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WellCare Health Plans has completed its $2.5 billion acquisition of Meridian Health Plan of Michigan and Illinois, and pharmacy benefit manager (PBM) MeridianRx following the receipt of required regulatory approvals.
Through the deal, Meridian has become a wholly-owned subsidiary of Florida-based WellCare, which provides sponsored managed care services, primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug Plans.
Meridian serves approximately 1.1 million Medicaid, Medicare Advantage (MA), integrated dual-eligible and Health Insurance Marketplace members in Michigan, Illinois, Indiana and Ohio.
"We are excited to complete our acquisition of Meridian. This transaction grows and diversifies our Medicaid membership by nearly 40 percent, increases our Medicare Advantage presence in new markets, adds a proprietary PBM platform, and enhances WellCare's integrated dual-eligible and Marketplace capabilities, positioning us for further growth within government-sponsored programs," said Ken Burdick, CEO of WellCare.
"WellCare and Meridian have a shared commitment to quality - with Meridian maintaining high quality and accredited Medicaid plans in both Michigan and Illinois. We look forward to leveraging best practices across the entire company in order to improve quality for all of our members. We also want to welcome Meridian associates, members, agents, and providers to WellCare," he added.
WellCare Health Plans, Meridian Health Plan, MeridianRx, M&A, Ken Burdick, US