Jefferson Health finalized its acquisition of Temple Health's ownership interest in not-for-profit HMO Health Partners Plans.
The organizations, both based in Philadelphia, said Nov. 1 that Jefferson's acquisition of the HMO would help deliver value-based care to Southeastern Pennsylvania, according to a news release shared with Becker's.
Health Partners Plans previously was owned by a group of hospitals, including Temple Health, which held a 50 percent stake in ownership, according to the release. Temple agreed to sell its ownership to Jefferson in 2019 for $305 million. Other portions of ownership came from mergers with Einstein Health Network and Aria Health.
The acquisition aims to drive down healthcare costs for underserved communities in the greater Philadelphia area through its value-based care model.
"With the addition of HPP to the Jefferson family, our ability to provide health assurance to everyone starting at their home takes a giant step forward," said Stephen Klasko, MD, president of Thomas Jefferson University and CEO of Jefferson Health. "Tackling health inequities and improving the health of our populations requires true coordination, and combining the resources of HPP with the expanding Jefferson provider base is a prescription for better health for people in our community."
The move also creates an integrated delivery and financial system partnership between Jefferson and Health Partners Plans — the first in the region, according to the release.
Health Partners Plans provides Medicaid, Medicare Advantage, Dual Eligible Special Needs and Children's Health Insurance Program plans and serves 290,000 people.