Wauwatosa-based health care provider Froedtert Health announced today that it has reached an agreement to purchase health care provider Ascension Wisconsin’s interest in Menasha-based Network Health, a provider of commercial and Medicare health insurance plans.
Froedtert Health and Ascension Wisconsin each currently own 50% of Network Health.
Founded in 1982, Network Health serves more than 117,000 members.
“The opportunity to acquire 100% ownership of Network Health is consistent with our mission to advance the health of the people of the diverse communities we serve through exceptional care enhanced by innovation and discovery,” said Cathy Jacobson, president and chief executive officer of Froedtert Health. “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.”
Existing Network Health members will not experience any network disruption resulting from the acquisition, Froedtert Health said today.
Ascension Wisconsin will extend its provider agreement post-closing to remain in-network for Network Health members.
A closing date will be determined following regulatory review and approval.
The move by Froedtert Health to acquire sole ownership of Network Health comes as Froedtert is in the process of merging with Neenah-based health care provider ThedaCare. The merger is expected to be complete by the beginning of 2024. Jacobson will initially assume the role of CEO of the combined organization. Dr. Imran Andrabi, ThedaCare president and CEO, will serve as president. After six months, Jacobson will retire. Upon her retirement, Dr. Andrabi will assume the role of president and CEO of the combined organization.