Paramount Advantage has sold its Ohio Medicaid Contract to Anthem Blue Cross and Blue Shield

Overview

Deal Type Mergers & Acquisitions
Client & Transactional Partners Paramount Advantage
ProMedica
Anthem
 
Our Role Sell-Side Advisor

Summary

David Morlock | Court Houseworth | Mike Elizondo | Ted Kaehler

Paramount Advantage, an affiliate of ProMedica, a nationally recognized, not-for-profit healthcare organization, has sold its Ohio Medicaid Contract to Anthem Blue Cross and Blue Shield.

About the Transaction

Cain Brothers was engaged to serve as Paramount Advantage’s and ProMedica’s exclusive financial advisor based on its deep managed care and nonprofit health system sector knowledge. This transaction is a key step in continuing the organizations’ goal of providing access to high-quality healthcare and support services for Paramount Advantage’s more than 256,000 Ohio Medicaid enrollees. In advance of a new Ohio Medicaid Managed Care contract, ProMedica and Paramount Advantage have sold Anthem its existing Medicaid contract. Upon closing the transaction, Anthem will begin administering benefits for these members in coordination with Paramount Advantage during a transitional period. Following the implementation of the new Medicaid contract, Paramount Advantage and ProMedica will further partner with Anthem to meet the needs of Ohio’s Medicaid Managed Care program and its beneficiaries.

About Paramount Advantage

Paramount Advantage is a Medicaid managed care health plan that provides health care services to Ohio residents eligible for Aged, Blind or Disabled and Covered Families and Children, including Healthy Start and Healthy Families and Adult Extension, Medicaid benefits. Paramount Advantage is backed by the clinical expertise of ProMedica – a national, not-for-profit health and well-being organization serving communities in 28 states.

About ProMedica ProMedica is a mission-based, not-for-profit integrated healthcare organization headquartered in Toledo, Ohio. It serves communities in Ohio, Michigan, Indiana, Kentucky, Pennsylvania, and West Virginia. To date, the organization offers acute and ambulatory care, an insurance company with a dental plan, and post-acute and academic business lines.

About Anthem Blue Cross and Blue Shield

Anthem Blue Cross and Blue Shield is the trade name of Community Insurance Company, an independent licensee of the Blue Cross Blue Shield Association. Anthem BCBS’s parent company, Anthem, Inc., through its affiliated companies, serves more than 117 million people, including more than 45 million within its family of health plans.

Cain Brothers

Recent Deals

July 2022

 

$280 Million

Senior Secured Credit Facilities

Left Lead Arranger
Joint Bookrunner
Administrative Agent

Debt Capital Markets

intralot-inc-
July 2022

Lofts on Main

$14.3 Million

Adaptive Reuse and New Construction

Construction

lofts-on-main
June 2022

 

$126.9 Million

Educational Facilities Revenue Bonds

Sole Manager

Debt Capital Markets

depauw-university
June 2022

has been acquired by

 

$30 Million

Asset-Based Revolving Credit Facility

Administrative Agent
Sole Lender

Debt Capital Markets

kksp-precision-machining-llc
June 2022


Series D Funding

led by

Morgan Stanley Expansion Capital

$140 Million

Exclusive Financial Advisor

Mergers & Acquisitions

platform-sh
June 2022

Darby Crossing

$74 Million

Construction and Private Placement Loan

Construction
Private Placement

darby-crossing
June 2022

the parent company of

AEP Transmission Company, LLC

$550 Million

Senior Notes

Joint Bookrunner

Debt Capital Markets

aep-transmission-company,-llc
May 2022

has received a strategic investment from

 

Exclusive Financial Advisor

Mergers & Acquisitions

valta-energy
May 2022

 

a portfolio company of

has been acquired by

 

Exclusive Sell-Side Advisor

Mergers & Acquisitions

thermogenics-inc-
May 2022

 

Tiburon Place

$53 Million

4% bond LIHTC and State Housing Equity

Construction

tiburon-place
May 2022

 

$500 Million

Senior Secured Credit Facility

Joint Bookrunner
Joint Lead Arranger

Debt Capital Markets

delaware-basin-resources-llc
May 2022

 

Cheshire Station

 

$17.6 Million

Acquisition

Lender

CMBS

cheshire-station
May 2022

ACG Portfolio-Oakland Glen MHC

ACG Portfolio-Clayton Acres MHC

$59.5 Million

Refinance

Lender

Fannie Mae

acg-portfolio
May 2022

 

Stonetown - North Pines

Stonetown - Country Meadows

$82 Million

Acquisition

Lender

Fannie Mae

stonetown-trinity-portfolio
May 2022

Sawgrass Point

$28.5 Million

Refinance

Lender

Fannie Mae

sawgrass-point
May 2022

 

Floorplan Inventory Financing and Commercial Real Estate Lending

Lender

Mergers & Acquisitions

great-falls-subaru
May 2022

a portfolio company of

has acquired

 

$545 Million

Senior Secured Credit Facilities

Administrative Agent
Joint Bookrunner
Left Lead Arranger

Debt Capital Markets

congruex-group-llc
May 2022

 

$2.55 Billion

Senior Secured Credit Facilities

Co-Documentation Agent
Joint Lead Arranger

Debt Capital Markets

penn-national-gaming,-inc-
May 2022

 

$95 Million

Senior Secured Credit Facilities

Administrative Agent
Joint Lead Arranger
Sole Bookrunner

Debt Capital Markets

doyon-limited

Connect With Us

  • Social Share Icon
  • Social Share Icon
  • Social Share Icon

Find an Expert