Anthem, Inc. announced Tuesday that the company has 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 as well as affiliates and the Medicaid plan.
“We are excited to expand Anthem’s commitment to serving people and consumers who qualify for Medicare and Medicaid in Puerto Rico. We remain focused on delivering services that create more value, while providing members with access to care and services that meet their diverse needs, enhance their experience and help them live healthier lives, ”said Gail Boudreaux, Anthem’s President and CEO, Inc. communication.
MMM is the largest MA plan in Puerto Rico and one of the fastest growing vertically integrated healthcare organizations in the United States. With more than 267,000 MA enrollees and more than 305,000 Medicaid recipients, MMM represents the ninth largest MA plan in the nation and the second largest Medicaid plan in the island. MMM offers its members an extensive health experience through its network of specialty clinics and its sister companies of medical groups (IPA), Castellana Physicians Services and PHM, as well as independent IPAs. Together, MMM’s network includes more than 10,000 health care providers and more than a dozen offices in Puerto Rico. Currently, MMM maintains the only 4.5-star MA contract in Puerto Rico from the Centers for Medicare and Medicaid Services (CMS).
“This transaction is in line with Anthem’s vision to be an innovative, valuable and inclusive healthcare partner by offering service management programs that improve the lives of the people we serve,” said Felicia Norwood, Executive Vice President and President of the Government Business Division of Anthem, Inc.
“Our focus on the holistic health needs of our members and a focus on addressing the social determinants that affect health will enable us to make a positive difference in the health of communities.”
Anthem acquires MMM from InnovaCare Health, LP, a leading value-based provider and healthcare organization, from Summit Partners, a global growth capital investment company. Financial terms of the transaction have not been disclosed. The acquisition is expected to close in the second quarter of 2021 and is subject to regulatory approvals of the Commonwealth of Puerto Rico, standard closing conditions and customary approvals required by the Hart-Scott Antitrust Improvement Act. -Rodino.
The company’s GPA 2021 guidelines remain unchanged as a result of this acquisition.
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