PacificSource Health Plans to acquire Clear One Health Plans, Inc.

12/30/2009 10:45:51 PM

As a valued business partner, we wanted to share some important information with you. Clear One Health Plans is pleased to announce that it has entered into a definitive merger agreement to be acquired by PacificSource Health Plans. PacificSource Health Plans is a not-for-profit health plan based in Springfield, Oregon that has been serving members in the Northwest for over 76 years. The merger would bring together two strong, local companies, committed to providing affordable, quality health care to even more people in the communities we serve throughout the Northwest.

 

What is the anticipated date of the merger?

The agreement was signed on December 29, 2009 and is now pending approval from the Oregon Insurance Division, the Centers for Medicare & Medicaid Services (CMS), the Division of Medical Assistance Programs (DMAP), and then will be subject to approval by Clear One shareholders. At close, Clear One Health Plans will become a wholly owned subsidiary of PacificSource. Assuming approval of all of the above, the transaction is anticipated to close in the 2nd quarter of 2010.

 

What will happen between now and the anticipated merger in 2nd quarter 2010?

·         The merger will not be final until all approvals are received and closing has taken place, most likely in the 2nd quarter of 2010.

·         Clear One Health Plans will remain an independent corporation and operations will continue to be separate from PacificSource.

·         Your current contract and reimbursements will remain the same.

·         Members’ benefits and premium will remain the same.

·         Our sales teams will continue to sell Clear One products throughout our service areas.

·         Our Provider Relations teams will continue with network development, credentialing coordination, maintenance, and will have ongoing communications. Please feel free to give us a call. We are here to help.

·         We will continue to be proactive in sharing information about changes as we move through this process.

 

Both Clear One Health Plans and PacificSource value our members and the communities we serve. Be assured that serving you remains our top priority and we continue to be committed to providing our members peace of mind and confidence in their health care coverage.

 

We look forward to continuing to partner with you. Thank you for your continued business and support. Please feel free to contact any member of the Executive Team if you have questions or would like to discuss this further.

Sincerely,



 
Patricia J. Gibford                                  Ruth A. Rogers Bauman 
President & Chief Executive Officer           Executive Vice President, Corporate Analytics &

Clear One Health Plans                            Government Programs

541.330-8114                                       Clear One Health Plans

                                                          541.330-7312


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