Physician-founded Medicare Advantage insurer Zing Health is all set to expand its base across 32 additional states and the District of Columbia with the acquisition of Lasso Healthcare. The deal will allow Chicago-based Zing to offer Medicare Advantage health plans to diverse communities to avail of high-quality care at lower costs.
- A black organization: Zing was started in 2019 by two Black physicians/entrepreneurs, Whitaker and Dr. Kenneth Alleyne, and co-founder Black healthcare executive, Garfield Collins. The firm provides Medicare Advantage (MA) plans to under-resourced seniors largely in the Midwest who are often minorities living in low-income and/or rural areas who may otherwise not have access to adequate healthcare.
- A national footprint to boost health: Reflecting on the deal, Zing Health reports the Lasso addition provides “a national footprint to reach diverse communities with innovative Medicare Advantage health plans that lower the cost of high-quality care.” Zing joins other new and existing health insurance firms using acquisitions and mergers to boost Medicare-related business that has been growing steadily, observers say.
- A pact for better outcomes: The pact means Zing will expand into rural markets that could help it target Medicare-eligible seniors who are perhaps facing difficulty gaining access to traditional insurance networks. The financial terms of the deal and how it will impact Zing’s revenues were not disclosed. But Whitaker said the acquisition was funded with a combination of cash and stock.
- Medical savings account plan: Lasso Healthcare, based in Harrisburg, Pennsylvania, offers Medicare Advantage (MA) plans in 34 states and the District of Columbia. Its insurance offerings currently cover over 6,000 members. Lasso Healthcare offers a pioneering consumer-directed Medicare Advantage product called a Medicare Medical Savings Account Plan.
- Innovative leadership: “We are excited to work with Zing Health’s innovative and seasoned leadership,” said Craig Ritter, CEO of Lasso Healthcare. “Their approach to developing high quality, member-centric Medicare Advantage insurance products mirrors our own. Our teams look forward to building a nationally impactful company together.”