Long Beach, Calif.-based Molina Healthcare and MyCare Chicago announced Wednesday an agreement for Molina Healthcare of Illinois to acquire the assets of some of MyCare Chicago's Medicaid business.
Under the agreement, Molino Healthcare of Illinois can assume MyCare Chicago's 61,000 Medicaid members in Cook County, Illinois, in addition to some assets of its Medicaid business. As part of a services agreement with Molina Healthcare of Illinois, MyCare Chicago will continue to operate its provider network and coordinate care for certain enrollees.
MyCare Chicago is also known as Accountable Care Chicago and is one of 11 accountable care entities in Illinois, according to a statement.
Molina Healthcare of Illinois will pay for the transaction with cash on hand. The deal is expected to close in the fourth quarter of 2015, pending regulatory approval and other closing conditions.
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