Anthem completes acquisition of MMM Holdings, affiliates from InnovaCare Health
Four months after announcing it had entered into an agreement to acquire Puerto Rico-based MMM Holdings, LLC and its Medicare Advantage (MA) plan MMM Healthcare, LLC., the Indianapolis-based firm confirmed the deal has closed.
“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 Anthem Inc. President Gail K. Boudreaux.
With more than 275,000 MA members and more than 314,000 Medicaid members, MMM is the ninth-largest MA plan in the United States 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.
The financial terms of the agreement were not disclosed.
“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, executive vice president of Anthem Inc.’s government gusiness division.
“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,” she said.
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, it said.
This is the second acquisition involving a local health insurance provider in recent months. In June, Kinderhook Industries, LLC’s MHH Healthcare announced it entered into a definitive agreement to acquire Medical Card System Inc., as this media outlet reported.
The transaction is expected to close later this year, subject to customary conditions and regulatory approvals, and will mark the second significant acquisition by a subsidiary of MHH Healthcare following the prior acquisition of GlobalHealt