Highmark Closes $275M Deal With Jefferson Regional
PITTSBURGH (AP) – Health insurer Highmark Inc. has completed a $275 million affiliation agreement with Jefferson Regional Medical Center in suburban Pittsburgh.
Under the deal first announced last year, Highmark is giving the hospital $200 million in longer-term debt and pension obligations and $75 million for Jefferson Regional's charitable foundation.
Friday’s closing makes Jefferson Regional “the first health system to officially join Highmark’s new integrated delivery system.”
Pittsburgh-based Highmark is trying to create a provider-insurer network to rival the much larger University of Pittsburgh Medical Center network and its affiliated UPMC Health Plan.
Highmark is also in talks to buy control of the Pittsburgh based West Penn Allegheny Health System and Saint Vincent Health System in Erie.