Published on November 26, 2009 at 1:40 AM
The Providence Service Corporation (Nasdaq: PRSC) today announced that its LogistiCare subsidiary, the nation's largest coordinator of non-emergency transportation (NET) services, has received notice of award from the State of Florida Commission for the Transportation Disadvantaged to provide Medicaid non-emergency transportation services to both Miami-Dade and Volusia Counties. The award, estimated to be worth $14 million in revenue over the initial 18 month term, is subject to finalized contracts and various processing procedures.
LogistiCare has served Miami-Dade County in this capacity since 1989 and the contract renewal is the result of a competitive RFP process. The renewal has an initial value of $11 million and a contract period of January 1, 2010 through June 30, 2011, for an effective annual contract value of approximately $9.3 million. There is also the potential for three additional one-year renewals.
LogistiCare was awarded a new contract for Volusia County on the same terms as the Miami-Dade contract. The Volusia County contract has an initial contract value of approximately $2.9 million for the January 1, 2010 through June 30, 2011 period, or an effective annual rate of approximately $1.9 million.
"We are extremely pleased to be able to continue to work in partnership with the Commission for the Transportation Disadvantaged," said Herman Schwarz, LogistiCare's CEO. "The Miami-Dade County renewal, as well as the additional contract win in Volusia County, is a testament to LogistiCare's quality service delivery and commitment to Florida Medicaid members and their transportation needs."
SOURCE The Providence Service Corporation