Elevance Health has announced its plans to acquire Centers Plan for Healthy Living, a New York-based Medicaid long-term care plan.
Centers Plan for Healthy Living is a managed care organization with 53,000 members. Elevance Health currently has 57,000 long-term care enrollees across the state of New York.
Elevance Health, formerly Anthem, Inc., connects consumers, families and communities to the care, support and resources they need to lead healthier lives. Its companies serve more than 119 million people through a portfolio of medical, digital, pharmacy, behavioral, clinical and complex care solutions. According to its full-year financial report for 2023, Elevance’s annual operating revenue was $171.3 billion, and annual EBITDA was approximately $10.5 billion.
Elevance Health disclosed the transaction in a filing with the Securities and Exchange Commission on February 21, 2024. Elevance Health expects the deal to close in the third quarter of 2024.
In June 2023, New York Attorney General Letitia James filed a lawsuit against four nursing homes owned by Centers Plan for Healthy Living. The attorney general alleged the facilities had neglected residents and accused executives of improperly pocketing millions in Medicare and Medicaid dollars. Centers Plan for Healthy Living has denied the attorney general’s allegations, according to the Empire Center. Financial terms of the acquisition were not disclosed.
According to data captured in the LevinPro HC database, this acquisition marks the seventh Managed Care transaction of 2024. This is a slight increase from 2023, when eight Managed Care deals were announced between January 1, 2023 and April 16, 2023.
