue Cross Blue Shield name and mark throughout Puerto Rico, the U.S. Virgin Islands, and Costa Rica. With almost 60 years of experience in the industry, Triple-S offers a broad portfolio of managed care and related products in the commercial, Medicare Advantage, and Medicaid markets under the Blue Cross Blue Shield marks. It also provides non-Blue Cross Blue Shield branded life and property and casualty insurance in Puerto Rico. For more information about Triple-S, visit www.triplesmanagement.com or contact firstname.lastname@example.org.
This document contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information about possible or assumed future sales, results of operations, developments, regulatory approvals or other circumstances. Sentences that include "believe", "expect", "plan", "intend", "estimate", "anticipate", "project", "may", "will", "shall", "should" and similar expressions, whether in the positive or negative, are intended to identify forward-looking statements.
All forward-looking statements in this news release reflect management's current views about future events and are based on assumptions and subject to risks and uncertainties. Consequently, actual results may differ materially from those expressed here as a result of various factors, including all the risks discussed and identified in public filings with the U.S. Securities and Exchange Commission (SEC).
In addition, the Company operates in a highly competitive, constantly changing environment, influenced by very large organizations that have resulted from business combinations, aggressive marketing and pricing practices of competitors, and regulatory oversight. The following factors, if markedly different from the Company's planning assumptions (either individually or in combination), could cause Triple-S's results to differ materially from those expressed in any forward-looking statements shared here:
- Trends in health care costs and utilization rates
- Ability to secure sufficient premium rate increases
- Competitor pricing below market trends of increasing costs
- Re-estimates of policy and contract liabilities
- Changes in government laws and regulations of managed care, life insurance or property and casualty insurance
- Significant acquisitions or divestitures by major competitors
- Introduction and use of new prescription drugs and technologies
- A downgrade in the Company's financial strength ratings
- A downgrade in the Government of Puerto Rico's debt
- Litigation or legislation targeted at managed care, life insurance or property and casualty insurance companies
- Ability to contract with providers consistent with past practice
- Ability to successfully implement the Company's disease management, utilization management and Star ratings programs
- Ability to maintain Federal Employees, Medicare and Medicaid contracts
- Volatility in the securities markets and investment losses and defaults
- General economic downturns, major disasters, and epidemics
This list is not exhaustive. Management believes the forward-looking statements in this release are reasonable. However, there is no assurance that the actions, events or results anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on the Company's results of operations or financial condition. In view of these uncertainties, investors should not place undue reliance on any forward-looking statements, which are based on current expectations. In addition, forward-looking statements are based on information available the day they are made, and (other than as required by applicable law, including the securities laws of the United States) the Company does not intend to update or revise any of them in light of new information or future events.
Readers are advised to carefully review and consider the various disclosures in the Company's SEC reports.
FOR FURTHER INFORMATION:
AT THE COMPANY:
Juan José Román-Jiménez
Mr. Garrett Edson
EVP and Chief Financial Officer
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