Anthem to acquire InnovaCare’s Puerto Rico health insurance business
US health insurer Anthem has agreed to acquire the Puerto Rico-based subsidiaries of healthcare solutions provider InnovaCare Health for an undisclosed price.
The deal will see Anthem acquire MMM Holdings and its Medicare Advantage (MA) plan MMM Healthcare and also affiliated firms and Medicaid plan.
Gail K. Boudreaux – President and CEO of Anthem said: “We are pleased to expand Anthem’s commitment to serve Medicare and Medicaid-eligible individuals and consumers to Puerto Rico.
“We remain focused on providing services that drive greater value while giving members access to care and services that meet their diverse needs, enhance their experience, and help them lead healthier lives.”
MMM is said to be the largest Medicare Advantage plan in Puerto Rico. It is claimed to have more than 267,000 Medicare Advantage members and 305,000 Medicaid plus members.
The company is said to be the ninth-largest Medicare Advantage plan in the US and the second-largest Medicaid plan in Puerto Rico.
MMM network includes over 10,000 healthcare providers and over a dozen offices across Puerto Rico.
Felicia Norwood – EVP and President of Government Business Division for Anthem said: “This transaction aligns with Anthem’s vision to be an innovative, valuable and inclusive healthcare partner by providing care management programs that improve the lives of the people we serve.
“Our approach to the whole-health needs of our members and a focus on addressing the social drivers of health will enable us to make a positive difference in the health of our communities.”
The deal, which is subject to approval from Puerto Rico regulatory authorities, standard closing conditions, and customary approvals, is expected to be wrapped up by Q1 2021.