News Briefs
✦ Startup health care company Bright Health said Jan. 8 that it signed an agreement to acquire the California-based, family-owned health plan Universal Care, which is doing business as Brand New Day. Brand New Day, which was founded in 1983, aims to improve health outcomes among vulnerable populations with complex health conditions by focusing on care management and patient-primary care relationships, according to a release from the companies. The transaction still requires regulatory approval and is expected to close this year; the companies did not disclose the dollar amount of the deal. Bright Health sells plans in the individual and Medicare Advantage markets in 12 states. Read more at https://prn.to/39TQEPk.
✦ Molina Healthcare, Inc. agreed to acquire NextLevel Health Partners, Inc., a Medicaid managed care insurer that serves about 50,000 members in Illinois’ Cook County. Molina will pay approximately $50 million for NextLevel Health, which estimated that its premium revenue for 2019 is about $270 million. Pending regulatory approval, the transaction is expected to close in early 2020. “Acquiring NextLevel Health increases our footprint in the state of Illinois, enables us to scale our existing business platform, and provides additional operating cost leverage,” said Pam Sanborn, president of Molina Healthcare of Illinois. “The existing base of acquired assets also provides Molina with expansion opportunities for our Medicare-Medicaid Plan (MMP) and Marketplace offerings.” Visit https://bwnews.pr/2FyDDNn.
