In moves designed to solidify its presence in the Florida market, UnitedHealthcare announced earlier this week that it will acquire the operations of two senior-focused health plans in the state, Preferred Care Partners and Medica HealthCare Plans.
In all, the two companies count a total of nearly 100,000 Medicare Advantage and state Medicaid members. UnitedHealthcare will also acquire six South Florida primary care facilities from Miami-based Preferred Care and two medical centers in Hialeah and Coral Gables from Medica. In all, once the separate deals close, UnitedHealthcare will cover more than one-in-four seniors enrolled in Medicare Advantage plans in the state.
"Preferred Care and Medica each combine a strong record of providing quality, affordable healthcare coverage to Floridians with solid relationships with physicians and other healthcare providers," said Gail Boudreaux, CEO of UnitedHealthcare, in a press release announcing the deals. "Joining these strengths with UnitedHealthcare's record of practical health innovation will bring greater healthcare access and value to Floridians and the healthcare community that serves them."
The acquisitions will continue to add to UnitedHealthcare's book of business in Medicare Advantage. At the end of 2011, company documents showed it added more than 170,000 Medicare Advantage members. The company is also aggressively growing its other senior product offerings, adding more than 165,000 new members to its Medicare Supplement business and 325,000 to its Medicare Part D business last year alone.
In total, United Health Group, parent company of UnitedHealthcare, generated $36.1 billion in revenue from its seniors business last year, slightly more than one-third of its total revenue.
Once the acquisitions are completed, the Preferred Care and Medica members will have access to United's statewide healthcare network that includes more than 21,000 physicians and 161 hospitals.