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BETHESDA, Md.Coventry Health Care Inc. announced Thursday that it has agreed to pay $387.5 million in cash for Concentra Inc.'s workers compensation managed care services business.
The deal includes purchase of Addison, Texas-based Concentra's workers comp preferred provider organization, provider bill review, pharmacy benefits management, case management and independent medical examination business.
Concentra, a privately owned health care service provider, will retain ownership of its health centers and other business unrelated to workers comp.
In 2006, Concentra's workers comp managed care business generated $324 million in fee-based revenue, according to Coventry, a national managed health care company based in Bethesda, Md.
Coventry operates health plans, insurance companies and workers comp service entities.
The Concentra deal is expected to close in 90 to 180 days, subject to closing conditions and regulatory approval, Coventry said in a statement.