Humana, a health and supplemental benefits company, has completed the purchase of Metcare Health Plans, a wholly owned subsidiary of Metropolitan Health Networks, for approximately $14 million.
The transaction has received regulatory approvals from the Florida Office of Insurance Regulation and the Centers for Medicare and Medicaid Services.
Humana said that the acquisition increases the company’s Medicare Advantage membership by approximately 7,300 members in the 13 Florida counties of Charlotte, Collier, Glades, Lake, Lee, Manatee, Marion, Martin, Okeechobee, Polk, Sarasota, St Lucie and Sumter.
Concurrent with the sale, Metropolitan, through its core provider service network business, Metcare of Florida, has entered into a provider-risk agreement with Humana in the 13 counties to provide care for AdvantageCare customers as well as future Humana customers in these counties. AdvantageCare is a Medicare Advantage health plan offered by Metcare Health Plans.
In addition, Metropolitan has expanded its provider relationship with CarePlus, Humana’s wholly owned Medicare Advantage health plan, to include these 13 counties.