Carolina Care Plan Providing Competitive Healthcare Solutions for SC
October 28, 2008
COLUMBIA, SC – October 28, 2008 – Since the acquisition of Carolina Care Plan by Medical Mutual of Ohio in 2007, the South Carolina healthcare provider experienced a net growth of two percent over the last two quarters during a time when many plans are seeing dramatic decreases.
A year ago, Carolina Care Plan faced an 18% decrease in membership. Since the acquisition, an innovative business plan, an enhanced product portfolio, improved value for benefits and increased provider network has led to the company’s turnaround.
“In the midst of a struggling economy, we’ve been able to tailor plans for small and medium sized businesses so that they can provide healthcare benefits to better recruit and retain employees, often at less cost,” says Carson Meehan, Carolina Care Plan President of the company’s success. “Providing competitive options for all business types will continue to be our strategy moving forward.”
The $11.2 million acquisition of Carolina Care Plan is also supported by an aggressive $750,000 advertising campaign featuring members who are small business owners. The campaign has continued to raise awareness of the company and has resulted in an increase in inquiries of 112% over the last quarter.
While the new Ohio-based parent company does provide more efficient administrative disciplines and the financial stability of $1 billion in surplus reserves, the company has maintained a strong local presence with local ownership by its policyholders. Unlike other South Carolina based healthcare providers, who are part of national publicly traded companies, Carolina Care Plan is a mutual company.
“We knew that South Carolina was a growing market with a 10 percent population increase over the last decade,” says Kent Clapp, President and CEO of Medical Mutual of Ohio. “As a private company, we don’t have to worry about Wall Street. We can take time to make sure that we take the right steps and grow in the best interest of our member groups.”
Founded in 1984 and headquartered in Columbia, South Carolina, Carolina Care Plan is a wholly owned subsidiary of Medical Mutual of Ohio, one of the nation’s oldest health insurance companies. Carolina Care Plan serves as a partner to its clients, providing innovative, long-term healthcare solutions through its products and services.
