Preferred Care Partners, a Miami-based provider-sponsored insurance company owned primarily by doctors, announced Tuesday it will acquire the Medicare business of Neighborhood Health Partnership. The deal, which will require approval by the CMS, will make Preferred Care Partners the largest privately owned Medicare Advantage plan in South Florida.
Both organizations project that the effective date of the acquisition will be June 1. Preferred Care, a 3-year-old insurer with a network of about 1,000 physicians, is one of only two provider-sponsored organizations in Miami-Dade County that handle Medicare patients exclusively. Neighborhood Health Partnership, which currently operates in Miami-Dade, Broward and Palm Beach counties, said it will continue its commercial HMO business in those three counties.
NHP said benefits will not change for the 38,000 members currently enrolled in its Medicare Advantage program. The deal will boost Preferred Care's total membership in South Florida to about 45,000, officials said.
"This will be a smooth transition with a continued commitment to being a low-hassle partner for physicians and members," said Justo Luis Pozo, president of Preferred Care. "Our success has been based on empowering physicians and this transaction will not change that commitment."