HealthSpring announced that it has reached an agreement to acquire Medicare Advantage Operator, Bravo Health for $545 million in cash. The deal will add 100,000 Medicare Advantage members to HealthSpring’s 297,000 members and will make HealthSpring the 7th largest Medicare Advantage plan based on membership. In addition, HealthSpring will add Bravo’s 230,000 Part D members.
Bravo has a significant presence in the Philadelphia market and in Texas. In addition, Bravo offers a number of Special Needs plans which allow members, in many cases, to enroll in their plans year round.