Anthem completes acquisition of Puerto Rico-based Medicare Advantage, Medicaid plans

Anthem headquarters
Anthem has completed its acquisition of MMM Holdings and its affiliates. (Anthem)

Anthem has completed its acquisition of MMM Holdings and its affiliates, which offer Medicare Advantage and Medicaid plans based in Puerto Rico.

The insurer first announced that it intended to buy the plans from InnovaCare Health in February. New York-based InnovaCare is an integrated, value-based payer and provider.

The acquisition will add 275,000 Medicare Advantage members and 314,000 Medicaid members to Anthem's rolls. MMM is the ninth-largest MA plan in the country and Puerto Rico's second-largest Medicaid insurer. It holds the only 4.5 star MA contract from the Centers for Medicare & Medicaid Services in Puerto Rico.

In addition, MMM's network includes more than 10,000 providers across Puerto Rico.

RELATED: CVS, Anthem, Intermountain form coalition to push for regulatory changes for home dialysis

“We’re pleased to complete the acquisition of MMM and work with our new colleagues to serve Medicare and Medicaid-eligible individuals and consumers in Puerto Rico," said Anthem CEO Gail Boudreaux in a statement.

"With our vision to be an innovative, valuable and inclusive healthcare partner we remain committed to enhancing their healthcare experience by providing services that drive greater value and meet their diverse needs,” Boudreaux said.

Financial terms of the deal were not disclosed, and Anthem maintained its earnings outlook for 2021 following the acqusition's announcement.

“We are pleased to officially bring MMM into the Anthem family because we share a commitment to being a lifetime partner in health to the people we serve,” said Felicia Norwood, executive vice president and president of Anthem's Government Business Division, in a statement. “Our whole-person approach to health, which includes addressing the social drivers of health, gives Medicare and Medicaid-eligible individuals access to the services and care they need to improve their health and wellbeing.”