Evolent Health Expands Partnership with Passport Health Plan to Support Medicaid Beneficiaries in the Commonwealth of Kentucky
Per the terms of the agreement, Evolent will acquire an ownership interest in Passport Health Plan and will expand the scope and term of its long-term Management Services Agreement with the health plan. Passport will be jointly owned and operated in partnership between Evolent, The
Passport is a
"We strongly believe in Passport's mission and have been proud to partner with Passport's leadership team to serve the
"The
"For the past 20 years, Passport has been proud to work with the Commonwealth, our provider partners and other valued supporters to deliver a quality health plan that promotes our members' best interests and health outcomes," said Passport Health Plan Chief Executive Officer
Transaction Details
- Per the terms of the agreement, Evolent will contribute
$70 million for a 70 percent ownership interest in Passport Health Plan and will also provide interim balance sheet support if necessary to meet near-term regulatory capital requirements.Evolent Health expects to account for its ownership interest in the joint venture as an equity method investment. - Passport will be jointly owned and operated through a partnership between Evolent, The
University of Louisville ,University of Louisville Physicians ,University Medical Center ,Jewish Heritage Fund for Excellence ,Norton Healthcare and theLouisville/Jefferson County Primary Care Association . The plan will be governed by a newly formed board of directors upon closing with joint representation from the current owners andEvolent Health . - As part of the transaction, Evolent will expand its existing Management Services Agreement (MSA) with Passport, taking on additional responsibilities for day-to-day management of the health plan including administrative, clinical and financial operations and oversight. Evolent will also enhance its clinical scope with additional clinical program support, network optimization and specialty care management, specifically in oncology and cardiovascular services. The amended MSA will have a 10-year term.
- The agreement is subject to normal closing conditions including approval from several state and federal regulatory agencies.
Advisors
Conference Call and Webcast Details
Evolent will hold a conference call to discuss details of the transaction today,
Forward Looking Statements: Cautionary Language
Certain statements made in this release contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the "PSLRA"), including, but not limited to, statements regarding the pending expanded partnership with Passport Health Plan and pending expanded management services agreement.
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Contacts:
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415.505.8152 Evolent Media Relations |
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