Milwaukee-based Froedtert Health has closed on an agreement with Ascension Wisconsin to purchase sole ownership of Network Health, an insurer offering commercial and Medicare plans in 23 Wisconsin counties.
Ascension Wisconsin, part of St. Louis-based Ascension, sold its 50% stake in Network Health to Froedtert, effective Nov. 1. Froedtert now has full ownership of the health plan, a spokesperson for the health system confirmed to Becker's.
Ascension Wisconsin extended its provider agreement post-closing to remain in-network for Network Health members.
"As a proven health insurance plan that consistently receives top ratings from the Centers for Medicare and Medicaid Services, we're confident this investment will complement our robust population health strategy, allowing us to care for more people at the right place and at the right time," Froedtert President and CEO Cathy Jacobson said.
Financial terms of the transaction were not disclosed.
"We have been exploring new options to best serve our communities as we adapt to the rapidly changing healthcare environment," an Ascension spokesperson said in a statement to Becker's. "After thorough due diligence and discernment, Ascension Wisconsin and Froedtert Health have reached an agreement that will allow Froedtert Health to purchase Ascension Wisconsin’s interest in the current Network Health joint venture."