Our parent company announced today that is has signed an agreement to buy CareMore, which includes Medicare Advantage plans and clinics stressing preventative, personal and coordinated health care in select California, Arizona and Nevada markets.
The move supports our strategic plans to pursue new growth opportunities in a changing marketplace and to create the best value in our industry. “The Medicare market is particularly significant for our growth strategy,” said Angela F. Braley, chair, president and chief executive officer of our parent company. “We anticipate more than 1 million Baby Boomers will age into Medicare every year between now and 2030 across our 14 Blue states.”
The purchase of CareMore supports our parent company’s goal to expand access to health care services that are trustworthy and easy to use. “In the last five years we have diligently worked to create and demonstrate the CareMore model can produce superior clinical quality and financial results in diverse markets,” said Alan Hoops, chairman and chief executive officer of CareMore.
The company focuses on care coordination and intensive treatment of chronic conditions while protecting the precious financial resources of seniors and the Medicare program. CareMore currently serves about 54,000 members and operates 26 care center clinics staffed with physicians, nurse practioners, medical assistants, podiatrists, physical therapists, nutritionists, phychologists and case managers. We expect to build more clinics in existing CareMore markets and expand the model to other areas.
The purchase is expected to the final by the end of 2011. Terms of the deal were not disclosed.