Medical Mutual Acquires Toledo Firm for Ohio Expansion
TL/DR –
Medical Mutual has agreed to acquire Toledo-based health insurance firm Paramount Health Care, with the deal set to close by 1 May, subject to regulatory approval. Paramount, owned by non-profit ProMedica, offers a variety of insurance plans and serves more than 385,000 health and dental plan members. Medical Mutual is a larger provider, covering more than 1.2 million Ohioans, and the acquisition will not initially affect customers of either firm.
Medical Mutual Set to Acquire Paramount Health Care
Medical Mutual has agreed to acquire Toledo-based health insurance company Paramount Health Care, renowned for operating mainly in Ohio and Michigan. The completion of this transaction, however, depends on regulatory approval and is earmarked to finalize by May 1.
Paramount, owned by non-profit ProMedica, provides a variety of health plans such as Medicare Advantage, individual plans under the Affordable Care Act, and short-term insurance, serving over 77,000 health plan members and 308,000 dental plan members.
Medical Mutual, Ohio’s oldest and one of the largest health insurance companies, offers health coverage to over 1.2 million Ohioans.
Steve Glass, Medical Mutual’s CEO, expressed excitement about the opportunity to align the two Ohio-based companies, citing their shared vision – promoting healthier living. Glass noted the excellent local care and service offered by Paramount and the unique opportunity presented by the acquisition to strengthen Medical Mutual’s position in Ohio.
ProMedica decided to sell Paramount to concentrate on its main health operations, said Arturo Polizzi, ProMedica’s CEO. Polizzi was optimistic about finding a new owner with a similar mission, and he saw this in Medical Mutual, which has a long history of supplying varied health insurance plans.
Medical Mutual plans to integrate Paramount employees into its organization post-transaction. The new ownership is not expected to affect customers of either company immediately. Paramount, as a wholly owned subsidiary of Medical Mutual, intends to continue offering its current health plans.
Moreover, Medical Mutual will continue providing its branded products and services in Northwest Ohio, including access to robust provider networks, encompassing the ProMedica health system. ProMedica primary care providers, specialists, hospitals, and outpatient care clinics are now included in Medical Mutual’s Medicare Advantage and Individual ACA provider networks.
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