Blue Cross and Blue Shield of New Mexico Receives Regulatory Approval to Acquire Lovelace Health Plan Membership in New Mexico

ALBUQUERQUE, N.M., May 28, 2014 /PRNewswire/ -- Blue Cross and Blue Shield of New Mexico (BCBSNM) received its final regulatory approval to acquire Lovelace Health Plan commercial members and the Medicare Advantage contract. The transaction is expected to be complete on June 1, 2014. This acquisition does not include Lovelace's hospitals, providers, pharmacies or clinics.

The Department of Justice has completed its review of the transaction, and all regulatory requirements for closing have been satisfied.  BCBSNM also received approval from the Centers for Medicare & Medicaid Services (CMS), and the New Mexico Office of the Superintendent of Insurance.

Lovelace Health System and BCBSNM continue to build on their strong history and long-term relationship to service BCBSNM members with highly coordinated, cost-effective, quality care. Lovelace Health Plan Medicare Advantage and commercial members will officially become BCBSNM members on June 1, 2014.

"We are very pleased to complete the regulatory approval process," said Kurt Shipley, president of BCBSNM. "We are excited to be bringing Lovelace Health Plan members into our Blue Cross family. We have worked with many key Lovelace leaders during this transaction, in order to ensure a smooth transition for these new members."

"We'll make this an easy, smooth transition for our members," said Ron Stern, president and CEO, Lovelace Health System. "They can continue to access Lovelace's network of providers, clinics, pharmacies and hospitals, which include New Mexico's only hospitals dedicated exclusively to women's health and heart care."

Lovelace Health Plan has nearly 100,000 members, which includes individual, small and large group, and self-funded employer plans, as well as its Medicare Advantage plans.

"We will work closely with Lovelace members, doctors, and other health care professionals to address each individual's health care needs, while helping them successfully navigate the evolving health care system," added Shipley.

About Blue Cross and Blue Shield of New Mexico:
With more than 400,000 members, Blue Cross and Blue Shield of New Mexico is the largest commercial health insurer in New Mexico. Since 1940, BCBSNM has been committed to promoting the health and wellness of its members and communities through accessible, cost-effective, quality health care. BCBSNM is a Division of Health Care Service Corporation, the country's largest customer-owned health insurer and fourth largest health insurer. Health Care Service Corporation is a Mutual Legal Reserve Company and an Independent Licensee of the Blue Cross and Blue Shield Association. For additional information, please go to www.bcbsnm.com.

About Lovelace Health System
Lovelace Health System consists of Lovelace Medical Center, Lovelace Rehabilitation Hospital, Lovelace Women's Hospital, Lovelace Westside Hospital, Heart Hospital of New Mexico at Lovelace Medical Center, Lovelace Regional Hospital-Roswell, Lovelace Medical Group, Southwest Medical Associates and 11 retail pharmacy locations in Albuquerque, Rio Rancho and Santa Fe. For more information, visit www.lovelace.com.

SOURCE Blue Cross and Blue Shield of New Mexico