Humana, the national health insurance company, plans to buy Concentra, a privately held health care company that operates 300 medical centers in 42 states.
Louisville, Ky.-based Humana will pay about $790 million in cash for Concentra’s occupational medicine, urgent care, physical therapy, and wellness services.
Other terms of the deal, expected to close in December, were not disclosed.
Among states where Concentra operates centers are Delaware, Maryland, New Jersey, New York, Pennsylvania and Virginia.
The deal diversifies Humana at a time when federal health reform is putting increased pressure on health insurers like Humana, which operates HMOs and other health plans, to trim costs and provide more services.
A.M. Best Co., a key ratings service, said the deal also provides Humana with unregulated cash flows and access to care for Humana medical members in certain geographic locations where Concentra operates its centers.
In addition, A.M. Best said, Humana obtains enhancements to its wellness program, which also are main thrust of efforts to rein in health care spending for health insurers.