Point32Health, the nonprofit formed by the 2021 merger of Tufts Health Plan and Harvard Pilgrim Health Care, reached a definitive agreement to acquire Health New England in February.
The $165 million deal was unanimously approved by both boards and recently received approval from state insurance regulators. It was expected to close at the end of 2024, but ultimately fell apart.
After “further analysis,” the sale of Health New England will not be completed, Baystate said in a statement shared with Becker’s.
“Point32Health and Baystate Health will continue their in-network relationship for Point32Health Commercial, Medicare and Exchange members in the western Massachusetts region,” the statement read. “We appreciate the support and thorough review from the regulators, and both organizations look forward to continuing to serve their respective members, patients and communities throughout New England and Western Massachusetts.”
Baystate said it will take the next few months to evaluate the positioning and performance of Health New England, which has about 180,000 Medicare, Medicaid and commercial members in Western Massachusetts.
A sale may still be in the cards, but likely to another entity.
Baystate and the affiliated physicians through Baycare Health Partners remain in-network for Point32Health plan members. There is no change to current coverage, benefits or provider network for members.
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