Preferred Care Partners, a Miami-based provider-sponsored insurance company owned primarily by doctors, announced last week it would acquire the Medicare business of Neighborhood Health Partnership. The deal, which would require CMS approval, 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 would not change for the 38,000 members currently enrolled in its Medicare Advantage program. The deal would boost Preferred Care's total membership in South Florida to about 45,000, officials said.