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Cone Health and Novant Health Finalize Joint Ownership of HealthTeam Advantage

The move allows the insurance company to expand the reach of high-quality care and coverage to more Medicare beneficiaries.  

Greensboro, N.C. – Cone Health and Novant Health have signed an agreement giving Novant Health an interest in HealthTeam Advantage (HTA) — the Medicare Advantage company started by Cone Health. Cone Health remains the majority shareholder.

The agreement means more choices for consumers, thereby growing the number of people we can care for. With the addition of Novant Health as a partner, more consumers, more providers and the facilities they use will have HTA as an insurance option.

“I firmly believe that partnerships are the future of health care, and this agreement with Novant Health clearly shows why,” said Dr. Mary Jo Cagle, CEO of Cone Health. “We have the expertise of running a successful Medicare Advantage plan and adding Novant Health’s providers to the network will allow many more people across the state to take advantage of this option for health care.”

In May, the two organizations signed a letter of intent to allow Novant Health to buy into the plan. The partnership has been approved by Cone Health and Novant Health boards of trustees. Final regulatory approval is expected later this year.

“Novant Health’s mission is to improve the health of our communities, one person at a time. Becoming a joint owner in HealthTeam Advantage allows us to further deliver on that mission by expanding access to care,” said Carl S. Armato, president and CEO of Novant Health. “I’m proud we are one step closer to offering seniors in the communities we serve additional choice when it comes to insurance program options across the state.”

HTA is one of only two Centers for Medicare & Medicaid Services rated 5-star Medicare Advantage programs in North Carolina. It counts 15,000 Medicare beneficiaries in seven North Carolina counties as members. HTA employs 115 people.

“Economies of scale are important in this business, but this is also about choice,” said Brendan Hodges, president and CEO of HTA. “This means more access to more high-quality care for more people in more places.”

HTA offers all the benefits of original Medicare plus extra benefits such as dental, vision, hearing and fitness along with Medicare Part D prescription coverage. In addition, members are assigned a personal health care concierge to call for answers to plan questions and options for care. HTA launched the area’s only diabetes and heart care chronic condition special needs plan (C-SNP) in Guilford County in 2020 and expanded the service area this year to include Alamance, Randolph and Rockingham counties.  

Posted on Thursday, September 29, 2022