The South Asian Times

17 October 2018 14:05 PM

Dr. Kiran Patel sells health insurance company Freedom Health to Anthem

Florida: Dr. Kiran Patel, an Indian American cardiologist, entrepreneur and philanthropist, has announced the sale of his Tampa, Fla.-based healthcare services company Freedom Health Inc. to Anthem Inc., the second largest health insurer in the United States.

Anthem did not disclose financial terms for the purchase of the company, which had combined revenues of $1.4 billion and net income of $10.1 million in 2016. The deal will close in the first quarter of 2018. This is Anthem’s second acquisition of a Medical Advantage company in Florida. Last month Anthem, which has a market cap of $54 billion, acquired HealthSun, which has 40,000 Medicare Advantage members in Miami-Dade and Broward counties. In acquiring America’s 1st Choice, Anthem said it had also scooped up the company’s Florida Medicare Advantage brands which include Patel’s Freedom Health as well as Optimum.

Patel told the Tampa Bay Business Journal: “In life, there comes a time where one has to decide personal capacity and capabilities. I’m an entrepreneurial type and the company has grown to a level where now, to grow to next level, you need a disciplined approach, a corporate type-approach and I don’t survive in that type of environment…. I like to grow things and then it’s time to pass it on to someone who has a more corporate structure.”

Update: 10 Nov, 2017