Anthem completes acquisition of MMM Holdings from InnovaCare Health

Photo: Martin Barraud/Getty Images

Health insurer Anthem has officially completed its acquisition of Puerto Rico-based MMM Holdings and its Medicare Advantage plan MMM Healthcare, as well as its affiliated companies and Medicaid plan. 

Anthem acquired MMM from InnovaCare Health, an integrated, value-based payer and provider service organization.

Financial terms of the transaction were not disclosed.

WHAT'S THE IMPACT?

MMM is the ninth-largest MA plan in the country and Puerto Rico's second-largest Medicaid plan, boasting more than 275,000 MA members and over 314,000 Medicaid members. It represents the largest MA plan in Puerto Rico and will allow Anthem to expand its market presence on the island.

Representatives from the organizations said via statement that Anthem and MMM are strategically aligned, particularly as it pertains to whole-person health, with MMM's provider network and wholly-owned independent physician associations Castellana Physicians Services and public health management.

Together, MMM's network includes more than a dozen offices and more than 10,000 healthcare providers across the island.

MMM holds the only 4.5-Star MA contract in Puerto Rico from the Centers for Medicare and Medicaid Services

THE LARGER TREND

Insurers are doing well in the Medicare Advantage market, and consumers also like the plans that come with additional benefits to original Medicare. A Medicare Advantage study published in December found that more consumers chose MA plans for 2021 due to the plans' supplemental benefits, including those for telehealth and COVID-19.

ON THE RECORD

"We're pleased to complete the acquisition of MMM and work with our new colleagues to serve Medicare and Medicaid-eligible individuals and consumers in Puerto Rico," said Anthem president and CEO Gail K. Boudreaux. "With our vision to be an innovative, valuable and inclusive healthcare partner we remain committed to enhancing their healthcare experience by providing services that drive greater value and meet their diverse needs."

"We are pleased to officially bring MMM into the Anthem family because we share a commitment to being a lifetime partner in health to the people we serve," said Felicia Norwood, EVP and president, Government Business Division for Anthem. "Our whole-person approach to health, which includes addressing the social drivers of health, gives Medicare and Medicaid-eligible individuals access to the services and care they need to improve their health and wellbeing."
 

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Email the writer: jeff.lagasse@himssmedia.com