Anthem Blue Cross and Blue Shield in Ohio to Acquire Medicaid Contract from Paramount Advantage
Street Insider/December 22, 2021
COLUMBUS, Ohio--(BUSINESS WIRE)-- Anthem Blue Cross and Blue Shield in Ohio today announced that the company has entered into an agreement to acquire the contract held by Paramount Advantage that currently serves 256,000 Ohio Medicaid enrollees. The transaction is expected to close before the anticipated July 1, 2022, implementation date of Ohio’s new Medicaid managed care program, in which Anthem was recently awarded a statewide contract to serve Medicaid beneficiaries across all populations as a new entrant to the program.
Paramount Advantage’s contract with the Ohio Department of Medicaid runs through June 30, 2022, and provides healthcare services to eligible recipients for Aged, Blind, or Disabled and Covered Families and Children, including Healthy Start and Healthy Families and Adult Expansion, Medicaid benefits. Upon closing the transaction, Anthem Blue Cross and Blue Shield will begin administering benefits for these members in coordination with Paramount Advantage during a transitional period. Beginning July 1, 2022, Anthem will provide all aspects of operations related to the new Ohio Medicaid managed care program, including for current members of Paramount who remain with their current plan, in addition to any members assigned to Anthem as a result of its entry into the Ohio Medicaid managed care program, and other beneficiaries who elect to enroll with Anthem.
“Anthem has served the whole-health needs of Ohioans for more than 81 years and we look forward to expanding access to comprehensive, high-quality healthcare services for more Medicaid-eligible individuals,” said Greg LaManna, Anthem Blue Cross and Blue Shield’s Medicaid President in Ohio. “This transaction expands our commitment to further the Next Generation of Ohio Medicaid Managed Care in advance of the new Medicaid contract.”
“Anthem Blue Cross and Blue Shield shares Paramount’s commitment of investing in Ohio communities, improving lives and well-being and focusing on care for the whole person,” said Lori A. Johnston, president of Paramount Health Care. “Paramount has been honored to serve our Medicaid members over the years. We believe that out of the managed care organizations chosen for the new Ohio Medicaid contract, Anthem is best suited to continue providing access to the high-quality healthcare and support services that our members have come to expect. The transaction provides a seamless transition for our members and we will continue working with Anthem during the transition period to achieve that goal.”
Anthem Blue Cross and Blue Shield will purchase Paramount Advantage’s rights and obligations in respect to its contract with the Ohio Department of Medicaid. The transaction is subject to approval by the Ohio Department of Medicaid (ODM) and filings with certain federal and state agencies. Financial terms of the transaction were not disclosed.
About Anthem Blue Cross and Blue Shield
Anthem Blue Cross and Blue Shield is the trade name of Community Insurance Company, an independent licensee of the Blue Cross Blue Shield Association. ANTHEM is a registered trademark of Anthem Insurance Companies, Inc. The Blue Cross and Blue Shield names and symbols are registered marks of the Blue Cross and Blue Shield Association. Additional information about Anthem Blue Cross and Blue Shield in Ohio is available at www.anthem.com. Also, follow us on Twitter at www.twitter.com/anthemBCBS and on Facebook at www.facebook.com/AnthemBlueCrossBlueShield.
About Paramount Health Care
Paramount Health Care, a provider-sponsored health plan headquartered in Northwest Ohio, was established in 1988. Today, it has more than 630,000 members. It provides Medicare Advantage, Medicaid managed care and Marketplace Exchange health plans for individuals and families. It also offers insurance products, including medical, dental and worker’s compensation, for employers. Paramount is backed by the clinical expertise of ProMedica – a national, not-for-profit health and well-being organization serving communities in 28 states. For more information about Paramount, please visit www.paramounthealthcare.com.