Anthem, Inc. entered into an agreement with InnovaCare Health, L.P., to acquire its Puerto Rico-based subsidiaries. The agreement includes MMM Holdings, LLC, and its Medicare Advantage plan MMM Healthcare, LLC as well as affiliated companies and Medicaid plan. Financial terms were not disclosed. The acquisition is expected to close by the second quarter of 2021.
InnovaCare Health, L.P. an integrated, value-based payor and provider service organization and a portfolio company of global growth equity investor Summit Partners. MMM is Puerto Rico’s largest Medicare Advantage plan and one of the fastest-growing vertically integrated health care organizations in the United States. With more than 267,000 Medicare Advantage members and over 305,000 Medicaid members, MMM represents the ninth-largest Medicare Advantage plan in the country and second-largest Medicaid plan on the island of Puerto Rico.
MMM seeks to provide its members with a whole-health experience through its network of specialized clinics and wholly owned independent physician associations (IPAs) Castellana Physicians Services and PHM as well as independent IPAs. Together the MMM network includes more than 10,000 health care professionals with more than a dozen offices across Puerto Rico. MMM holds the only 4.5 Stars Medicare Advantage contract in Puerto Rico from the Centers for Medicare and Medicaid Services (CMS).
Anthem is a leading health benefits company. Through its affiliated companies, Anthem serves more than 107 million people, including approximately 43 million within its family of health plans.
InnovaCare Health has an integrated portfolio of health plans, medical service organizations, and clinical networks. The company manages more than 500,000 lives, including more than 150,000 dual-eligible beneficiaries.
This was reported by Anthem on February 2, 2021.
Contact information: Michelle Vanstory, Media Contact, Anthem, Inc., 220 Virginia Avenue, Indianapolis, IN 46204; 800-331-1476; Email: Michelle.Vanstory@anthem.com; Website: https://www.antheminc.com/