TAMPA, Florida, May 30, 2012 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare") (OTC BB: CHCR), a leading behavioral health, substance abuse and psychotropic pharmacy management services provider for managed care companies throughout the U.S., today announced that it has undertaken significant steps that it believes will further reduce its overhead as part of a continuing program to increase margins and obtain sustainable profitability.
"Starting the process in the first quarter of this year, the Company thus far has reduced its monthly general and administrative expenses by approximately 12 percent. We expect to be able to implement further cost-saving measures over the coming months," said Robert Kulbick, President.
"As our pharmacy management program gains traction, we anticipate additional organic growth with higher profit margins. We believe our program is the only one in the industry that provides a guarantee for our clients' future pharmacy spend at a rate less than their previous years' expenditures," said Mr. Kulbick.
"While our emphasis for the rest of this year will be on sales of our pharmacy management program, our pipeline for our behavioral health business also remains strong. We intend to be disciplined with each dollar spent in pursuing a viable business strategy, with each expenditure carefully weighed, which we expect to lead to positive results," Mr. Kulbick concluded.
Established in 1969, CompCare provides behavioral health, substance abuse and psychotropic pharmacy management services for managed care companies 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. The Company's recently filed 10-Q is available at www.sec.gov. For more information, please call 813-288-4808 or visit our website at www.compcare.com .
Except for statements of historical fact, the matters discussed in this press release, including but not limited to our ability to increase margins and to obtain sustainable profitability, our ability to reduce overhead and implement further cost savings, our ability to further improve the Company's performance, the outcome of our business strategy and our ability to expand our pharmacy management program with higher profit margins 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, 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 and existing business, our ability to expand and manage our provider network, the profitability, if any, of our recently acquired or previously existing capitated contracts, the costs incurred in seeking new contracts, the loss or termination of any existing contract, increases or variations in cost of care, seasonality, the Company'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 is available on its website at www.sec.gov.
E & E Communications
SOURCE Comprehensive Care Corporation