On April 20 someone calling him or herself Anonymous made a very detailed comment which I intended to turn into its own blog post, but forgot about it til now.
Below is what Anonymous found out about BRAVO Health....
It has been alleged that MHMR has entered into a relationship with a for-profit company called BRAVO HEALTH in order to convert the Paradise Center and its' client base into a stream of revenue. If true, offer the following research for your consideration:
(From Bloomberg BusinessWeek)
"Bravo Health, Inc. provides managed care services. It offers Medicare advantage options to allow members to choose the right plan for them; and special needs plans for those who are receiving institutional care, who have chronic health conditions, or who are eligible for both Medicare and Medicaid benefits. The company also provides private fee-for-service plans, which provide members the freedom to determine from whom they receive their health care; and part D prescription plans for those who only need coverage for their medications. It offers its plans to members in Delaware, Maryland, Pennsylvania, Texas, Washington, D.C., California, Florida, Illinois, Michigan, New Jersey, New York, Ohio, and West Virginia. Bravo Health, Inc. was formerly known as Elder Health, Inc. The company was founded in 1996 and is based in Baltimore, Maryland. As of November 30, 2010, Bravo Health Inc. operates as a subsidiary of HealthSpring Inc."
(From the Bravohealth.com/news page)
(May 18, 2010)
Bravo Health Receives Notice of Contract Award for STAR+PLUS Program in Texas
"A spokesperson from Mental Health Mental Retardation (MHMR) of Tarrant County said, "We congratulate Bravo Health on their selection as a provider of STAR+PLUS services in the Tarrant Service Delivery Area. Our discussions with Bravo Health have demonstrated to us their keen understanding of the full range of health care needs of Medicaid recipients..."
"The past few years have been exciting for us, as we have experienced continued growth and achieved milestones relating to the way we serve our members," said Jeff Folick, chairman and chief executive officer of Bravo Health."
(Found elsewhere online)
BRAVO HEALTH ACQUIRED BY HEALTH SPRING for $545 MILLION (FOXBusiness.com Published August 27, 2010)
“For the first six months of 2010, Bravo Health generated premium revenue of approximately $832.8 million”
Wall Street Journal reports: “Bravo Health Inc. did something in 2009 that most venture-backed companies can only dream about: It had revenue of more than $1 billion. Yes, that’s right, billion”
Mybravohealth.com/about states "Bravo Health is one of the nation’s fastest-growing Medicare Advantage and Part D Prescription Drug coverage providers." and "Bravo Health is 100% committed to Medicare Advantage." (One can only speculate what profits are to be had by supplying expensive drugs to a large population of clients).
According to documents filed with the SEC on 12-2-2010, part of the Bravo/ Health Springs merger included a seat on the board of directors for Folick which includes “a $50,000 annual cash retainer for his service” plus $105,000 in stock in 2011 (to increase 5% per year thereafter). One assumes he’ll receive a handsome salary as CEO of BRAVO but that pales in comparison to his payday for selling out to Health Springs for which he received….
>>>$31.7 million in cash<<<
Jeffrey Folick is a long time 'high flier' in the managed health industry. As Executive Vice President, PacifiCare Health Systems, Inc. he was listed among “The 25 Highest Paid HMO Executives 1996 Annual Compensation.”