NU Online News Service, Sept. 4, 4:05 p.m. – Coventry Health Care Inc., Bethesda, Md., a large managed care company, says it has completed its previously announced acquisition of Blue Ridge Health Alliance Inc., Charlottesville, Va., more than three weeks ahead of schedule.
Coventry said in July it hoped to acquire Blue Ridge for about $12.5 million in cash by Sept. 30.
Blue Ridge and a subsidiary, QualChoice of Virginia Health Plan Inc., provide health plan administrative services for 40,000 residents of central and southwest Virginia, and major medical coverage for 70,000. The Coventry deal value amounts to $114 per plan member, and $179 per insured major medical member.
Coventry already owned another Virginia health maintenance organization, Southern Health, that provides major medical coverage for 50,000 Virginia residents, before it made the Blue Ridge acquisition.
Completion of the acquisition gives Coventry 160,000 major medical members in southwest and central Virginia, and a total of 1.9 million members in all locations.