A group of private investors are going to acquire and convert Baltimore-based Evergreen Health and convert it into a for-profit insurance company, the Baltimore Sun reports.
Here's what you should know.
1. The co-op needed the deal to remain in business.
2. If the deal goes through, five of the original 23 co-ops will remain.
3. Evergreen covers 38,000 people in Maryland.
4. The Maryland Insurance Administration and the Centers for Medicare and Medicaid Services must approve any acquisition.
5. The deal could close in the first quarter of next year.
6. Evergreen had reported a profit in the past, but insurance rules requiring it to make a $24 million risk-adjustment payment was its downfall.
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