Anthem, Inc. announced Tuesday that the company signed an agreement with InnovaCare Health, LP to acquire its Puerto Rico-based subsidiaries, including MMM Holdings, LLC (“MMM”), its Medicare Advantage (MA) plan, MMM Healthcare, LLC, as well as affiliated companies and the Medicaid plan.
“We are pleased to expand Anthem’s commitment to serving people and consumers eligible for Medicare and Medicaid in Puerto Rico. We remain focused on providing services that generate greater value while providing members with access to care and services that meet the needs of Puerto Rico. their diverse needs, enhance their experience and help them lead healthier lives, ”said Gail Boudreaux, President and CEO, Anthem, Inc. in written communication.
MMM is the largest MA plan in Puerto Rico and one of the fastest growing vertically integrated health care organizations in the United States. With more than 267,000 MA affiliates and more than 305,000 Medicaid beneficiaries, MMM represents the nation’s ninth largest MA plan and the island’s second largest Medicaid plan. MMM provides its members with a comprehensive health experience through its network of specialized clinics and its sister companies of medical groups (IPA), Castellana Physicians Services and PHM, as well as independent IPAs. Altogether, MMM’s network includes more than 10,000 health care providers and more than a dozen offices throughout Puerto Rico. This MMM maintains the only 4.5-star MA contract in Puerto Rico from the Centers for Medicare & Medicaid Services (CMS).
“This transaction aligns with Anthem’s vision of being an innovative, valuable and inclusive healthcare partner in providing service management programs that improve the lives of the people we serve,” Felicia said. Norwood, Executive Vice President and President of the Government Business Division of Anthem, Inc.
“Our focus on the comprehensive health needs of our members and a focus on addressing the social determinants that impact health, will allow us to make a positive difference in the health of communities.”
Anthem is acquiring MMM from InnovaCare Health, LP, a leading integrated organization of value-based health services and providers, from Summit Partners, a globally growing capital investment firm. The financial terms of the transaction were not disclosed. The acquisition is expected to close in the second quarter of 2021 and is subject to the approval of the regulatory authorities of the Associated Free State of Puerto Rico, the standard closing conditions and the usual approvals required by law. of Best Antitrust Hart-Scott -Rodino.
The company’s 2021 GPA guide remains unchanged as a result of this acquisition.
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