06 Nov S&P Upgrades Credit and Secured Debt Ratings for InnovaCare Subsidiary
FORT LEE, N.J. — Nov. 6, 2017 — Officials with InnovaCare Inc., a leading healthcare company offering highly integrated payor and provider services in the U.S., are pleased to confirm that Standard & Poor’s (S&P) has upgraded the counterparty credit and senior secured debt ratings for its subsidiary, MMM Holdings, Inc. (MMM), and upgraded the outlook for MMM to “B,” based upon the company’s performance.
“S&P’s upgrade of the company’s credit rating and outlook comes as a result of our deliberate efforts to strengthen the company’s operations and reinforce the sustainability and efficiency of its models,” said Douglas Malton, the Chief Financial Officer of InnovaCare, the parent company of MMM. “For well over a decade, MMM Holdings has displayed the discipline and forward-looking innovation to thrive amid a trying and changing landscape – both in today’s healthcare industry, as well as the Puerto Rican economy. This upgrade recognizes our continued ability to successfully manage the healthcare needs of our more than 467,000 beneficiaries in Puerto Rico.”
With a strong track record of underwriting and medical management experience across the U.S., InnovaCare utilizes a provider-centric model to effectively manage healthcare costs while improving outcomes and quality.
MMM was established in 2001, becoming the first health plan in Puerto Rico. Two of the company’s health plans recently received 4.5-star quality ratings from the Centers for Medicare & Medicaid Services (CMS) for the 2018 plan year, and it remains the only health plan on the island to earn accreditation from the NCQA, the most widely recognized accreditation program for health plans in the country.
About InnovaCare, Inc.
Headquartered in Fort Lee, N.J., InnovaCare, Inc. is a privately-held, highly integrated payor and provider services organization, serving approximately 467,000 members. Through its subsidiary, MMM Healthcare, InnovaCare operates the leading health plans in Puerto Rico and provides a range of plans and healthcare-related services in the U.S. mainland. Branded plans include Medicare y Mucho Mas and PMC Medicare Choice, the oldest and largest plans in Puerto Rico, whose combined membership base includes more than 200,000 individuals served by a network of over 7,500 providers. Through the company’s provider-centric model, InnovaCare’s plans have achieved the island’s only NCQA accreditation and earned the only 4.5-star ratings from the Centers for Medicare and Medicaid Services (CMS). InnovaCare is committed to providing its members with quality healthcare by creating sustainable models of managed care that are coordinated, cost-effective, innovative and driven by quality. For more information, please visit innovacarehealth.com.