Priority Health Expands into Northern Indiana and Ohio With Physicians Health Plan of Northern Indiana Acquisition

Priority Health Expands into Northern Indiana and Ohio With Physicians Health Plan of Northern Indiana Acquisition

Priority Health and Physicians Health Plan of Northern Indiana (PHPNI) announced on June 19 plans for Priority Health to acquire PHPNI. Established in 1983, PHPNI is a leading commercial health plan offering employer-sponsored benefits and third-party administration to more than 52,000 members primarily across Indiana and Ohio. It is headquartered in Fort Wayne, Indiana. Priority Health is the second largest health insurer in Michigan after Blue Cross Blue Shield of Michigan. Serving more than 1.3 million members each year and offering a broad network of primary care physicians in Michigan, Priority Health offers an extensive portfolio of health benefits options for employer groups and... Read More »
Elevance Health Purchases New York Medicaid Plan

Elevance Health Purchases New York Medicaid Plan

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... Read More »
Elevance Health Purchases New York Medicaid Plan

A Look at the Managed Care Public Market of 2023 

The Managed Care sector witnessed a dynamic year in 2023, with key players navigating various challenges and opportunities. This analysis explores the financial trajectories of major companies, including Humana, Cigna, UnitedHealth Group, Elevance Health, Centene and Molina, shedding light on the trends, challenges and strategies currently shaping the market. Market Overview: Over the years, Managed Care companies have demonstrated resilience and growth. The market has consistently followed an upward trajectory, with most of the major players experiencing revenue growth each year. Source: Macrotrends UnitedHealth Group stands out as the revenue leader, with consistently strong revenue... Read More »
Elevance Health Purchases New York Medicaid Plan

Cigna Sells Medicare Assets to Health Care Service Corporation for $3.7 Billion

Cigna has announced the sale of its Medicare Advantage, Cigna Supplemental Benefits, Medicare Part D and CareAllies businesses to Health Care Service Corporation (HCSC) for a total transaction value of approximately $3.7 billion. HCSC is the United States’ largest customer-owned health insurer with nearly 17.5 million members in its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. HCSC was formerly known as Hospital Service Corporation and changed its name to Health Care Service Corporation in 1975. Centerview Partners LLC is acting as a financial advisor to Cigna. Morgan Stanley & Co. LLC provided additional financial advice. Wachtell, Lipton, Rosen & Katz... Read More »
Elevance Health Purchases New York Medicaid Plan

Medical Mutual Acquires Paramount Health from ProMedica 

Medical Mutual announced on January 29 that it entered into an agreement to acquire Paramount Health Care from ProMedica.  Paramount Health Care is a health insurance company located in Ohio. Established in 1988, Paramount offers insurance products to individuals and employers across six Midwest states and serves more than 77,000 health plan members and 308,000 dental plan members.  Medical Mutual is one of the largest health insurance companies in Ohio, serving more than 1.6 million members with group and personal health insurance plans, and third-party administrative services to self-insured group customers.  ProMedica is a not-for-profit health and well-being organization... Read More »
Elevance Health Purchases New York Medicaid Plan

Humana Takes Hit in 2024 Amid Surge in Medical Costs

Humana announced its earnings and revenue for the fourth quarter of 2023 on January 25, 2024. The company reported $106.4 billion in revenue and $2.5 billion in profit for the full year 2023. While revenue grew about 15% compared to 2022, when it reported $92.9 billion, profits declined slightly year-over-year from $2.8 billion.  The health insurer is bracing for an “unprecedented” surge in medical costs, impacting its earnings throughout 2024 and also putting its 2025 profit target of $37 per share out of reach.  Medical costs for health insurers were elevated during 2023, and picked up even more during Q4 as people, especially older adults, returned to the hospitals... Read More »