The transaction closed Jan. 1, according to a Jan. 2 news release from CareSource. The deal was first announced in February.
Brookfield, Wis.-based Common Ground Healthcare Cooperative was founded in 2012 and offers individual and small-group exchange plans in 24 counties in Wisconsin.
It is one of three remaining consumer-operated and -owned health plans. The ACA established funding for the consumer operated plans. In 2012, 23 of these plans launched. The federal government pulled much of the allocated funding in 2015, causing most plans to shut down, according to Politico.
Cathy Mahaffey will remain CEO of Common Ground Healthcare Cooperative and will be president of CareSource’s Wisconsin market, according to the news release. Common Ground Healthcare Cooperative will operate as an affiliate of CareSource and will continue to focus on the individual market.
CareSource, a nonprofit managed care organization, has 2.3 million members across Medicaid, Medicare and individual products in seven states.
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