WASHINGTON, Jan. 13, 2021 /PRNewswire/ -- Evolent
Health, Inc. (NYSE: EVH) (the "Company" or "Evolent"), a health
care company that delivers proven clinical and administrative
solutions to payers and providers, today announced that it has
entered a definitive agreement with Bright Health Management, Inc.
("Bright HealthCare"), a nationally recognized health plan owned by
Bright Health, to acquire True Health New Mexico, Inc. ("TRUE"), a
wholly-owned subsidiary of Evolent Health. The existing services
contract between True Health New Mexico and Evolent will be
maintained and as such, Evolent will continue to provide health
plan administrative and clinical program support to True Health New
Mexico.
"We are proud of what we have built together with the team at
True Health New Mexico," said Evolent Health Chief Executive
Officer Seth Blackley. "We are
excited for the path forward for True Health New Mexico as it comes
together with Bright HealthCare, a leading national high-growth
integrated health plan. For Evolent, this transaction demonstrates
our continued execution against our previously stated capital
allocation framework and affirms our focus on creating shareholder
value through strong organic revenue growth and robust margin
expansion in our core services business."
"We are exceptionally grateful to our partners at Evolent for
their founding of and ongoing support of True Health New Mexico,"
said Dr. Mark Epstein, President and
CEO of True Health New Mexico. "We at TRUE are also impassioned to
build upon our exceptional story of growth and improving
affordability and the quality of care for the people of
New Mexico as we transition to
working with our new partners at Bright HealthCare."
Once complete, current employees and leadership of True Health
New Mexico will join the Bright HealthCare team and continue to
lead local market operations, ensuring continuity for members,
providers and distribution partners. The transaction is subject to
customary closing conditions and is expected to close during the
first half of 2021.
Forward Looking Statements: Cautionary Language
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, as amended (the "PSLRA"), including, but not limited to
statements that Evolent will continue to provide health plan
administrative and clinical program support to True Health New
Mexico, that our current employees and leadership of True Health
New Mexico are expected to join the Bright HealthCare team and will
continue to lead local market operations, ensuring continuity for
members, providers and distribution partners, and regarding the
expected timing of closing. The Company claims the protection
afforded by the safe harbor for forward-looking statements provided
by the PSLRA. Actual events or results may differ materially from
those contained in these forward-looking statements. The factors
that could cause future events or results to vary from the
forward-looking statements contained herein include, without
limitation, (a) the possibility that the closing may be delayed or
may not occur and (b) receipt of required governmental approvals
and the satisfaction of other conditions to closing. In addition,
please refer to the periodic reports that the Company has filed
with the Securities and Exchange Commission, including its Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K and the risk factors noted therein. Such
periodic filings by the Company identify and address other
important factors that could cause future events or results to vary
from the forward-looking statements set forth in this Current
Report on Form 8-K. In addition, the Company disclaims any
obligation to update any forward-looking statements contained
herein to reflect events or circumstances that occur after the date
hereof.
About Evolent Health
Evolent Health (NYSE: EVH) delivers proven clinical and
administrative solutions that improve whole-person health while
making health care simpler and more affordable. Our solutions
encompass total cost of care management, specialty care management,
and administrative simplification. Evolent serves a national base
of leading payers and providers, is the first company to receive
the National Committee for Quality Assurance's Population Health
Program Accreditation, and is consistently recognized as a top
place to work in health care nationally. Learn more about how
Evolent is changing the way health care is delivered by visiting
evolenthealth.com.
Media Contacts:
Chelsea Griffin
Investor Relations
919.817.8045
cgriffin@evolenthealth.com
Dan Paladino
Media Relations
571.306.3470
dpaladino@evolenthealth.com
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SOURCE Evolent Health