Aetna spends $535M to buy Medicaid firm

Beefing up its Medicaid managed care offerings, Aetna has acquired Phoenix, AZ-based Medicaid management firm Schaller Anderson for $535 million. Schaller Anderson serves more than 1.3 million beneficiaries and manages more than $3 billion in benefits. It has about 1,800 employees in nine states. The company was started by Joseph Anderson and Dr. Don Schaller, who founded the company more than 20 years ago after helping to create Arizona's Medicaid program. The buy follows a previous deal under which the two firms jointly bid on a contract to serve state of Delaware employees.

To find out more about the deal:
- read this piece in The Business Journal of Portland