Blue Cross and Blue Shield of Florida intends to acquire Florida Health Care Plan, a provider-owned managed-care plan, for $85 million.
The seven-member board of Halifax Health, a three-campus community system in Daytona Beach, Fla., approved the sale with the caveat that the plan remain locally operated.
The boards decision to approve this sale is consistent with our commitment to expand access for members, and will ensure the continued high-quality care for which Florida Health Care Plan is known, Jeff Feasel, president and chief executive officer of Halifax Health, said in a written statement.
After paying down expenses and debt, Halifax Health will net about $45 million from the sale, which will be used to lower interest rates on existing debt and generate dollars for services, according to Halifax Health documents related to the sale.
Florida Health Care Plan, founded in 1974, has 57,000 members in east central Florida. The sale is subject to state and federal regulatory approvals and is expected to close by the year-end. -- by Rebecca Vesely
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