Vanguard, the parent of Detroit Medical Center, is looking to buy ProCare for $6 million plus the value of ProCare’s net equity, according to the report. ProCare’s net equity was not available since it is a private company, but by the end of 2011, it reported $7.5 million in revenue and made a profit of roughly $244,000.
The deal has been in the works for two years. According to a filing with the Michigan Office of Financial and Insurance Regulation, Vanguard said it does not want to sell or merge ProCare with another provider, but it wants to expand ProCare to compete with other Medicaid health plans.
More Articles on Vanguard Health Systems:
CEO Charles Martin Jr.: Wealth of Knowledge Leading Vanguard Health Systems
CHOP, Vanguard to Submit Proposal for Texas Children’s Hospital
Vanguard Health Systems Falls Short in Detroit Medical Center Capital Funding
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
