[ad_1]
US medical health insurance firm Medical Mutual has confirmed plans to amass regional peer Paramount Well being, which is owned by ProMedica.
Paramount, arrange in 1988, is headquartered in Toledo, Ohio, and operates primarily in Ohio and Michigan, US.
It specialises in providing a variety of insurance coverage together with Medicare Benefit, Particular person ACA, industrial group and short-term insurance coverage, with greater than 77,000 well being and 308,000 dental plan members throughout six Midwest states.
Upon deal completion, anticipated by 1 Could 2024, the well being insurer will function as a completely owned subsidiary of Medical Mutual.
The transition is anticipated to be seamless for present members, with no instant adjustments to their interactions with both firm, Medical Mutual added.
Monetary phrases of this transaction weren’t disclosed.
Entry probably the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain electronic mail will arrive shortly
We’re assured in regards to the
distinctive
high quality of our Firm Profiles. Nonetheless, we would like you to take advantage of
useful
resolution for your enterprise, so we provide a free pattern which you can obtain by
submitting the under kind
By GlobalData
At present, Medical Mutual and Paramount are creating transition plans, with Medical Mutual set to combine Paramount workers into its operations post-acquisition.
Medical Mutual’s branded services and products will proceed to be accessible in north-west Ohio, together with entry to ProMedica’s supplier networks.
The inclusion of all ProMedica main care suppliers, specialists, hospitals and outpatient care clinics in Medical Mutual’s industrial group, Medicare Benefit, and Particular person ACA supplier networks signifies a strengthened partnership between the 2 entities.
This deal is presently awaiting regulatory clearance.
Medical Mutual president and CEO Steve Glass mentioned: “This acquisition aligns two firms that share much more than simply being headquartered in Ohio.
“Paramount, like Medical Mutual, is famend for its excellent native care and wonderful service. Having this high quality organisation be part of the Medical Mutual household of firms presents a novel alternative to strengthen our place as a trusted healthcare navigator in Ohio.”
ProMedica president and CEO Arturo Polizzi added: “As ProMedica has additional sharpened its give attention to core well being system operations, we launched into a considerate course of to transition possession of our Paramount medical health insurance enterprise.”
[ad_2]
