Delivery alert

There may be an issue with the delivery of your newspaper. This alert will expire at NaN. Click here for more info.

Recover password

True Health NM to be sold for $22M

Dr. Mark Epstein

ALBUQUERQUE, N.M. — True Health New Mexico has been acquired by a Minnesota-based company pending regulatory approval, officials announced in a news release this week.

True Health parent company Evolent Health has agreed to sell the firm to Minneapolis-based Bright Health Management Inc. for $22 million, plus “excess above capital reserves,” said True Health president and CEO Mark Epstein.

True Health members, providers and brokers should not notice any difference day-to-day – the company’s medical management services and plan products will stay the same, as will ID cards, he said. Evolent will continue to provide “back-office” administrative services and clinical program support, and True Health’s branding will not change. The company will maintain its Albuquerque headquarters, its leadership team will stay in place, and no layoffs are expected among True Health’s 65 or so staff members.

“All the operational aspects that our key stakeholders experience will stay the same,” Epstein said. “… Basically what is going to change is we have a new investor owner who through 2021 and beyond will continue to invest in New Mexico and True Health New Mexico to help us grow our services and our platform. … What people will notice over time is growing offerings and opportunities.”

True Health New Mexico, which was founded about three years ago, has roughly 34,000 members after the latest open enrollment period. The company doesn’t offer Medicaid programs, but serves about a quarter of New Mexicans who use have individual insurance through healthcare.gov, and significant portions of the small group and large group insurance markets as well, according to Epstein.

The deal is still subject to approval by the New Mexico Office of Superintendent of Insurance.

Epstein said Friday the company is “on track to get them all the right forms,” and he doesn’t see any obstacles. He said he expects the deal to close in the first half of 2021 – or ideally in the first quarter.

 

Subscribe now! Albuquerque Journal limited-time offer

Albuquerque Journal seeks stories of our community's pandemic loss

If you’ve lost a loved one to COVID-19 and would like for the person to be included in an online memorial the Journal plans to publish, please email a high-resolution photo and a sentence about the person to Please email yourstory@abqjournal.com
Please include your contact information so we can verify, and your loved one’s name, age, community where they lived and something you want our readers to know about them.

TOP |