Health & Fitness
Fri, February 4, 2011Thu, February 3, 2011Wed, February 2, 2011Tue, February 1, 2011Mon, January 31, 2011Sun, January 30, 2011Fri, January 28, 2011Thu, January 27, 2011Wed, January 26, 2011Tue, January 25, 2011Mon, January 24, 2011Sun, January 23, 2011Sat, January 22, 2011Fri, January 21, 2011Thu, January 20, 2011Wed, January 19, 2011Tue, January 18, 2011Mon, January 17, 2011Fri, January 14, 2011Thu, January 13, 2011Wed, January 12, 2011Tue, January 11, 2011Mon, January 10, 2011Sun, January 9, 2011Fri, January 7, 2011CompCare Expands Product Offerings Through Launch of New Ancillary Product Division
Published in Health and Fitness on Tuesday, January 25th 2011 at 6:20 GMT by Market Wire
TAMPA, Fla.--([ BUSINESS WIRE ])--Comprehensive Care Corporation ("CompCare" or the "Company") (OTCBB: CHCR)announced today that it has launched a line of ancillary products through a new wholly-owned subsidiary, Comprehensive Care Benefits, Inc. (CCB).
The new CCB ancillary product line was formed to include both proprietary and non-proprietary products, including: insured and discounted health plans, such as dental and vision; life insurance plans; discounted behavioral healthcare programs; estate planning and property and casualty insurance. CCB will market the products through three primary channels a" directly to CompCarea™s existing customer base; self insured groups such as business-to-business, including unions and hotels; and directly to consumers.
Robert Siegel, a seasoned executive in the insurance industry, has been appointed President of CCB. Mr. Siegel comes to CompCare with over 22 years of experience as a leading sales and marketing executive in the insurance industry. Throughout his career, Mr. Siegel has founded, built and transformed a number of insurance companies including BAI Associates and Employee Choice Benefits in partnership with AIG. Most recently, Mr. Siegel created a partnership between MetLife PPO Dental, in Colorado, and the state's leading DHMO provider, Beta Dental.
Mr. Siegel commented, aCompCare is in an excellent position for additional growth through the launch of this line of ancillary products. CCB will offer a product line that is synergistic with the parent companya™s core products. This provides CCB with a unique opportunity to cross-market its offerings to CompCarea™s existing customer base of approximately 1 million members and its 19 HMO clients. I am confident that through cross-pollination to CompCarea™s existing customer base, sales to uninsured businesses, unions and associations and sales directly to consumers, CompCare will be able to increase its overall margins while strengthening its total sales platform as well as its relationship to its existing customers by introducing them to a more extensive network of commercial brokers and better servicing their needs.a
Clark A. Marcus, CompCarea™s Chairman and CEO, stated, aI am confident that Roberta™s deep industry knowledge and vast leadership experience will help CCB to successfully meet its goals for growth. The launch of CCB and its ancillary products is a project we have had in the making for more than a year and marks a significant milestone in our Companya™s growth strategy. The line of products offered through CCB will provide CompCare with substantially higher margins and superior brokerage services for our clients. The addition of these services will also offer added value to our existing and future customers by meeting more of their needs.a
About CompCare
Established in 1969, CompCare provides behavioral health, substance abuse and employee assistance programs for governmental agencies, managed care companies and employer groups throughout the United States. Headquartered in Tampa, Florida, CompCare focuses on personalized attention, flexibility, a commitment to high-quality services and innovative approaches to behavioral health that address both the specific needs of clients and changing healthcare industry demands. For more information, please call 813-288-4808 or visit our website at [ www.compcare.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 CompCarea™s and CCBa™s control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, the ability of CCB and its staff to execute its business plan,the ability of CCB to offer and sell any of its products at a profit, changes in local, regional, and national economic and political conditions, the effect of governmental regulation, competitive market conditions, varying trends in member utilization, our ability to manage healthcare operating expenses, our ability to achieve expected results from new business, the profitability, if any, of our capitated contracts or other products, increases or variations in cost of care, seasonality, CompCarea™s and CCBa™s ability to obtain additional financing, and additional risk factors as discussed in the reports filed by the company with the Securities and Exchange Commission, which are available on its website at [ www.sec.gov ]. Any forward-looking statement in this release speaks only as of the date on which it is made. CompCare and CCB assume no obligation to update or revise any forward-looking statements.
