Health & Fitness
Health and Fitness
Health and Fitness
Tue, June 29, 2010 Hythiam Announces Catasys Contract with Leading Regional Health Plan
LOS ANGELES--([ BUSINESS WIRE ])--Hythiam, Inc. (OTCBB:HYTM) announced today that the Company has entered into a multi-year agreement with Health Plan of Nevada, Inc., a UnitedHealthcare® company and a leading health insurer in Nevada, to provide the Catasys® integrated substance dependence solution to its enrolled members. UnitedHealthcare is one of the largest health benefit plan providers in the United States.
"We are pleased Health Plan of Nevada has agreed to adopt Catasys"
Eligible Health Plan of Nevada members affected by substance dependence will be covered under the Catasys program, which includes medical and psychosocial interventions, as well as a care coaching component over a 52 week period. Health Plan of Nevada will pay Hythiam monthly fees for members enrolled into the Catasys program. In cooperation with Health Plan of Nevada, the Company will enroll qualified members through outreach efforts and work with key health plan staff to identify those members eligible for enrollment. Operational implementation has begun, and the program is expected to launch in the third quarter of 2010 with cash flow anticipated to commence shortly thereafter.
The Company expects this agreement and an earlier agreement with a self-insured employer to facilitate adoption of the Catasys program by other health plans. Most health plans have memberships that are many multiples larger than the largest employers.
aWe are pleased Health Plan of Nevada has agreed to adopt Catasys,a said Rick Anderson, Hythiama™s President and COO. aWe look forward to working with the health plan staff and their members to address the complicated disease of substance dependence. We believe that the agreement with Health Plan of Nevada is the beginning of a trend of adoption of Catasys, and will serve as a catalyst for other health plans seeking new solutions for reducing costs through better clinical outcomes. We also believe the recently legislated healthcare reform provides another driver for health plan and employer adoption.a
About Hythiam®
Hythiam, Inc. provides through its Catasys subsidiary, specialized behavioral health management services to health plans, employers and unions through a network of licensed and company managed health care providers. The Catasys substance dependence program was designed to address substance dependence as a chronic disease. The program seeks to lower costs and improve member health through the delivery of integrated medical and psychosocial interventions in combination with long term care coaching, including their proprietary treatment program for alcoholism and stimulant dependence. Hythiam does not practice medicine or manufacture, distribute, or sell any medications and has no relationship with any manufacturers or distributors of medications used in the program. For further information, please visit [ www.hythiam.com ].
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history and lack of outcomes and statistically significant formal research studies, the ability to timely implement and launch our programs, difficulty enrolling members in our programs, the risk that treatment programs might not be effective, difficulty in developing, exploiting and protecting proprietary technologies, adoption by payors of our programs and solutions, intense competition and substantial regulation in the health care industry; and additional risks factors as discussed in the reports filed by the company with the Securities and Exchange Commission, which are available on its website at [ http://www.sec.gov ].
