DENVER, June 12, 2017 /PRNewswire/ -- Melody Health Insurance recently completed the acquisition of Alamosa-based Colorado Choice Health Plans, enabling Colorado Choice to continue serving the San Luis Valley and other rural areas. Colorado Choice will expand to additional regions of Colorado pending approval by the Colorado Division of Insurance. Melody also changed its name to Friday Health Plans, signifying a new day in health insurance with an individual, service-oriented focus.
The acquisition was closed on June 1 after receiving all regulatory approvals by the Colorado Division of Insurance and Attorney General's Office. "We see this as a great opportunity to continue serving an important part of the state and to build on Colorado Choice's past success by expanding into new markets," said Sal Gentile, CEO of Friday Health Plans. Friday is privately owned, and the acquisition was financed through a combination of equity and debt.
Friday is headquartered in Denver and brings additional marketing and technology expertise to support expansion into new markets. Colorado Choice will continue servicing its current members from its Alamosa operations center and there are plans to add local staff to support growth. Colorado Choice will change to the Friday Health Plans name for 2018 plans.
San Luis Valley Hospital Foundation will receive funds from the conversion of Colorado Choice from a nonprofit to a for-profit entity.
"Colorado Choice has been proud to serve our members since 1972 in many Colorado counties where residents don't have a lot of health coverage options," said Cindy Palmer, CEO of Colorado Choice. "Joining with Friday is a great opportunity to continue our mission locally and in new service areas."
About Friday Health Plans, Inc.: Friday Health Plans, Inc., a Delaware corporation formerly known as Melody Health Insurance, is a healthcare management company. It is purpose-built specifically for today's health insurance environment. Headquartered in Denver, the company focuses on overall simplicity to offer low prices so more people can afford health insurance. Operational efficiency, top-notch customer service, and smart technology are core to Friday's consumer-centric approach. The leadership team consists of experienced executives in the managed care, technology, and consumer marketing industries. Learn more at www.fridayhealthplans.com.
About Colorado Choice: Colorado Choice has focused on serving rural and underserved communities in south central Colorado and on the eastern plains. It has sold group and individual health insurance plans for nearly 45 years and offers plans on and off Connect for Health Colorado, the State's health insurance marketplace. More at www.cochoice.com.
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SOURCE Friday Health Plans