Humana’s Medicaid Membership to Grow with iCare Acquisition in Wisconsin
Humana Inc. (NYSE: HUM) is set to acquire the remaining 50% stake in Wisconsin health care company iCare from its co-owner Centers for Independence, Inc. The joint venture, established in 1994, currently serves 44,000 members through Medicaid and Medicare programs. This acquisition will enhance Humana's Medicaid membership to over 730,000 across four states. With this move, Humana aims to deepen its community presence in Wisconsin and leverage its capabilities to better serve Medicaid recipients. Financial terms of the transaction have not been disclosed.
- Acquisition will increase Humana's Medicaid membership to over 730,000 members across four states.
- Allows Humana to expand its offerings in Wisconsin's Medicaid and Medicare markets.
- Strengthens Humana's commitment to community service and healthcare improvements.
- None.
LOUISVILLE, Ky.--(BUSINESS WIRE)--Leading health and well-being company Humana Inc. (NYSE: HUM) – a 50 percent owner of Wisconsin health care company iCare – announced today that it will acquire the remaining 50 percent of iCare from the company’s co-owner, Centers for Independence, Inc. (CFI). The joint venture dates back to 1994 and serves members in Wisconsin through Medicaid and Medicare offerings.
iCare currently serves 44,000 members through Wisconsin’s Medicaid SSI program, BadgerCare program, and Medicare D-SNP plans for people who are eligible for both Medicare and Medicaid.
“As Humana continues its work to expand its Medicaid business, we are excited to fully participate in Wisconsin Medicaid and leverage our innovation, strong capabilities and deep Wisconsin employment base to better support Medicaid recipients across the state,” said John Barger, Senior Vice President and President of Humana’s Medicaid Business, Humana Healthy Horizons. “Given our successful joint venture with CFI, Humana’s long-standing commitment to Wisconsin – including coverage offerings across Medicare, Medicaid and Commercial product lines – we look forward to serving more beneficiaries and deepening our community presence through this transaction.”
With its entry into the Wisconsin Medicaid program, Humana will also be able to offer Medicare D-SNP plans in the state.
The acquisition will increase Humana’s overall Medicaid membership to more than 730,000 Medicaid members across four states – Florida, Illinois, Kentucky and Wisconsin.
“All of us at iCare are proud of the way we treat our members, and for the outstanding service we provide,” said Tom Lutzow, President and CEO of iCare. “It means a great deal to us that Humana recognizes the commitment that our 370+ employees bring to our members every day. We look forward to being a part of Humana’s efforts to serve communities and help people achieve their best health.”
The closing of the transaction is subject to customary state regulatory filings as well as other customary closing conditions. Financial terms of the transaction were not disclosed.
About Humana
Humana Inc. (NYSE: HUM) is committed to helping our millions of medical and specialty members achieve their best health. Our successful history in care delivery and health plan administration is helping us create a new kind of integrated care with the power to improve health and well-being and lower costs. Our efforts are leading to a better quality of life for people with Medicare, families, individuals, military service personnel, and communities at large.
To accomplish that, we support physicians and other health care professionals as they work to deliver the right care in the right place for their patients, our members. Our range of clinical capabilities, resources and tools – such as in-home care, behavioral health, pharmacy services, data analytics and wellness solutions – combine to produce a simplified experience that makes health care easier to navigate and more effective.
More information regarding Humana is available to investors via the Investor Relations page of the company’s web site at www.humana.com, including copies of:
- Annual reports to stockholders
- Securities and Exchange Commission filings
- Most recent investor conference presentations
- Quarterly earnings news releases and conference calls
- Calendar of events
- Corporate Governance information
