CONTINENTAL CHOICE CARE SUBSIDIARY SELECTED AS EXCLUSIVE CONTRACT MANAGER FOR NEW JERSEY RENAL DISEASE CONSORTIUM.FLORHAM PARK, N.J.--(BUSINESS WIRE)--June 6, 1996--Continental Choice Care, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market: CCCI CCCI Campus Crusade for Christ International CCCI Cebu Chamber of Commerce and Industry (Philippines) CCCI Central Criminal Court of Iraq CCCI Crossroads Christian Communications Inc. (common); CCCIW (warrants)), announced today that its Renal Management, Inc. subsidiary ("RMI"), has been selected by the New Jersey Renal Disease Consortium ("NJRDC") as the exclusive contract manager for NJRDC's proposed participation in the Department of Health and Human Services Noun 1. Department of Health and Human Services - the United States federal department that administers all federal programs dealing with health and welfare; created in 1979 Health and Human Services, HHS , Health Care Financing Administration Health Care Financing Administration, n.pr department in the U.S. agency of Health and Human Services responsible for the oversight of the Medicaid and Medicare benefit programs, including guidelines, payment, and coverage policies. ("HCFA HCFA abbr. Health Care Financing Administration HCFA, n.pr See Health Care Financing Administration. ") ESRD ESRD end-stage renal disease. ESRD End-stage renal disease; chronic or permanent kidney failure. Mentioned in: Dialysis, Kidney ESRD End-stage renal disease, see there Managed Care Demonstration Project. RMI submitted a proposal to HCFA on May 17th on behalf of NJRDC for participation in the upcoming landmark Demonstration Project. NJRDC is made up of four preeminent healthcare groups serving the State of New Jersey: St. Barnabas Corporation, a network comprised of eight hospitals and other healthcare facilities; Our Lady of Lourdes The apparitions of Our Lady of Lourdes began when Bernadette Soubirous, a 14-year old peasant girl from Lourdes, when questioned by her mother, admitted that she had seen a "lady" in the cave of Massabielle, about a mile from the town, on 11 February, 1858, while she was gathering Medical Center in Camden, New Jersey The City of Camden is the county seat of Camden County, New Jersey in the United States. It is located just across the Delaware River from Philadelphia, Pennsylvania. As of the United States 2000 Census, the city had a total population of 79,904. ; First Option Health Plan, Inc., a provider owned HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, ; and Nephrology Network of New Jersey, a Nephrology IPA IPA - International Phonetic Alphabet which includes many of the state's most widely respected kidney specialists. Together, the consortium represents all three of New Jersey's transplant centers, 28 dialysis units, and 47 nephrologists. Under the Demonstration Project Medicare will make capitated payments for substantially all healthcare services to Medicare ESRD patients. According to HCFA, 14 proposals were filed by interested parties in connection with the Demonstration Project. HCFA plans to award a maximum of four contracts nationwide for participation in the Demonstration Project, and is expected to select participants by September 1996. A minimum average of 600 patients per year are required to be covered under each contract which may be awarded. Each contract will extend for the three-year duration of the project which is expected to begin in mid-1997. It is believed by management that these contracts will generate in excess of $100 million in revenues for each of the applicants chosen by HCFA to participate in the Demonstration Project. Participation by RMI as contract manager for NJRDC for the Demonstration Project is contingent upon successful negotiation and consummation of a management agreement and the award of a contract by HCFA to NJRDC, as to which no assurance can be given. The creation of its RMI subsidiary as a disease management and physician practice management company positions CCCI to participate in one of the fastest growing segments of the healthcare industry. Selection of RMI by NJRDC as the contract manager for this project was based in part on the strength of its management team and on RMI's innovative approach to the total care of renal patients by participating nephrologists acting as primary care physicians for this targeted patient population. Steven L. Trenk, President of CCCI and Vice Chairman of RMI, commended David C. Willis, President of RMI, for developing this aggressive approach to government, industry and consumer demands for improvement in the quality of care for renal patients in combination with reducing the overall cost of care. Continental Choice Care, Inc. is primarily engaged in providing dialysis related equipment, services and supplies to individuals in their homes and other residential alternative sites in New Jersey, New York and Connecticut, including prisons and nursing homes. The Company also provides consulting and administrative service and supplies to New York healthcare entities, as well as acute care dialysis nursing services to hospitals. Additionally, the Company owns and operates a freestanding dialysis training facility in Linden, New Jersey Linden is a city in southeastern Union County, New Jersey, United States. It is part of the New York Metropolitan Area, being about 13 miles southwest of Manhattan, and bordering Staten Island, a borough of New York City. , which provides training and support services that enable the Company's clients to treat themselves in their homes. This press release contains forward looking statements which involve numerous risks and uncertainties. Actual results could differ materially from those anticipated in such forward looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission. CONTACT: Continental Choice Care, Inc. The Equity Group, Inc. Steven L. Trenk, Devin Sullivan, 212/836-9608 201/593-0500 ext. 130 Robert Goldstein, 212/371-8660 |
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