Coventry Health Care, Inc. was a health insurer in the United States. It had 3.7 million medical members, 1.5 million Medicare Part D members, and 900,000 Medicaid members. In May 2013, the company was acquired by Aetna for $5.7 billion.
History
The company was founded in 1986 in Nashville by Phil Bredesen.[2]
In August 1998, the company merged with Principal Health Care and moved its headquarters to Bethesda, Maryland.[2]
In October 2000, the company acquired WellPath, the managed care subsidiary of Duke University Health System, for $20.7 million.[3]
In October 2010, the company acquired MHP (Mercy Health Plans), an insurer with approximately 180,000 members in Missouri and northwest Arkansas.[4]
In January 2012, the company acquired Children's Mercy's Family Health Partners.[5]
In May 2013, the company was acquired by Aetna for $5.7 billion, who then outsourced all IT work and laid off thousands of key personnel[6][7]
References
- Coventry Health Care, Form 10-K, Annual Report, Filing Date Feb 27, 2013 secdatabase.com^
- Richard Lawson. Mortgage banker moves into old Coventry space American City Business Journals, November 15, 1998^
- Coventry completes WellPath acquisition American City Business Journals, October 2, 2000^
- Jennifer Lubell. Coventry completes Mercy Health Plans deal Modern Healthcare, October 1, 2010^
- Children's Mercy wraps up sale of Medicaid health plan American City Business Journals, January 11, 2012^
- Brianne Pfannenstiel. Aetna completes acquisition of Coventry Health American City Business Journals, May 8, 2013^
- Aetna Completes Acquisition of Coventry Health Care, Inc. Business Wire, May 7, 2013^