Cone Health is entering the insurance business

Greensboro, N.C.-based Cone Health is expected to begin offering its own insurance plans by the end of this year, according to a Triad Business Journal report.

The system is expanding into the insurance marketplace to adapt to the shifting healthcare environment, which is focused on quality of care instead of quantity of care. By offering insurance plans, Cone Health will also be able to better manage the health of larger patient populations, according to the report.

In preparation for creating an insurance arm, Cone Health has budgeted $7 million toward the costs of entering the insurance marketplace.

The system has already received its license to sell insurance from the North Carolina Department of Insurance, according to the report. 

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