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
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.
