Amerigroup (AGP) Renews Contract with Tennessee
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Amerigroup Corporation (NYSE: AGP) announced that, effective July 1, 2008, AmerigroupTennessee renewed its contract with the State of Tennessee through June 30, 2009.
The renewal includes a rate increase for the period April 1, 2008 through June 30, 2008, as well as a rate increase for the period July 1, 2008 through June 30, 2009. Expenditures on home health and private duty nursing services during State fiscal year ending June 30, 2008 were at a level significantly higher than originally projected. Based on more current claims data, Tennessee's actuaries have certified an additional adjustment for these services for the period April 1, 2007 to March 31, 2008, that will result in a one-time payment to AMERIGROUP Tennessee.
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