Coventry Health Care

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Coventry Health Care
TypeDefunct
IndustryHealth insurance
Founded1986; 36 years ago (1986)
DefunctMay 7, 2013 (2013-05-07)
FateAcquired by Aetna
HeadquartersNorth Bethesda, Maryland (Bethesda mailing address)
Key people
Allen Wise (CEO)
RevenueIncrease US$ 14.113 billion (2012)
Decrease US$ 759.69 million (2012)
Decrease US$ 487.06 million (2012)
Total assetsDecrease US$ 8.750 billion (2012)
Total equityIncrease US$ 4.722 billion (2012)
Number of employees
14,400 (January 2013)
Footnotes / references
[1]

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.[2] In May 2013, the company was acquired by Aetna for $5.7 billion.

History[edit]

The company was founded in 1986 in Nashville by Phil Bredesen.[3]

In August 1998, the company merged with Principal Health Care and moved its headquarters to Bethesda, Maryland.[3]

In October 2000, the company acquired WellPath, the managed care subsidiary of Duke University Health System, for $20.7 million.[4]

In October 2010, the company acquired MHP (Mercy Health Plans), an insurer with approximately 180,000 members in Missouri and northwest Arkansas.[5]

In January 2012, the company acquired Children's Mercy's Family Health Partners.[6]

In May 2013, the company was acquired by Aetna for $5.7 billion.[2][7]

References[edit]

  1. ^ "Coventry Health Care, Form 10-K, Annual Report, Filing Date Feb 27, 2013" (PDF). secdatabase.com.
  2. ^ a b Pfannenstiel, Brianne (May 8, 2013). "Aetna completes acquisition of Coventry Health". American City Business Journals.
  3. ^ a b Lawson, Richard (November 15, 1998). "Mortgage banker moves into old Coventry space". American City Business Journals.
  4. ^ "Coventry completes WellPath acquisition". American City Business Journals. October 2, 2000.
  5. ^ Lubell, Jennifer (October 1, 2010). "Coventry completes Mercy Health Plans deal". Modern Healthcare.
  6. ^ "Children's Mercy wraps up sale of Medicaid health plan". American City Business Journals. January 11, 2012.
  7. ^ "Aetna Completes Acquisition of Coventry Health Care, Inc" (Press release). Business Wire. May 7, 2013.