Centene is selling its majority stake in U.S. Medical Management, a home-based primary care provider.
The payer will still hold a minority stake in the company but will use the acquired funds to repurchase stock, according to the Nov. 3 announcement.
"With more than 25 years of experience in home-based care, USMM has outperformed in numerous value-based care initiatives and consistently delivered lower costs, better health outcomes, and higher patient satisfaction ratings," said Sarah London, vice chair of Centene's board of directors. "We are confident this transaction will best position USMM to expand its reach and impact while helping Centene to deliver on our value creation plan."
Rubicon Founders, Valtruis, Oak HC/FT and HLM Venture Partners will be purchasing Centene's stake after federal clearance and other closing conditions.