Bravo Health Signs Agreement to Be Acquired by HealthSpring
August 27 2010 - 7:29AM
Marketwired
Bravo Health, a provider of Medicare Advantage plans dedicated to
offering beneficiaries access to high quality, cost-effective
health care, today announced it entered into a definitive agreement
to be acquired by HealthSpring (NYSE: HS), a publicly traded,
Nashville-based company. The deal, which is subject to regulatory
approvals, is expected to close by the end of the year.
HealthSpring is one of the country's largest Medicare Advantage
coordinated care plans with operations in Alabama, Florida,
Georgia, Illinois, Mississippi, Tennessee and Texas, as well as a
national stand-alone Medicare prescription drug plan (PDP). Bravo
Health offers Medicare Advantage plans in Delaware, Maryland, New
Jersey, Pennsylvania, Texas and Washington, D.C., and stand-alone
PDP plans in 43 states. Together, the companies will become the
seventh largest Medicare Advantage provider in the country -- the
largest focused exclusively on this program -- and the ninth
largest stand-alone prescription drug plan.
"I cannot think of a more compatible partner for Bravo Health
than HealthSpring, as we both operate Medicare Advantage plans
committed to improving the quality of health care for our members
while engaging providers and rewarding them for effectively
managing that health care," said Jeff Folick, chairman and chief
executive officer of Bravo Health. "Our members, providers and
associates will all benefit from the combined size of the new
company in the post-health care reform environment. This
combination demonstrates HealthSpring's commitment to the future of
Medicare Advantage, and I look forward to working with them to help
shape what I believe will be an organization that contributes
significantly to the program's long-term success."
2010 has been the most successful year in Bravo Health's
history. The company announced last month that its Medicare
Advantage membership grew to more than 100,000, up from
approximately 77,000 at the end of 2009.
"I consider a partnership with Bravo Health to be ideal for
HealthSpring, as our companies are philosophically and culturally
very similar," said Herbert A. Fritch, chairman and chief executive
officer of HealthSpring. "We agree the best way to deliver high
quality, appropriate health care and improve clinical outcomes is
to align the interests of members and providers. I look forward to
accomplishing even more as one company."
All Bravo Health member benefits, customer service contacts,
business processes and agreements, and provider contracts remain
unchanged at this time.
About Bravo Health Founded in 1996, Bravo
Health's licensed subsidiaries provide Medicare beneficiaries
access to high quality, cost-effective health care. With more than
390,000 members, Bravo Health's licensed subsidiaries offer
Medicare Advantage health plans in Delaware, Maryland, New Jersey,
Pennsylvania, Texas and Washington, D.C. and offer Part D
Prescription Drug Plans in 43 states. For more information, visit
www.bravohealth.com.
About HealthSpring HealthSpring is based
in Nashville, TN, and is one of the country's largest Medicare
Advantage coordinated care plans. HealthSpring currently owns and
operates Medicare Advantage plans in Alabama, Florida, Georgia,
Illinois, Mississippi, Tennessee, and Texas and also offers a
national stand-alone Medicare prescription drug plan. For more
information, visit www.healthspring.com. Media information is
available at HealthSpring's press site:
http://press.healthspring.com.
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