Included in the acquisition are Clear One subsidiaries Central Oregon Individual Health Solutions Inc., Trusteed Plans Service Corp., Clear Choice Properties LLC and Clear One Life and Health LLC.
The purchase advances PacificSource’s strategy to expand government segments such as Medicare and Medicaid, the company said in a prepared release.
PacificSource met requirements of or received regulatory approval from all necessary state and federal agencies, including the Oregon Insurance Division, the Centers for Medicare & Medicaid Services, and the Oregon Division of Medical Assistance Programs. Clear One shareholders approved the acquisition on April 23. Shareholders will receive $26 per share in cash.
“Serving Medicare and Medicaid beneficiaries has been a longtime goal for PacificSource,” said Ken Provencher, president and chief executive officer of PacificSource. “The acquisition of Clear One, with their expertise in government programs, will allow us to be a true community health plan, providing health coverage to people throughout their lives. It will also help us to more effectively collaborate with health care providers to improve the quality of care.”
More than 90 percent of Clear One staff were retained.
Peter McGarry, now vice president of provider network for PacificSource, will serve as acting senior vice president of government programs to oversee the Medicare and Medicaid lines. Provencher replaces Clear One president and CEO Patricia Gibford, who retired May 21.
PacificSource Health Plans is an independent, not-for-profit community health plan based in Eugene, Ore., with local offices throughout Oregon and in Idaho and Montana.