Independence Blue Cross now holds a majority stake in the AmeriHealth Mercy Family of Cos., after finalizing its $170 million deal to buy out Mercy Health Plan's shares in the Medicaid managed-care provider.
Independence Blue Cross buys majority stake in AmeriHealth
Blue Cross and Blue Shield of Michigan will provide additional capital for future growth and hold a minority stake. Mercy Health Plan previously held a 50% stake in AmeriHealth Mercy, one of the country's largest Medicaid companies. Since 1996, IBC and Mercy, both based in Philadelphia, had shared ownership in AmeriHealth. The parties announced the deal in August.
Michigan falls outside of AmeriHealth's membership, as the company provides services in 11 states to more than 4 million members in Medicaid, Medicare and state children's insurance programs.
“Through this arrangement, AmeriHealth Mercy and its expert, experienced professionals are poised to provide industry-leading Medicaid managed-care services to states, Blue plans, and others, and widen access to quality care in communities across America,” said Daniel Hilferty, IBC's president and CEO in a news release.
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