Bloomfield health insurer Cigna said it has agreed to purchase a New Jersey company that offers health plans and helps hospitals form accountable care organizations.
QualCare Alliance Networks Inc. has positioned itself as a lower-cost alternative to commercial insurance plans. It offers several health plans, including an HMO and PPO, within a network of more than 100 hospitals and 31,000 doctors and other providers in New Jersey, New York and Pennsylvania.
The company is owned by 16 hospitals and related organizations.
Financial terms of the deal, expected to close before the end of March, were not disclosed.
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Cigna said QualCare CEO Annette Catino will continue to lead the business.
