Medical Mutual Signs Agreement to Acquire Paramount Health
By Cleveland Business Wire / January 29, 2024
Purchase expected to close by May 1, 2024
CLEVELAND--(BUSINESS WIRE)--
Today, Medical Mutual announced its intent to purchase Paramount Health, a Northwest Ohio-based health insurance company owned by ProMedica. Paramount, which offers Medicare Advantage, Individual ACA, commercial group and short-term insurance plans, is headquartered in Toledo and does business primarily in Ohio and Michigan.
“This acquisition aligns two companies that share a lot more than just being headquartered in Ohio. We share a common vision — to help people live healthier,” said Steve Glass, Medical Mutual’s President and CEO. “Paramount, like Medical Mutual, is renowned for its outstanding local care and excellent service. Having this quality organization join the Medical Mutual family of companies presents a unique opportunity to strengthen our position as a trusted healthcare navigator in Ohio.”
As a wholly owned subsidiary of Medical Mutual, Paramount will continue to offer its high-quality health plans. There will be no immediate change to how current members do business with either company.
Medical Mutual and Paramount are currently working through transition plans. Medical Mutual expects to welcome Paramount employees into its organization when the transaction closes.
“As ProMedica has further sharpened its focus on core health system operations, we embarked on a thoughtful process to transition ownership of our Paramount health insurance business,” said Arturo Polizzi, President and CEO of ProMedica. “We were hopeful we could identify a potential new owner with a similar mission and commitment to community, and we found those qualities in Medical Mutual. The company has a long history of providing various health insurance plans, and we expect that Paramount employees transitioning to Medical Mutual will be well positioned to continue providing exceptional service to members and employers.”
Medical Mutual will continue to deliver its own branded products and services in the Northwest Ohio area that have access to our robust provider networks, which includes the ProMedica health system. All ProMedica primary care providers, specialists, hospitals and outpatient care clinics — already part of many Medical Mutual commercial group networks — are now part of the company’s Medicare Advantage and Individual ACA provider networks.
Pending regulatory approval, the transaction is expected to close by May 1, 2024.
About Medical Mutual of Ohio
Founded in 1934, Medical Mutual is the oldest and one of the largest health insurance companies based in Ohio. We provide peace of mind to more than 1.2 million Ohioans through our high-quality health, life, disability, dental, vision, and accident and critical illness plans. We offer fully insured and self-funded group coverage, including stop loss, as well as Medicare Advantage, Medicare Supplement and Individual and Family plans. Medical Mutual’s status as a mutual company means we are owned by our members, not stockholders, so we don’t answer to Wall Street analysts or pay dividends to investors. Instead, we focus on developing products and services that help people live healthier through all stages of life. For more information, visit the company’s website at MedMutual.com.
About Paramount
Paramount Health Care is a health insurance company located in Toledo, Ohio. Established in 1988, Paramount offers insurance products to individuals and employers across six Midwest states and serves more than 77,000 health plan members and 308,000 dental plan members. It is owned by ProMedica, a Toledo- and mission-based, not-for-profit health and well-being organization. As part of the ProMedica integrated healthcare delivery system, Paramount combines insurance expertise with clinical excellence to provide its members with the highest quality care at the most affordable price. For more information about Paramount, please visit paramounthealthcare.com.