News Briefs

✦ Molina Healthcare Inc. said on July 17 that it entered a definitive agreement to buy certain assets of Passport Health Plan. The move comes after Kentucky awarded Molina a Medicaid managed care contract award, but not nonprofit Passport, which was almost entirely dependent on Medicaid business in that state. As part of the proposed transaction, Molina will acquire “certain assets related to the Medicaid and DSNP lines” of Passport’s business for $20 million, “plus contingent consideration that is payable in 2021 based on Molina’s Kentucky Health Plan’s open enrollment results in 2020.” Molina will also acquire the Passport name, as it is a well-known brand in Kentucky. The acquisition is expected to close before the end of the year. Visit https://bit.ly/3h4BN7u.

✦ Priority Health President and CEO Joan Budden will retire from leading the Grand Rapids, Mich.-based payer effective Jan. 1, 2021. During her tenure, Budden oversaw the acquisition of Total Health Care Inc. and negotiated a countrywide network reciprocity agreement with Cigna Corp. Spectrum Health Systems Inc., an integrated system that owns Priority Health, said it will engage the Furst Group for an internal and external national search for the new president of Priority Health. Budden will remain active in her role “to ensure a smooth transition through the end of the year,” the insurer said. Read more at https://bwnews.pr/30gRphJ.

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