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Coventry Health Care
From Wikipedia - Reading time: 5 min
 | |
| Company type | Defunct |
|---|---|
| Industry | Health insurance |
| Founded | 1986 |
| Defunct | May 7, 2013 |
| Fate | Acquired by Aetna |
| Headquarters | North Bethesda, Maryland (Bethesda mailing address) |
Key people | Allen Wise (CEO) |
| Revenue |  US$ 14.113 billion (2012) |
 US$ 759.69 million (2012) | |
| US$ 487.06 million (2012) | |
| Total assets | US$ 8.750 billion (2012) |
| Total equity | 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, who then outsourced all IT work and laid off thousands of key personnel[2][7]
References
[edit]- ^ "Coventry Health Care, Form 10-K, Annual Report, Filing Date Feb 27, 2013" (PDF). secdatabase.com.
- ^ a b Pfannenstiel, Brianne (May 8, 2013). "Aetna completes acquisition of Coventry Health". American City Business Journals.
- ^ a b Lawson, Richard (November 15, 1998). "Mortgage banker moves into old Coventry space". American City Business Journals.
- ^ "Coventry completes WellPath acquisition". American City Business Journals. October 2, 2000.
- ^ Lubell, Jennifer (October 1, 2010). "Coventry completes Mercy Health Plans deal". Modern Healthcare.
- ^ "Children's Mercy wraps up sale of Medicaid health plan". American City Business Journals. January 11, 2012.
- ^ "Aetna Completes Acquisition of Coventry Health Care, Inc" (Press release). Business Wire. May 7, 2013.
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