Insurance coverage big Medical Mutual expands presence in Ohio by buying Toledo-based firm
CLEVELAND, Ohio — Medical Mutual has reached an settlement to buy Toledo-based Paramount Well being Care, a medical health insurance firm that operates primarily in Ohio and Michigan, the 2 insurance coverage suppliers introduced Monday.
Pending regulatory approval, the transaction is predicted to shut by Might 1.
Paramount offers Medicare Benefit, particular person plans beneath the Reasonably priced Care Act, business group and short-term insurance policy. The corporate is owned by the well being and wellness non-profit ProMedica, and serves greater than 77,000 well being plan members and 308,000 dental plan members, the announcement stated.
By comparability, Medical Mutual is the oldest and one of many largest medical health insurance corporations based mostly in Ohio. It supplies well being protection to greater than 1.2 million Ohioans.
“This acquisition aligns two corporations that share much more than simply being headquartered in Ohio. We share a typical imaginative and prescient – to assist individuals dwell more healthy,” stated Steve Glass, Medical Mutual’s president and CEO.
“Paramount, like Medical Mutual, is famend for its excellent native care and wonderful service. Having this high quality group be a part of the Medical Mutual household of corporations presents a singular alternative to strengthen our place as a trusted healthcare navigator in Ohio.”
ProMedica made the choice to promote Paramount so as to concentrate on its core well being operations, Arturo Polizzi, the corporate’s president and CEO stated in a information launch.
“We have been hopeful we may determine a possible new proprietor with an identical mission and dedication to neighborhood, and we discovered these qualities in Medical Mutual. The corporate has a protracted historical past of offering varied medical health insurance plans.”
Medical Mutual expects to welcome Paramount workers into its group when the transaction closes and stated the brand new possession is not going to initially have an effect on prospects of both firm.
As a completely owned subsidiary of Medical Mutual, Paramount says they plan to proceed to supply their present well being plans.
Medical Mutual says it's going to proceed to ship its personal branded services and products within the Northwest Ohio space which have entry to strong supplier networks, which incorporates the ProMedica well being system.
All ProMedica main care suppliers, specialists, hospitals and outpatient care clinics – already a part of many Medical Mutual business group networks – at the moment are a part of the corporate’s Medicare Benefit and Particular person ACA supplier networks.
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