Healthcare Innovation July 23, 2024
Molina paying $350 million for Connecticut insurer with 140,000 members
Fortune 500 insurance company Molina Healthcare Inc. (NYSE: MOH) has agreed to buy ConnectiCare, a subsidiary of nonprofit EmblemHealth Inc., for $350 million in cash.
ConnectiCare is a health plan in the state of Connecticut serving approximately 140,000 members across Marketplace, Medicare, and certain commercial products. The purchase price represents 25% of ConnectiCare’s expected 2024 premium revenue of $1.4 billion.
EmblemHealth said it is refocusing on New York City and building EmblemHealth Neighborhood Care centers to address health equity and the social barriers members face in accessing care.
“ConnectiCare has been a valued part of the EmblemHealth Enterprise, providing top-tier access to high-quality health insurance coverage. It has been...
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