Blue Cross and Blue Shield of Louisiana signed a definitive agreement Oct. 17 to acquire majority ownership of regional Vantage Health Plan for an undisclosed amount.
Pending approval from Vantage shareholders and regulators, BCBS of Louisiana will absorb Vantage's 45,000-plus members and contracts with more than 15,000 providers.
Gary Jones, MD, CEO of Vantage, said the transaction will help Vantage move into markets outside of Louisiana, and could allow the health plan to create more jobs.
Should the deal close, Vantage would be run as a separate entity and will retain its management team. BCBS of Louisiana and Vantage would also keep their brands.
More articles on payers:
Health insurance often fails sickest members, survey of 1,495 Americans reveals
Former HHS, athenahealth leaders raise $360M to sell MA plans
Mississippi health system blames Humana split on improper denials