Harris Williams & Co. advises Carolina Crescent Health Plan, Inc. in its pending sale to Absolute Total Care, Inc.
Harris Williams & Co. announces that Carolina Crescent Health Plan, Inc. (CCHP) has signed a definitive agreement to be acquired by strategic buyer Absolute Total Care, Inc. (ATC), a subsidiary of Centene Corporation (Centene, NYSE:CNC). CCHP is a controlled affiliate of University Health Services, Inc. (UHS), a component of Virginia Commonwealth University Health System Authority (VCU Health System). Harris Williams is acting as the exclusive advisor to CCHP. The transaction, expected to close by the third quarter of 2010, is being led by Turner Bredrup, James Clark and Geoff Smith from the firm's Healthcare & Life Sciences (HCLS) Group.
"CCHP has a strong reputation as a high quality Medicaid health plan in South Carolina," said James Clark, a director in Harris Williams & Co's HCLS group. It's 40,000 plus members and statewide provider network will significantly expand Centene's footprint in South Carolina."
CCHP, a 501c3 Nonprofit Medicaid Managed Care Organization, was formed for the sole purpose of effectively coordinating and improving the health care of Medicaid enrolled persons in South Carolina. The organization provides quality care to its members through medical management and health education programs.
Centene is a leading multi-line healthcare enterprise that provides programs and related services to individuals receiving benefits under Medicaid, including the State Children's Health Insurance Program (SCHIP), as well as Aged, Blind, or Disabled (ABD), Foster Care, Long-Term Care and Medicare (Special Needs Plans). The company operates local health plans and offers a range of health insurance solutions to individuals and the rising number of uninsured Americans. Centene also contracts with other healthcare and commercial organizations to provide specialty services including behavioral health, life and health management, managed vision, nurse triage, pharmacy benefits management and treatment compliance. ATC is Centene's Medicaid health plan in South Carolina.