Should you a former or current employee or are a member of any of Coventry Well being Care’s investment plans or profit sharing retirement plans and bought or held Coventry Health Care, Inc. Within the commercial area, we feel very good about our native base well being plan model, the underpinning which has all the time been about low cost. Along side the 2 health plan acquisitions, we’ve got applied and are engaged on further, on-line, incentive products with a variety of provider partners. We’re also rolling out a brand new model of care in a semi-association custom-made for every perspective ACO and/or medical residence associate. That is true of different health plans however not to anyplace close to the same degree as Coventry.
We now have implemented arrangements in 5 markets with more within the pipeline and consider that we are uniquely positioned with our native market presence and nimbleness to be a beautiful participant, companion for the high-high quality well being techniques and providers. Hopefully it is obvious that we feel the future is about offering low-cost, excessive-high quality, properly-positioned merchandise in many markets, partnering with revolutionary providers and well being techniques to perform these targets.
Industrial Group Threat membership, which represents 1.forty five million of our total Industrial Risk membership of 1.sixty four million, grew sequentially by 86,000, together with 70,000 from the acquired Mercy Well being Plans and organic development of sixteen,000. Through the quarter, we completed the acquisition of Mercy Well being Plans on October 1 and in late October, received a dividend of $140 million related to the Private Fee business. While healthcare reform certainly poses challenges in 2011, we consider there is a longer-time period opportunity to grow profitably. Greenhill acted as sole monetary advisor to Coventry all through the transaction process.
Our objective is to proceed to develop this small group enterprise, and we are going to contemplate the projected rebates by authorized entity as one of the factors when we set price, develop profit plans or enter into supplier partnerships. Via that, it is an innovative system that’s totally collaborative in profit plans and design and the fee construction.
We’re making additional investments in expertise and medical administration to support our long-time period goals to higher manage medical costs, support new provider models, drive additional efficiency in our back-workplace prices in addition to be in compliance with the new healthcare reform administrative necessities. I believe in the long run, the cost structure and the margins that we have now loved will be transformed to extra enticing benefit plans. We’ve got 5 plans and we thought that we had been going to get three permitted right as much as the last minute and CMS didn’t agree.