Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Long-Term Care Planning

Universal American Completes Texas Medicare Deal

Your article was successfully shared with the contacts you provided.

NU Online News Service, June 1, 2004, 10:43 a.m. EDT – Universal American Financial Corp. has entered the Texas Medicare managed care market.[@@]

The Rye Brook, N.Y., senior insurance and long term care services company has completed previously announced plans to acquire Heritage Health Systems Inc., Houston, for $98 million.[@@]

Heritage Health was founded in 1995 and now generates about $130 million in annual revenue by administering Medicare managed care coverage for 16,000 residents of Texas.

Universal American paid for the deal by spending $33 million of its own cash and $65 million in cash drawn from a credit facility provided by a unit of Bank of America Corp., Charlotte, N.C.

Universal American also has announced efforts to enter the Medicare managed care markets in New York and Pennsylvania.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.