Thursday, December 06, 2018
Connected Care Health Services, Inc. ("Connected Care") and its holding company affiliate, MacArthur Court Acquisition Corp., today completed the acquisition of Golden State Medicare Health Plan ("Golden State") from Tenet Healthcare Corporation. Golden State Health Plan serves approximately 9,800 Medicare Advantage members across six counties in California, including Los Angeles, Orange, Riverside, Contra Costa, Stanislaus and San Luis Obispo Counties. Connected Care comprises a family of companies that deliver high value, technology-enabled healthcare products and services to health plans, hospitals, independent practice associations and medical groups.
Dr. Sanjay Patil, Chairman of Connected Care, will serve as the CEO of Golden State. The executive leadership team also includes Jim Boyle, Chief Operating Officer, who most recently served as vice president for information services, business intelligence & transformative technologies at St. Joseph Heritage Healthcare, a division of Providence St. Joseph Health. Ash Damle also joins Golden State as its Chief Strategy Officer, having founded, invested, and advised multiple healthcare and artificial intelligence companies. Holly Brenier, a founding employee of Golden State, will continue in her role as Chief Financial Officer and provide continuity with state and federal regulators. Golden State will be relocating from its current location in Seal Beach, Calif., to new offices in Newport Beach, Calif.
"Golden State provides a unique opportunity to drive growth and innovation at an established Medicare Advantage health plan that has existing licensed service areas in the highest age-in and enrollment growth counties in California," said Dr. Patil. "Our physician-led, data-first, member-centric approach, which combines advanced analytics, artificial intelligence, genomics, and other innovative technology will help us to provide high quality, scalable, and affordable care. Our relationships with physicians focus on incentives for quality and clinical outcomes, as equal partners, and will act as the foundation for driving future growth."
"This acquisition is an opportunity for us to build an ecosystem whose incentives are aligned with the health of our Medicare Advantage health plan members," said Ash Damle. "With a unique approach to technology and operations, I believe Connected Care will serve as a blueprint that modern health plans will someday want to emulate."
Advisors and consultants to Connected Care on the acquisition of Golden State included Crowell & Moring (legal and regulatory), Pricewaterhouse Coopers-PwC (actuarial, diligence, tax) and Mazars USA LLP (regulatory and market planning).