Anthem entered into an agreement with InnovaCare Health to buy its Puerto Rico-based Medicare Advantage and Medicaid subsidiaries, according to a Feb. 2 news release.
Under the agreement, Anthem will acquire InnovaCare's MMM Holdings, its Medicare Advantage plan MMM Healthcare, as well as affiliated companies and a Medicaid plan. InnovaCare is based in White Plains, N.Y.
With more than 267,000 Medicare Advantage members, MMM is Puerto Rico's largest Medicare Advantage plan. MMM Healthcare also has 305,000 Medicaid members, the second largest in Puerto Rico. MMM Healthcare's network of specialized clinics and wholly owned independent physician associates includes more than 10,000 healthcare providers and more than a dozen offices.
Financial terms of the deal weren't disclosed. The acquisition is slated to close by the second quarter of 2021, pending regulatory approvals.