Humana has completed its acquisition of PHP Cos., which is doing business as Cariten Healthcare, a health plan serving eastern Tennessee.
On Aug. 4, Humana announced it had entered into a definitive agreement with Knoxville, Tenn.-based Covenant Health to buy Cariten Healthcare for $245 million in cash.
With the sale, Humana will add about 120,000 members, including 46,900 in Medicare Advantage plans and 51,400 commercial members. Another 93,300 Cariten members are part of TennCare, Tennessees Medicaid managed-care program, and that contract will end Dec. 31 and wont be renewed, Humana said.
The Cariten purchase expands Louisville, Ky.-based Humanas presence in eastern Tennessee. Not-for-profit Covenant Health is the largest health system in the region, with five acute-care hospitals. -- by Rebecca Vesely