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Novant plans investment in Cone's Medicare Advantage plan

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Moses H. Cone Memorial Hospital

A major stock-market slump during the first quarter contributed significantly to a 74.3% drop in excess revenue to $26.66 million for Cone Health in its latest quarterly report.

Cone Health and Novant Health Inc. said Wednesday that have signed a letter of intent in which Novant has agreed to make an investment in a Medicare Advantage plan owned by Cone.

The not-for-profit healthcare systems said they are in the due diligence stage. The deal is subject to the customary regulatory reviews.

Care N’ Care Insurance Co. of North Carolina Inc., doing business as HealthTeam Advantage, is a wholly owned subsidiary of Cone, incorporated in 2015.

HealthTeam Advantage currently provides coverage for more than 15,000 Medicare beneficiaries in seven North Carolina counties: Alamance, Davidson, Davie, Forsyth, Guilford, Randolph and Rockingham.

“Cone Health maintains majority ownership, and this investment of capital will allow HTA to expand into more markets,” Dr. Mary Jo Cagle, Cone's chief executive, said in a statement.

HTA offers all the benefits of original Medicare, plus extra benefits, such as dental, vision, hearing and fitness along with Medicare Part D prescription coverage. In addition, members are assigned a personal health care concierge to call for answers to plan questions and options for care. 




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