SelectCare, a provider-owned health plan based in Troy, Mich., has hired New York-based investment banking firm Shattuck Hammond Partners to look for a buyer, according to Crain's Detroit Business, a sister publication of MODERN HEALTHCARE.
SelectCare had 387,753 HMO enrollees and 234,648 PPO members as of December 1998.
It reported net income of $5.4 million and revenues of $187.8 million in 1998. It maintained profitability in the first quarter of this year.
Its owners are Dearborn, Mich.-based Oakwood Healthcare System; Southfield, Mich.-based Providence Hospital and Medical Centers; Detroit-based St. John Health System; and William Beaumont Hospital in Royal Oak, Mich.