Photo: Jose Luis Pelaez/Getty Images
Froedtert Health and Ascension Wisconsin have signed an agreement that will allow Froedtert to purchase Ascension Wisconsin's interest in Network Health, a provider of customized commercial and Medicare health insurance plans.
Each organization currently has a 50% interest in the Wisconsin-based insurer, which offers plans for employers, individuals and families in 23 Wisconsin counties.
Now, Froedtert will have 100% ownership of Network Health, which Froedtert president and CEO Cathy Jacobson said is consistent with the company's mission to enhance care "by innovation and discovery."
"As a proven health insurance plan that consistently receives top ratings from the Centers for Medicare and Medicaid Services, we're confident this investment will complement our robust population health strategy, allowing us to care for more people at the right place and at the right time," said Jacobson.
Existing Network Health members will not experience any network disruption resulting from the acquisition, the company said. Ascension Wisconsin will extend its provider agreement post-closing to remain in-network for Network Health members.
A closing date will be determined following regulatory review and approval.
THE LARGER TREND
Founded in 1982, Network Health offers customized commercial and Medicare health insurance services to employers, individuals and families in more than 23 counties throughout Wisconsin. It has grown to serve about 117,000 members.
In 2023, Network Health has a 5 out of 5 Star Rating for their Medicare Advantage PPO plans from the Centers for Medicare and Medicaid Services, outperforming the national average of 4 Stars. Every year, Medicare evaluates plans based on a five-star rating system.
Email the writer:听Jeff.Lagasse@himssmedia.com