CVS acquires Medicare Advantage broker Hella Health
The move is meant to allow CVS to enhance its digital capabilities, according to a LinkedIn post from Hella Health's CEO.
Photo: Matt Mawson/Getty Images
CVS Health has acquired New York-based Medicare Advantage broker Hella Health for an undisclosed sum, according to a LinkedIn post by Hella Health founder and CEO Rafal Walkiewicz.
Saying that his company enables "transformation of the Medicare buying experience," Walkiewicz said in the post that adding Hella Health to CVS' family of companies will allow CVS to further commit to enhancing its digital capabilities, especially for seniors.
"Through this combination, CVS Health will expand its multi-payor technology platform to include a wide range of insurance offerings, supported by trusted advisors and agents, to provide a simple, direct-to-consumer Medicare shopping and enrollment experience," said Walkiewicz.
WHAT'S THE IMPACT?
While CVS Health has yet to make an official announcement, Hella Health confirmed the deal on its website.
"We begin by transforming the Medicare buying experience," according to Hella's website. "Through the power of technology, we help individuals select the right Medicare plan that matches their unique needs and preferences."
With interactive tools, the company advises users on when to enroll, and then alerts them of important time lines. A "digital advisor" helps customers find and maintain optimal Medicare coverage.
Hella Health operates a wholly owned insurance agency, audomo insurance services, with a national platform in all 50 states and Washington D.C. Its website adds that it does not profit from marketing incentives from insurance carriers.
THE LARGER TREND
CVS' last major acquisition was in 2023, when it snagged Oak Street Health in an all-cash transaction valued at around $10.6 billion. Oak Street Health is a multi-payer, value-based primary care company focused on older adults that has a care model and technology platform it describes as scalable.
The organizations said the acquisition would benefit patients' long-term health by reducing care costs and improving outcomes, particularly for those in underserved communities. More than 50% of Oak Street Health's patients have a housing, food or isolation risk factor, they said.
Jeff Lagasse is editor of Healthcare Finance News.
Email: jlagasse@himss.org
Healthcare Finance News is a HIMSS Media publication.
