FORT LEE, N.J.--(BUSINESS WIRE)--InnovaCare, Inc., a leading Medicare Advantage organization providing healthcare-related services in Puerto Rico, announced today that its subsidiary, MMM Healthcare, LLC, has acquired the Medicare Advantage contracts of First Medical Health Plans, Inc., covering approximately 27,000 beneficiaries and representing approximately $166 million in annual premium revenue.
“The acquisition of First Medical’s First+Plus health plans is an important step in InnovaCare’s growth strategy, as we continue positioning the company for accelerated success in today’s evolving healthcare environment,” said Richard Shinto, M.D., InnovaCare CEO. “This transaction provides a great opportunity for us to expand the number of beneficiaries whose quality of care can be improved through our medical management initiatives and infrastructure, which coordinates care through a network of 27 independent physician associations and over 2,900 primary care physicians.”
Shinto went on to note that “the acquisition will benefit from the synergies of integrating the First+Plus beneficiaries into InnovaCare’s existing administrative operations without the need to significantly increase current overhead costs.”
InnovaCare, Inc. operates two Medicare Advantage plans in Puerto Rico – MMM Healthcare, LLC and PMC Medicare Choice, LLC – in addition to a medical service organization.
“Tomorrow’s successful healthcare organizations must continually collaborate and invest in smart partnerships to ensure members have access to all the healthcare services they need,” continued Shinto. “Strategic acquisitions such as this one expand our network and drive quality and innovation within our plans and throughout Puerto Rico in order to create a healthier community long-term.”
Effective immediately, First+Plus Medicare Advantage members will have the opportunity to access services from MMM such as exclusive members’ centers, retail discounts and community exercise programs, among other offerings.
About InnovaCare, Inc.
InnovaCare, Inc. provides managed healthcare services, operating the leading health plans in Puerto Rico – MMM Healthcare, LLC (MMM) and PMC Medicare Choice, LLC (PMC) whose membership base includes more than 190,000 individuals, served by a network of over 7,500 providers. Offering the Island’s only NCQA-accredited health plans, InnovaCare is committed to providing members with quality healthcare by creating sustainable models of managed care that are coordinated, cost-effective, innovative and fully integrated with advanced technologies. For more information, please visit www.innovacarehealth.com.