Five things to know:
1. Under the joint venture, Humana’s Partners in Primary Care division and WCAS will develop and operate primary care centers for Medicare Advantage patients. Partners in Primary Care will manage the care centers, which will accept payment from other health insurers.
2. The organizations are investing about $600 million in the joint venture. WCAS will have majority ownership in the joint venture, and Humana will have a small minority stake.
3. The joint venture will likely more than double Partners in Primary Care’s 47 Medicare care centers during the next three years. The current centers are in Kansas, Missouri, North Carolina, South Carolina, Texas and Florida.
4. Under the agreement, Partners in Primary Care will get a management fee, including performance-based incentives, for managing the centers.
5. Notably, the deal is not part of Humana’s other primary care clinic company, called Conviva, which operates 104 primary care clinics. This also isn’t Humana’s first deal with WCAS. In 2018, Humana, TPG Capital and WCAS collaborated to acquire post-acute and hospice companies.
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