July 09, 2007 at 01:13 PM
An East Coast managed care company is expanding in Florida.
Coventry Health Care Inc., Bethesda, Md., says it has agreed to acquire Florida Health Plan Administrators L.L.C., Hollywood, Fla., for $685 million in cash.
Florida Health Plan is the parent of Vista Healthplans, a company that generates about $1.2 billion in annual revenue by providing or administering health coverage for 295,000 individuals. About 186,000 of the members are in group or individual commercial plans, and the rest are in government plans, Coventry says.
Coventry hopes to complete the deal by early 2008.
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