Health insurer Medical Mutual is strengthening its wellness offerings with the acquisition of Bravo, a Cleveland-based employee wellness services provider with more than one million users nationwide.
Terms of the contract are not disclosed. Bravo, which was founded in 2008, will become a 100% subsidiary of Medical Mutual. Bravo founder and CEO Jim Pshock will continue to lead the company and its 170 employees, according to a press release released Tuesday evening (Jan. 7) by Cleveland-based Medical Mutual.
The acquisition “is a strategic combination of Medical Mutual’s established, service-oriented insurance offerings and Bravo’s achievement-based wellness model that helps individuals reduce preventable health risks and employers to reduce health care costs, ”the companies said in the release.
Bravo’s wellness programs “improve health outcomes by inspiring and equipping individuals to personally progress toward healthy benchmarks,” the statement said. He added that Bravo’s capabilities “strengthen Medical Mutual’s approach to population health, which is essential for reducing health care costs.”
Medical Mutual has over 1.6 million members, making it one of Ohio’s largest health insurers.
Rick Chiricosta, president, CEO of Medical Mutual, said in a statement that Bravo’s “personal, motivating and measurable approach to wellness programs” aligns with the insurer’s goals of improving wellness. to be members while “managing the rising costs of health care for the individuals and groups enrolled in our plans.”
Pshock added in a statement that Medical Mutual “understands our model and views Bravo as a strategic part of its growth.”
Go here to read Bravo and Pshock’s profile from Crain from December 2018. In this article, Pshock said that Bravo’s revenue for 2018 was $ 31 million, up 15% from the previous year.