BCBSNHBlue Cross and Blue Shield of New Hampshire
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BCBSNH will retire its outstanding obligations and commitments and place the remaining proceeds -- estimated to be between $70 and $80 million -- into the independent charitable foundation.
BCBSNH is the Blue Cross Blue Shield licensee for New Hampshire.
The first BCBSNH custom disease management application for congestive heart failure was brought online July 9, 1999.
BCBSNH and MTHP cover 362,000 New Hampshire residents.
Lytle called BCBSNH "a leading health care company distinguished by high marks for member satisfaction and a commitment to helping its members achieve high levels of health.
Hart, chair of the BCBSNH board of directors, said the transaction met five key criteria set by the company as it pursued acquisition discussions with other health plans:
Assuring that BCBSNH would have access to sufficient financial resources
Protecting the employees of BCBSNH and MTHP and maintaining the job base
Securing the charitable value of BCBSNH and MTHP for the benefit of New
BCBSNH President and CEO David Jensen said the affiliation met those criteria, and addressed two critical needs.
First, we have associated our company with one of the strongest Blue Cross Blue Shield organizations in the country, an organization committed to strengthening and adding value to the Blue Cross and Blue Shield brand in the Midwest and the Northeast, as well as to enhancing the corporate strength of BCBSNH.
Second, by creating the new charitable foundation, we have assured that the charitable value of BCBSNH can be captured by New Hampshire residents in perpetuity.