A Medical Device Daily
Humana (Louisville, Kentucky) reported that it has completed its acquisition of CarePlus Health Plans of Florida, as well as its 10 CAC-Florida Medical Centers and PrescribIT Rx pharmacy company in Miami-Dade County.
CarePlus provides Medicare Advantage HMO plans and benefits to roughly 50,000 Medicare eligibles in Miami-Dade, Broward and Palm Beach counties.
As previously disclosed, Humana said it anticipates the acquisition to be immediately accretive to earnings, adding earnings at an annual rate of about 15 to 18 cents per diluted share during the first 12 months, including the impact of integration costs incurred.
Given the Feb. 16 closing date for the transaction, Humana is raising its guidance for 2005 diluted earnings per common share (EPS) by 15 cents to $2.20. Prior EPS guidance was $2.05 and excluded any impact from the CarePlus transaction.
“This is a great day for CarePlus and Humana members as we join two well-known and respected companies to offer a broad choice of Medicare health benefits to the growing South Florida Medicare market,“ said Michael Seltzer, CEO of Humana's Florida senior products. “CarePlus members will be pleased with Humana's commitment to their service. Their 2005 benefits will stay intact as will their relationships with their current physicians and access to the medical facilities in the CarePlus network.“
He also reiterated that patients who utilize the 10 CAC-Florida Medical Centers and the PrescribIT Rx pharmacies would continue to receive exceptional service.
“As we move through 2005, we will be adopting the best practices of both entities while continuing to provide the same level of access to healthcare that members enjoy today,“ Seltzer said.
Humana is one of the nation's largest publicly traded health benefits companies, with about 7 million medical members located primarily in 15 states and Puerto Rico. Humana offers a diversified portfolio of health insurance products and related services — through traditional and consumer-choice plans — to employer groups, government-sponsored plans, and individuals.