Evolent Health (EVH +6.7%) shares pop following news that Kentucky’s Gov. Beshear will cancel and rebid the state’s Medicaid managed care contracts that former Gov. Bevin approved shortly before he left office.
The news means Passport Health – which EVH plans to buy – and Anthem Kentucky (ANTM +0.1%), the Medicaid providers whose contracts were not renewed last month by outgoing Gov. Bevin last month, have a new opportunity to apply during the rebidding process.
Beshear criticizes Bevin’s attitude toward Passport, whose enrollees are mostly in Louisville and which suffered when the state changed reimbursement rates last year.
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