NU Online News Service, March 10, 2004, 2:06 p.m. EST – Universal American Financial Corp., Rye Brook, N.Y., is bullish on the Medicare managed care market.[@@]
The senior services company says it has agreed to pay $98 million in cash for Heritage Health Systems Inc., Houston, a privately held company that runs Medicare managed care plans in Houston and Beaumont.
Universal American says it will pay for the deal by using $34 million in cash on hand and drawing $64 million from a credit facility provided by a unit of Bank of America Corp., Charlotte, N.C.
Universal American hopes to complete the deal by June 30.