Premera Blue Cross’s acquisition of Soundpath Health’s Medicare Advantage contract
September 1, 2018
Premera Blue Cross (“Premera”) is acquiring the Medicare Advantage contract of Soundpath Health (“Soundpath”), which offers health care benefits to more than 22,000 members in Washington State. Soundpath is a subsidiary of Catholic Health Initiatives.
Cain Brothers is serving as the exclusive financial advisor to Premera and is assisting in structuring and negotiating the transaction.
Premera, a not-for-profit, independent licensee of the Blue Cross Blue Shield Association based in Mountlake Terrace, Washington, is a leading health plan in the Pacific Northwest, providing comprehensive health benefits and tailored services to approximately 2 million people, from individuals to Fortune 100 companies. The addition of Soundpath’s enrollment grows Premera’s Medicare Advantage business in Washington State and provides Soundpath’s members access to Premera’s broad Medicare Advantage network of doctors and hospitals. The transaction is expected to be effective January 1, 2019 and is contingent on approval from the Centers for Medicare and Medicaid Services.