ProMedica to unload medical health insurance subsidiary Paramount
TOLEDO, Ohio (WTVG) - Medical Mutual introduced its intent to buy Paramount Well being Monday, January 29.
The Northwest Ohio-based medical health insurance firm owned by ProMedica, is headquartered in Toledo and does enterprise primarily in Ohio and Michigan.
“This acquisition aligns two firms that share much more than simply being headquartered in Ohio. We share a typical imaginative and prescient — to assist folks reside more healthy,” mentioned 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 part of the Medical Mutual household of firms presents a novel alternative to strengthen our place as a trusted healthcare navigator in Ohio.”
In response to the press launch, Paramount will proceed to supply well being plans and there can be no instant change to how present members do enterprise with both firm.
Medical Mutual and Paramount are presently working by means of transition plans. Medical Mutual expects to onboard Paramount staff into its group when the transaction closes.
“As ProMedica has additional sharpened its deal with 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 determine a possible new proprietor with the same mission and dedication to group, and we discovered these qualities in Medical Mutual. The corporate has an extended historical past of offering varied medical health insurance plans, and we anticipate that Paramount staff transitioning to Medical Mutual can be effectively positioned to proceed offering distinctive service to members and employers.”
All ProMedica major care suppliers, specialists, hospitals and outpatient care clinics — already a part of many Medical Mutual industrial group networks — are actually a part of the corporate’s Medicare Benefit and Particular person ACA supplier networks.
Pending regulatory approval, the transaction is predicted to shut by Might 1, 2024.
ProMedica plans to promote the Paramount medical health insurance enterprise traces (Industrial and Medicare) to Medical Mutual, an Ohio-based medical health insurance firm. A definitive settlement has been signed, and the acquisition is topic to regulatory approval. As soon as that approval is acquired, the transaction is predicted to shut by Might 1, 2024. Operations will switch at the moment.
The medical health insurance enterprise traces are anticipated to proceed working utilizing the Paramount title as a part of Medical Mutual. Our shared objective with Medical Mutual is to attenuate disruption to our medical health insurance members. We don't anticipate any modifications to members’ medical health insurance plans or processes in 2024. Paramount members will proceed to make use of their similar Paramount ID playing cards, name the identical Paramount Member Companies division, and have entry to the identical community of suppliers and hospitals.
Whereas there are nonetheless many choices to be made throughout the possession transition section, we anticipate nearly all of our medical health insurance staff to transition to Medical Mutual. Medical Mutual has dedicated to sustaining a minimum of a portion of the present downtown Toledo workplaces for a time period after closing.
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