09-13-2017, 03:39 PM
Join Date: May 2014
Centene Enters NY Market by Buying Fidelis Care for $3.75B
From today's USA
Centene, the nation's largest Medicaid managed care plan provider, agreed Tuesday to buy Fidelis Care for about $3.75 billion, a move to enter the lucrative New York state market.
Under the deal, Fidelis, which sells health insurance plans to New York state residents and has 1.6 million members, will become Centene's health plan in the state.
The acquisition allows Centene, based in St. Louis, to have a sizable presence in the country's four largest states in health insurance membership – California, Florida, New York and Texas.
Centene specializes in Medicaid managed care plans, which are the private-market option for Medicaid recipients. Medicaid, funded by the federal and state governments, is a government health program for low-income Americans and also runs its own public option.
Fidelis offers state plans in Medicaid, Qualified Health Plans, Child Health Plus and Essential Plan, as well as the national programs in Medicare Advantage, Dual Advantage and Managed Long Term Care. It had revenue of $4.8 billion in the first six months of the year.
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