Deal Timeline
Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
The Acquisition Playbook.
Three patterns run through UNITEDHEALTH's acquisitions — what it looks for, how it pays, and how it folds in what it buys.
The Full Deal Book
39 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.
01 PacifiCare Health Systems, Inc. · Cypress, California, USA (western US) $8.1B
PacifiCare Health Systems (NYSE: PHS) provided health care and benefit services to approximately 9 million people, principally in the western United States, and operated the Secure Horizons Medicare brand. approximately $8.1 billion.
- Scale in fast-growing western markets and a leading Medicare Advantage brand
This combination will bring the best of both companies forward in a manner that respects each one's unique history and contributions while advancing a national presence that can help address a highly fragmented health care system.Stephen J. Hemsley — President and COO, UnitedHealth Group
This merger will enhance our resources, strengthen our product offerings and build on the leadership of the PacifiCare brand on the Pacific coast and our Secure Horizons brand nationally.Howard Phanstiel — Chairman and CEO, PacifiCare
02 Oxford Health Plans, Inc. · Trumbull, Connecticut, USA (NY/NJ/CT tri-state) $4.9B
Oxford Health Plans was a Delaware-incorporated health benefits company concentrated in the tri-state New York/New Jersey/Connecticut region. It merged into a wholly owned subsidiary of UnitedHealth Group. approximately $4.9 billion.
- Established
- profitable regional health plan in the dense Northeast market
03 Amil Participacoes S.A. · Rio de Janeiro, Brazil $4.9B
Amil (BM&FBOVESPA: AMIL3) was Brazil's largest health care company, providing health and dental benefits, hospital and clinical services, and care management to more than 5 million people. Its 2012 annualized revenues were in the range of $5 billion. approximately $4.9 billion in cash for the outstanding shares (about $4.3 billion effective equity price after estimated $600 million Brazilian tax benefits).
- Market-leading position in the largest
- fastest-growing private health market in the Americas
Brazil has emerged as a consistently growing and evolving market for private sector health benefits and services. Its growing economy, emerging middle class and progressive policies toward managed care make it a high potential growth market.Stephen J. Hemsley — President and CEO, UnitedHealth Group
Combining Amil, the clear market leader serving an under-penetrated market of nearly 200 million people, with UnitedHealth Group's experiences and capabilities developed over the last three decades is the most compelling growth and value creation opportunity.Dr. Edson Bueno — Founder and CEO, Amil
04 Empresas Banmedica S.A. · Santiago, Chile (Chile, Colombia, Peru) $2.8B
Empresas Banmedica is a leading health care provider and insurer serving Chile, Colombia, and Peru, operating health plans, hospitals, and clinics in South America. CLP$2,150 per share; equity value about CLP$1.7 trillion (approximately US$2.8 billion).
- Integrated payer-provider model in growing Latin American private health markets
05 Sierra Health Services, Inc. · Las Vegas, Nevada, USA (Southwest) $2.6B
Sierra Health Services was a Las Vegas-based managed care company serving the fast-growing US Southwest, with a strong senior/Medicare presence. $43.50 per share in cash; total equity value approximately $2.6 billion.
- Leading regional franchise in a high-growth retiree market
06 Surgical Care Affiliates, Inc. · Deerfield, Illinois, USA $2.3B
Surgical Care Affiliates (NASDAQ: SCAI) was a leading operator of ambulatory surgery centers (ASCs) and surgical hospitals in partnership with health systems, medical groups, and payers. It was combined with OptumCare. $57.00 per share (approximately $2.3 billion).
- Scaled ambulatory surgery platform complementing OptumCare's primary and urgent care
Joining with OptumCare will enable us to better support and empower independent physicians, helping them provide high-quality care for their patients while making health care more affordable.Andrew Hayek — Chairman and CEO, Surgical Care Affiliates
07 The Advisory Board Company (health care business) · Washington, D.C. / Boston, Massachusetts, USA Not disclosed
The Advisory Board Company (NASDAQ: ABCO) combined research, technology, and consulting to improve health care organizations' performance, serving more than 4,000 members. Optum acquired its health care business; the company's education business was sold separately to Vista Equity Partners.
- Trusted research-and-advisory relationships with thousands of provider members
The Advisory Board Company is a strong fit for Optum because they share our mission of making the health care system work better for everyone.Larry Renfro — CEO, Optum
Joining Optum will enable us to better serve our members, thanks to Optum's unmatched data analytics resources, investment capacities and operational experience.Robert Musslewhite — CEO, The Advisory Board Company
08 naviHealth · Brentwood, Tennessee, USA Not disclosed
naviHealth is a post-acute care benefit-management and care-transitions company that helps manage recovery for patients moving through skilled nursing and other post-acute settings. UnitedHealth disclosed the acquisition among Optum's strategic growth acquisitions in its second-quarter 2020 results.
- Manages a high-cost
- fragmented segment of the care continuum
Further Optum growth highlights include: extending geographic presence and distinctive capabilities through strategic acquisitions in infusion services (Diplomat Pharmacy), post-acute care (naviHealth) and digital behavioral health (AbleTo).UnitedHealth Group Q2 2020 results release
09 Genoa Healthcare · Tukwila, Washington, USA Not disclosed
Genoa Healthcare is a pharmacy and telepsychiatry provider focused on patients with behavioral health and other complex conditions, operating pharmacies co-located with community behavioral health centers. OptumRx disclosed the acquisition (with Avella Specialty Pharmacy) in its third-quarter 2018 results.
- Niche pharmacy platform serving a high-need behavioral-health population
OptumRx strengthened its services to patients being treated for complex diseases by adding capabilities in community pharmacy, telepsychiatry and specialty pharmacy services through the acquisitions of Genoa Healthcare and Avella Specialty Pharmacy.UnitedHealth Group Q3 2018 results release
10 Equian, LLC · Indianapolis, Indiana, USA Not disclosed
Equian was a payment-integrity company providing pre-payment and payment-accuracy solutions, including bill review with proprietary clinical coding logic, extending into property and casualty, workers' compensation, and provider markets. It joined OptumInsight in 2019.
- Payment-integrity capabilities that reduce improper payments across multiple claim types
11 Landmark Health · Huntington Beach, California, USA Not disclosed
Landmark Health is a provider of home-based medical care for patients with multiple chronic conditions, delivering in-home and virtual care through interdisciplinary teams under value-based arrangements. It joined Optum in 2021.
- Home-based care model targeting the highest-need
- highest-cost patients
12 Alegeus Technologies Not disclosed
Alegeus is a health financial services technology company whose platform administers consumer-directed healthcare benefit accounts such as HSAs, FSAs and HRAs for payers and employers. Optum Financial Services, part of Optum Insight, agreed to acquire the business to broaden its consumer-directed health finance capabilities. Management framed the deal as a step toward delivering more flexible, consumer-centered financial solutions.
13 AmeriChoice Corporation · United States Not disclosed
AmeriChoice was a managed care organization focused on state-sponsored Medicaid and other public-sector health programs. Following the acquisition, AmeriChoice became UnitedHealth Group's platform for serving Medicaid and community health plan members, now part of UnitedHealthcare Community & State.
14 MedExpress · United States Not disclosed
MedExpress operates a national network of neighborhood walk-in urgent care centers offering urgent, episodic and employer health services. Optum acquired MedExpress to add retail-style, convenient urgent care to its ambulatory care delivery organization.
15 Kelsey-Seybold Clinic · United States Not disclosed
Kelsey-Seybold Clinic is a Houston-based multispecialty physician group with more than a thousand physicians across dozens of locations and its own accountable care organization. Optum acquired Kelsey-Seybold to expand physician-led, value-based care in Texas.
16 Crystal Run Healthcare · United States Not disclosed
Crystal Run Healthcare is one of the largest multispecialty group practices in New York's Hudson Valley, with hundreds of providers across many specialties and locations. Optum acquired the group to grow value-based primary and specialty care in New York.
17 Refresh Mental Health · United States Not disclosed
Refresh Mental Health operated a national network of outpatient behavioral health, mental health and substance-use treatment practices across many states. Optum acquired the company to expand access to behavioral health care.
18 EMIS Group Limited · United Kingdom Not disclosed
EMIS Group is a UK-based provider of clinical software and connected healthcare technology used by general practices, pharmacies and other providers across the National Health Service. Optum acquired EMIS to extend its health technology and data capabilities internationally; completion followed review by the UK Competition and Markets Authority.
19 Healthcare Associates of Texas LLC · United States Not disclosed
Healthcare Associates of Texas is a multispecialty medical group serving the Dallas-Fort Worth metropolitan area. Optum acquired the group to expand value-based care delivery in Texas.
20 Atrius Health · United States Not disclosed
Atrius Health was a large nonprofit multispecialty medical group and accountable care organization serving eastern Massachusetts. Optum acquired Atrius Health to expand physician-led, value-based care across New England.
21 ProHealth Physicians · United States Not disclosed
ProHealth Physicians is Connecticut's largest primary and multispecialty care physician group, with practices across the state. Optum acquired the group to build out value-based primary care in the Northeast.
22 Reliant Medical Group · United States Not disclosed
Reliant Medical Group is a multispecialty physician group serving central Massachusetts. Optum acquired Reliant to grow its value-based, coordinated care presence in New England.
23 The Polyclinic · United States Not disclosed
The Polyclinic is a multispecialty physician group based in Seattle, offering primary and specialty care across the region. Optum acquired the group to expand value-based care delivery in the Pacific Northwest.
24 WellMed Medical Management · United States Not disclosed
WellMed is a physician-led primary care network focused on Medicare-eligible seniors, operating clinics and medical management services primarily in Texas and Florida. Optum acquired WellMed, making it a cornerstone of Optum's senior-focused value-based care.
25 divvyDOSE, LLC · United States Not disclosed
divvyDOSE is a digital pharmacy that pre-sorts prescription and over-the-counter medications by dose and delivers them to patients' homes. OptumRx acquired divvyDOSE to expand home-delivery pharmacy and medication adherence services.
26 Logistics Health, Inc. · United States Not disclosed
Logistics Health was a provider of medical readiness, occupational health and examination services, notably for government, military and veteran populations. Optum acquired the company, which became part of its OptumServe government health services business.
27 QSSI (Quality Software Services, Inc.) · United States Not disclosed
QSSI was a health information technology company providing data integration, systems and analytics services, including work for federal health programs. OptumInsight acquired QSSI to expand its health IT and data-services capabilities.
28 XLHealth Corporation · United States Not disclosed
XLHealth was a Medicare Advantage plan operator focused on chronically ill and dual-eligible members, best known for its Care Improvement Plus plans. UnitedHealthcare acquired XLHealth to strengthen its Medicare Advantage offerings for high-need populations.
29 Executive Health Resources, Inc. · United States Not disclosed
Executive Health Resources provided physician advisory, medical-necessity review and clinical case-management services to hospitals and health systems. Optum acquired the company to add clinical and regulatory advisory services to its provider-facing business.
30 Amedisys, Inc. · Baton Rouge, Louisiana, USA $3.3B
Amedisys (NASDAQ: AMED) is a provider of home health, hospice, and high-acuity home care services across the United States. It was acquired by Optum after an extended regulatory review and divestiture process. $101.00 per share (approximately $3.3 billion).
- National home-health and hospice scale reinforcing the shift to in-home value-based care
31 LHC Group, Inc. · Lafayette, Louisiana, USA $5.4B
LHC Group (NASDAQ: LHCG) was a national patient-focused provider of high-quality in-home health care services, including home health, hospice, and community-based care. It was combined with Optum Health. $170.00 per share (approximately $5.4 billion).
- National in-home care footprint aligned with the shift to home-based
- value-based care
LHC Group's sophisticated care coordination capabilities and its warm, human touch is so important for home care, and will greatly enhance the reach of Optum's value-based capabilities along the full continuum of care.Dr. Wyatt Decker — CEO, Optum Health
32 Change Healthcare Inc. · Nashville, Tennessee, USA $13.9B
Change Healthcare was a Nashville-based health care technology company (NASDAQ: CHNG) providing software and data analytics, technology-enabled services, and revenue cycle management that connect clinical, administrative, and payment processes across payers and providers. It was combined with OptumInsight. $13.9 billion in cash (including payoff of Change's outstanding debt).
- Deep interoperability and transaction connectivity across the US health system
Together we will help streamline and inform the vital clinical, administrative and payment processes on which health care providers and payers depend to serve patients.Andrew Witty — President, UnitedHealth Group and CEO, Optum
33 Diplomat Pharmacy, Inc. · United States $4.00/share
Diplomat Pharmacy was an independent provider of specialty pharmacy and infusion services operating across all 50 states, managing complex, high-cost therapies in areas such as oncology and immunology. OptumRx acquired the company through a cash tender offer at $4.00 per share, together with the assumption of Diplomat's outstanding debt, announced in December 2019 and completed in early 2020.
This combination will expand the innovative specialty pharmacy and infusion solutions OptumRx can offer to consumers and clients we serve, helping ensure people get the right medications and services at the right time, in the right setting.John Prince — Chief Executive Officer, OptumRx
34 DaVita Medical Group · El Segundo, California, USA (multi-state) $4.9B
DaVita Medical Group was the physician-group and clinic business of DaVita Inc., operating medical groups, urgent care centers, and surgery centers across several US states. Optum acquired it to expand OptumCare's care-delivery footprint. approximately $4.9 billion announced; approximately $4.34 billion at closing.
- Established multi-market physician and clinic platform for value-based care
35 Catamaran Corporation · Schaumburg, Illinois, USA $12.8B
Catamaran (NASDAQ: CTRX; TSX: CCT) was a leading pharmacy benefit management (PBM) services and technology company. It was combined with UnitedHealth's free-standing pharmacy care services business, OptumRx. $61.50 per share in cash (approximately $12.8 billion).
- Scale and technology to compete in the consolidating PBM market and manage specialty drug spend
36 John Deere Health Care, Inc. · United States $515M
John Deere Health Care was a regional health plan operator providing commercial health benefits, primarily in the central United States. UnitedHealth Group's Health Care Services segment acquired all of its outstanding equity for approximately $515 million in cash, with the business later renamed UnitedHealthcare Services Company of the River Valley.
37 Definity Health Corporation · United States $305M
Definity Health was the national market leader in consumer-driven health benefit programs, offering account-based plans and consumer engagement services to employers and their employees. UnitedHealth Group's Uniprise segment acquired Definity on December 10, 2004 for $305 million in cash.
38 Mid Atlantic Medical Services, Inc. (MAMSI) · United States $2.7B
Mid Atlantic Medical Services was a managed care organization serving commercial and government members across the mid-Atlantic region, including Maryland, Virginia and the District of Columbia. UnitedHealth Group acquired MAMSI in February 2004, integrating it into its UnitedHealthcare health benefits business.
39 Golden Rule Financial Corporation · United States Not disclosed
Golden Rule Financial was a specialist in individual health insurance and an early advocate of health savings account-based coverage. UnitedHealth Group acquired the company in November 2003, adding it to its UnitedHealthcare individual and consumer health business.
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