Priority Health, a Michigan-based health plan serving more than 1.3 million members, has announced plans to acquire Physicians Health Plan of Northern Indiana Inc. (PHPNI), a health plan based in Fort Wayne that currently serves more than 52,000 members in Indiana and Ohio.
“We look forward to providing high-quality, affordable coverage to the customers and members of PHPNI. Our focus will remain on whole-person health and an exceptional member experience,” Praveen Thadani, president of Priority Health, said.
“This will also help simplify and enhance the experience for members of both plans who live near the Indiana or Ohio borders.”
Gary Shearer, president and CEO of PHPNI, added, “Joining Priority Health has great potential to offer additional resources and innovation to PHPNI customers and members. We expect this transaction will benefit the communities and businesses we serve.”
Both organizations anticipate the transaction will close by the end of 2024 after required approvals are completed. Priority Health and PHPNI do not expect significant changes to product lines and member coverage as a result of the transaction. Financial proceeds of the transaction will advance the mission of the PHP Foundation, adding to its holdings and enhancing the ability to support the health and wellness needs of unserved and in-need populations in Northern Indiana communities.
Cain Brothers, a division of KeyBanc Capital Markets, is serving as exclusive financial advisor and Faegre Drinker Biddle & Reath LLP is serving as legal counsel to PHPNI in this transaction. Taft Stettinius & Hollister is serving as external legal counsel to Priority Health.
Priority Health offers an extensive portfolio of health benefits options for employer groups and individuals, including Medicare and Medicaid plans.
Established in 1983, Physicians Health Plan of Northern Indiana, Inc. is headquartered in Fort Wayne, Indiana, and is a leading commercial health plan offering employer sponsored benefits and third party administration to more than 52,000 members primarily across Indiana and Ohio.
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