Anthem, Inc. Completes Acquisition of MMM Holdings, LLC and Affiliates From InnovaCare Health, L.P.
June 30 2021 - 8:00AM
Business Wire
Anthem, Inc. (NYSE: ANTM) today announced the completion of the
acquisition of Puerto Rico-based MMM Holdings, LLC and its Medicare
Advantage (MA) plan MMM Healthcare, LLC. as well as affiliated
companies and Medicaid plan. Anthem acquired MMM from InnovaCare
Health, L.P., a leading integrated, value-based payor and provider
service organization.
“We’re pleased to complete the acquisition of MMM and work with
our new colleagues to serve Medicare and Medicaid-eligible
individuals and consumers in Puerto Rico. With our vision to be an
innovative, valuable and inclusive healthcare partner we remain
committed to enhancing their healthcare experience by providing
services that drive greater value and meet their diverse needs,”
said Gail K. Boudreaux, President and CEO, Anthem, Inc.
With more than 275,000 MA members and over 314,000 Medicaid
members, MMM is the ninth-largest MA plan in the country and Puerto
Rico’s second-largest Medicaid plan. MMM is the island’s largest MA
plan and one of the fastest-growing vertically integrated
healthcare organizations in the United States.
“We are pleased to officially bring MMM into the Anthem family
because we share a commitment to being a lifetime partner in health
to the people we serve,” said Felicia Norwood, EVP and President,
Government Business Division for Anthem, Inc. “Our whole-person
approach to health, which includes addressing the social drivers of
health, gives Medicare and Medicaid-eligible individuals access to
the services and care they need to improve their health and
wellbeing.”
MMM’s approach to serving its members aligns with Anthem’s
commitment to whole-person health, with MMM’s provider network and
wholly owned independent physician associations (IPAs) Castellana
Physicians Services and PHM as well as independent IPAs. Together,
MMM’s network includes more than a dozen offices and more than
10,000 healthcare providers across the island.
MMM holds the only 4.5 Stars MA contract in Puerto Rico from the
Centers for Medicare and Medicaid Services (CMS).
About Anthem, Inc. Anthem is a leading health benefits
company dedicated to improving lives and communities and making
healthcare simpler. Through its affiliated companies, Anthem serves
more than 116 million people, including more than 43 million within
its family of health plans. We aim to be the most innovative,
valuable and inclusive partner. For more information, please visit
www.antheminc.com or follow @AnthemInc on Twitter.
About InnovaCare Health Based in White Plains, N.Y.,
InnovaCare Health improves the lives of members and physicians
through innovative solutions for value-based healthcare. Through an
integrated portfolio of health plans, medical service
organizations, clinical networks and more, the company manages more
than 500,000 lives, including more than 150,000 dual-eligible
beneficiaries. InnovaCare’s Medicare Advantage plans have received
NCQA accreditation and 4.5-star quality ratings from the Centers
for Medicare and Medicaid Services (CMS). For more information,
please visit innovacarehealth.com or follow us on Facebook or
LinkedIn.
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to: the impact of large scale medical emergencies, such as public
health epidemics and pandemics, including COVID-19, and
catastrophes; trends in healthcare costs and utilization rates; our
ability to secure sufficient premium rates, including regulatory
approval for and implementation of such rates; the impact of
federal and state regulation, including ongoing changes in the
Patient Protection and Affordable Care Act and the Health Care and
Education Reconciliation Act of 2010, as amended (collectively, the
"ACA") and the ultimate outcome of legal challenges to the ACA;
changes in economic and market conditions, as well as regulations
that may negatively affect our liquidity and investment portfolios;
our ability to contract with providers on cost-effective and
competitive terms; competitive pressures and our ability to adapt
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growth opportunities; reduced enrollment; unauthorized disclosure
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to non-compliance with the complex regulations imposed thereon; our
ability to maintain and achieve improvement in Centers for Medicare
and Medicaid Services, or CMS Star ratings and other quality scores
and funding risks with respect to revenue received from
participation therein; a negative change in our healthcare product
mix; costs and other liabilities associated with litigation,
government investigations, audits or reviews; the ultimate outcome
of litigation between Cigna Corporation and us related to the
merger agreement between the parties and the potential for such
litigation to cause us to incur substantial additional costs,
including potential settlement and judgment costs; risks and
uncertainties related to our pharmacy benefit management ("PBM")
business including non-compliance by any party with the PBM
services agreement between us and CaremarkPCS Health, L.L.C.;
medical malpractice or professional liability claims or other risks
related to healthcare and PBM services provided by our
subsidiaries; general risks associated with mergers, acquisitions,
joint ventures and strategic alliances; possible impairment of the
value of our intangible assets if future results do not adequately
support goodwill and other intangible assets; possible restrictions
in the payment of dividends from our subsidiaries and increases in
required minimum levels of capital; our ability to repurchase
shares of our common stock and pay dividends on our common stock
due to the adequacy of our cash flow and earnings and other
considerations; the potential negative effect from our substantial
amount of outstanding indebtedness; a downgrade in our financial
strength ratings; the effects of any negative publicity related to
the health benefits industry in general or us in particular;
failure to effectively maintain and modernize our information
systems; events that may negatively affect our licenses with the
Blue Cross and Blue Shield Association; the impact of international
laws and regulations; changes in U.S. tax laws; intense competition
to attract and retain employees; and various laws and provisions in
our governing documents that may prevent or discourage takeovers
and business combinations.
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version on businesswire.com: https://www.businesswire.com/news/home/20210630005291/en/
Media Contact: Michelle Vanstory
Michelle.Vanstory@anthem.com
Investor Relations: Stephen Tanal
Stephen.Tanal@anthem.com
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