UnitedHealth To Expand in FL Via Two Acquisitions
Insurance giant UnitedHealthcare, a subsidiary of Minnetonka-based UnitedHealth Group, announced Tuesday that it has agreed to buy two Florida companies-Miami-based Preferred Care Partners and Coral Gables-based Medica HealthCare Plans.
The acquisitions will comprise two separate transactions, which UnitedHealthcare expects to complete later this year. The company did not disclose the terms of either of the deals.
Both companies being acquired offer senior-focused health plans and primarily serve members in south and central Florida.
Preferred Care serves approximately 50,000 Medicare Advantage members and 5,000 Medicaid beneficiaries in south Florida, central Florida, and the Tampa area. The company also has six primary care centers in the state.
Medica HealthCare Plans, meanwhile, serves approximately 35,000 Medicare Advantage members and 7,200 Medicaid beneficiaries in Miami-Dade and Broward counties and has two medical centers in Coral Gables and Hialeah.
UnitedHealthcare, which already has a presence in Florida, said that the acquisitions will enhance its offerings in the state.
“Preferred Care and Medica each combine a strong record of providing quality, affordable health care coverage to Floridians with solid relationships with physicians and other health care providers,” UnitedHealthcare CEO Gail Boudreaux said in a statement. “Joining these strengths with UnitedHealthcare's record of practical health innovation will bring greater health care access and value to Floridians and the health care community that serves them.”
Minnetonka-based UnitedHealth Group is Minnesota's largest public company based on its revenue, which totaled $101.9 billion in 2011. With 12,000 employees in the state, it's also among Minnesota's 15-largest employers. The company currently employs more than 5,000 people in Florida.