New Counties to Include Orlando and Jacksonville Markets WEST PALM BEACH, Fla., Sept. 4
WEST PALM BEACH, Fla., Sept. 4 /PRNewswire-FirstCall/ -- Metropolitan
Health Networks, Inc. ("Metropolitan") (Amex: MDF) a provider of high quality,
comprehensive healthcare services to patients in South and Central Florida,
today announced that its wholly owned provider service network (PSN)
subsidiary, Metcare of Florida, Inc., has amended its existing agreement with
Humana to expand its PSN business into nine additional Florida counties.
These additions bring the total Humana service area to include 27 Florida
counties. The added counties include Orange, Seminole and Osceola in the
Orlando market, and Putnam, Clay, St. Johns, Duval, Nassau and Baker in
northeast Florida. These counties currently are home to approximately 400,000
Medicare beneficiaries, of which about 20% are currently enrolled in Medicare
Advantage plans.
Commenting on the expansion, Michael Earley, Chairman & CEO, noted, "This
expansion continues our efforts to build and strengthen our relationship with
Humana. Following on the heels of our just-completed sale of Metcare Health
Plans, Inc., these additional counties enhance our ability to invest in and
grow our successful PSN business. The new counties include the established
but growing Orlando market, and developing Jacksonville and its surrounding
area. While this expansion is not expected to bring immediate additional
membership and revenues, it does offer us the opportunity to develop a network
of primary care physicians who will serve a new customer base which we expect
to aggressively pursue in conjunction with Humana."
About Metropolitan Health Networks
Metropolitan is a growing healthcare organization in Florida that provides
comprehensive healthcare services for Medicare Advantage members and other
patients in South and Central Florida. To learn more about Metropolitan Health
Networks, Inc. please visit its website at http://www.metcare.com.
Cautionary Statement
This news release contains statements and earnings guidance points that
are forward-looking. The forward-looking items herein are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking items may be significantly impacted by certain risks
and uncertainties described in the company's filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for the year
ended December 31, 2007, its Quarterly Report on Form 10-Q for the quarter
ended March 31, 2008, its Quarterly Report on Form 10-Q for the quarter ended
June 30, 2008, and its Current Reports on Form 8-K dated February 12, 2008,
March 4, 2008, April 18, 2008, May 7, 2008, July 1, 2008, July 28, 2008,
August 6, 2008 and September 2, 2008.
Contacts:
Michael EarleyAl Palombo
Metropolitan Health Networks Cameron Associates
Chairman & Chief Executive OfficerInvestor Relations
(561) 805-8500(212) 245-8800 Ext. 209
mearley@metcare.com al@cameronassoc.com
SOURCE Metropolitan Health Networks, Inc.
