WellPoint Health Networks Closes Acquisition of Rush Prudential Health Plans of Illinois
UNICARE Medical Membership in Illinois Doubles
THOUSAND OAKS, Calif.--(BUSINESS WIRE)--March 1, 2000--WellPoint Health Networks Inc. (NYSE:WLP - news), one of the nation's largest publicly traded health care companies, today announced that it has completed its acquisition of Rush Prudential Health Plans of Illinois. The transaction is valued at approximately $200 million.
Based in Chicago, Rush Prudential was co-owned by Rush-Presbyterian-St. Luke's Medical Center, one of Chicago's best known and respected medical facilities, and The Prudential Insurance Company of America.
The acquisition brings together Rush Prudential and WellPoint's existing UNICARE businesses in Illinois. The Rush Prudential companies will now be operated under the UNICARE brand. UNICARE will be able to offer a broad array of products and services in Illinois ranging from traditional PPO products to HMO products.
``WellPoint views the Midwest as a key strategic market for the expansion of health care products under the UNICARE brand,' said Leonard D. Schaeffer, WellPoint chairman and chief executive officer. ``As a result of this acquisition, UNICARE significantly increases its presence in an important strategic market that is vibrant and growing. Most importantly, this transaction supports the cornerstone of our mission -- customer choice. The combination of WellPoint and Rush Prudential products will enable our Company to offer a broader spectrum of high quality products and grow our markets in all of our customer segments.'
With the completion of this transaction, WellPoint more than doubles its current Illinois medical membership to nearly 600,000 members. UNICARE will now have more than 1,700 employees and numerous sales offices and client services centers throughout the state of Illinois.
WellPoint Health Networks Inc. serves the health care needs of 7.3 million medical and nearly 32 million specialty members nationally through Blue Cross of California in California and UNICARE throughout other parts of the country. WellPoint offers a broad spectrum of quality network-based health products including open access PPO, POS and hybrid products, HMO and specialty products. Specialty products include pharmacy benefit management, dental, utilization management, vision, mental health, life and disability insurance, long term care insurance, flexible spending accounts, COBRA administration, and Medicare supplements. |
