Although final details of a contract remain pending, CoxHealth Network has signed a letter of agreement with Coventry Health Care giving an estimated 23,000 people with Coventry Health Care and First Health insurance plans access to the network’s services in 2008. Coventry constituents will also benefit from joining us. We have more than 160 years of experience, a strong financial position and a well-recognized brand. At Aetna, we keep the people who use and rely on our services at the center of everything we do. Together with Coventry, we will build upon each other’s strengths to deliver higher quality, more affordable health plans and services. These plans and services will benefit a wider group of members across the U.S. and overseas.
This will have a positive impact on employers, health plans, government agencies and other organizations. For the time being, we will continue to provide current Aetna and Coventry products and services as you know them, without any changes. Aetna and Coventry share a commitment to creating mutually beneficial relationships with providers. And, we share your goal of arranging for the delivery of the highest quality care to our members. Keep working with Aetna and Coventry and servicing all of our members as you always have. We look forward to working with our colleagues from Coventry and building strong relationships.
The combination with Coventry enabled Aetna to expand its core health insurance business, increase its presence in the fast-growing Government sector and enhance relationships with health providers in local geographies. Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 37 million people at the time of announcement. Greenhill acted as sole financial advisor to Coventry throughout the transaction process.
Coventry was a diversified managed health care company that offered a full portfolio of risk and fee-based products, including Medicare Advantage and Medicare Part D programs, Medicaid managed care plans, group and individual health insurance, coverage for specialty services such as workers’ compensation, and network rental services. The Coventry health plan selection is impressive, though, and it includes the option of health savings account plans.
Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities, Medicaid health care management services and health information technology services. Ultimately, Greenhill provided the Coventry Board of Directors with a fairness opinion on the consideration received by Coventry shareholders in the transaction. The company has a large assortment of low-cost health insurance that could suit people in many demographics.