HealthSpan Partners, HealthSpan Integrated Care and executed an agreementto sell insured membership and administrative services to an unidentified buyerand transition the membership to the buyer during 2016.
Effective Jan. 1, 2017, HealthSpan Integrated Care andHealthSpan Inc. will cease operating all lines of business, according toHealthSpan Integrated Care's 2015 annual report.
HealthSpan Integrated Care recorded severance accruals of$13.8 million in the 2015 financial statements for estimated benefits to beoffered to severed employees. In December 2015 and January 2016, HealthSpanPartners contributed capital to HealthSpan Integrated Care to fund theoperations of the latter company throughout 2016 and the runout operations in2017.
The deal was effective Feb. 29.