ProMedica plans to promote Paramount Well being to Medical Mutual
The sale of Paramount Well being, a medical health insurance firm owned by ProMedica, is anticipated to shut by Might 1, pending regulatory approval.
TOLEDO, Ohio — ProMedica is planning to dump Paramount Health, a medical health insurance subsidiary, to Medical Mutual, an Ohio-based medical health insurance firm.
In accordance with a spokesperson from ProMedica, a definitive settlement has been signed and is ready on regulatory approval. The sale is anticipated to shut by Might 1.
Medical Mutual mentioned in a press launch that they're at the moment working by way of transition plans with Paramount, however anticipate to welcome these workers into its group when the transaction closes. The corporate additionally mentioned that there will probably be "no fast change to how present members do enterprise with both firm."
ProMedica mentioned in an announcement that they don't anticipate any adjustments to members' medical health insurance plans or processes in 2024 and can nonetheless use their identical Paramount ID playing cards, name the identical member providers division and have entry to the identical suppliers and hospitals.
“As ProMedica has additional sharpened its give attention to core well being system operations, we launched into a considerate course of to transition possession of our Paramount medical health insurance enterprise,” mentioned Arturo Polizzi, President and CEO of ProMedica. “We had been hopeful we may establish a possible new proprietor with the same mission and dedication to group, and we discovered these qualities in Medical Mutual. The corporate has a protracted historical past of offering numerous medical health insurance plans, and we anticipate that Paramount workers transitioning to Medical Mutual will probably be effectively positioned to proceed offering distinctive service to members and employers.”
“This acquisition aligns two corporations that share much more than simply being headquartered in Ohio. We share a standard imaginative and prescient — to assist folks dwell more healthy,” mentioned Steve Glass, Medical Mutual’s President and CEO. “Paramount, like Medical Mutual, is famend for its excellent native care and glorious 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.”
A spokesperson with ProMedica mentioned that Medical Mutual has "dedicated to sustaining a minimum of a portion of the present downtown Toledo workplaces for a time frame after closing."
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