GuideWell Mutual Holding Corporation (GuideWell), a health solutions company and parent of Blue Cross and Blue Shield of Florida, Inc. (Florida Blue), and Triple-S Management Corporation (Triple-S), a leading health care services company in Puerto Rico, announced they will combine to transform the health care experience for their members in Florida and Puerto Rico.
GuideWell is a not-for-profit mutual holding company and the parent to a family of forward-thinking companies, including Florida Blue, that are focused on transforming health care. In total, GuideWell companies serve more than 45 million people in 45 states. Florida Blue serves more than 5 million members across all 67 counties in the state.
Triple-S is the premier insurance and managed care brand, serving more than 1 million consumers in Puerto Rico, with a strong position in Medicare Advantage, a leading position in Puerto Rico Medicaid and commercial segments, and solid foundations in its Life and P&C segments.
Triple-S has the exclusive right to use the Blue Cross Blue Shield name and mark throughout Puerto Rico, the U.S. Virgin Islands, Costa Rica, the British Virgin Islands and Anguilla, and offers a broad portfolio of managed care and related products in the Commercial, Medicare Advantage and Medicaid markets. The transaction:
- Builds on deep local expertise to address the unique needs of Florida Blue’sand Triple-S Management’s diverse customers, driving improved health outcomes, affordability, access and health equity.
- Accelerates GuideWell’s and Triple-S Management’s diversification and growth.
- Addresses affordability and enables increased investment.
- Drives immediate accretion and propels long-term growth through scale advantages.
Florida Blue operates under the umbrella of GuideWell Mutual Holding company. Over the last decade, GuideWell built capabilities in consumer navigation and population health by acquiring a number of businesses in insurance, health care delivery, government, and consumerism that they seek to expand nationally.
Triple-S recently maintained its full-year 2021 guidance. Consolidated operating revenue is expected to be between $3.98 billion and $4.02 billion, which includes Managed Care premiums earned, net between $3.58 billion and $3.62 billion. Triple-S is the leading Medicaid provider in Puerto Rico, serving nearly 446,000 members.
Triple-S’s strategy is to provide seamless affordable and top-quality care for members with plans to introduce and scale specific chronic condition management programs for conditions such as diabetes, heart failure and kidney disease in the second half of this year.
Takeaway: Triple-S will operate as a wholly owned subsidiary of GuideWell and will continue to be led by its current management team while operating under the Triple-S brand