January 13, 2003 at 07:00 PM
NU Online News Service, Jan. 13, 10:37 a.m. – Physicians Healthcare Plans Inc., Coral Gables, Fla., says it has completed the previously announced sale of its Medicaid, Healthy Kids and Summit health coverage programs to AMERIGROUP Corp., Virginia Beach, Va., a company that specializes in managing health care programs for the poor.
AMERIGROUP paid about $180 million for the plans, Physicians Healthcare says.
Physicians Healthcare says it also has sold its Medicare CarePlus health maintenance organization business to Michael Fernandez, former chairman of Physicians Healthcare, and other Physicians Healthcare shareholders.
The Medicare HMO, which will be renamed CarePlus Health Plans, generates about $400 million a year in revenue and provides coverage for 40,000 Florida residents, Physicians Healthcare says.
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