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Medical Card System

mcs.com.pr

Founded Year

1983

Stage

Acq - Fin | Alive

About Medical Card System

Medical Card System is a healthcare services organization offering a variety of insurance plans and managing care for Medicare Advantage and Commercial members throughout Puerto Rico.

Headquarters Location

MCS Plaza, 1st floor Suite 105 255 Ave. Ponce de León

San Juan, 00916-1919,

Puerto Rico

787-281-2800

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Latest Medical Card System News

Kinderhook Closes Acquisition of Medical Card System Inc.

Jan 4, 2022

Kinderhook Industries Kinderhook Closes Acquisition of Medical Card System Inc. January 4, 2022 New York, NY – MHH Healthcare, L.P. (“MHH Healthcare”) announced today that one of its subsidiaries has closed the previously announced transaction to acquire Medical Card System, Inc. (MCS), a leading Puerto Rico-based healthcare services organization. MHH Healthcare is a platform company formed by Kinderhook Industries, LLC (“Kinderhook”) to invest in health plans, health maintenance organizations, and healthcare services organizations. The transaction completes MHH Healthcare’s acquisition of MCS, including its three lines of business and client portfolio of approximately 400,000 insured. The acquisition represents Kinderhook’s 52nd healthcare-related transaction. Financial terms of the transaction were not disclosed. “Our commitment to the MCS policy holders, providers and employees remains intact. We are excited to work with MCS management to continue to offer the best healthcare insurance options to the island of Puerto Rico. We are confident that this transaction will stimulate innovation in a sector in which Kinderhook has a depth of experience and knowledge, which is why we believe the acquisition of MCS represents the best next step for all MCS stakeholders,” said Chris Michalik, Kinderhook Managing Director and former Chairman of WellCare Health Plans, Inc. “This announcement represents a well-timed opportunity for continued success and positive momentum for our company in the Puerto Rico marketplace by providing additional resources to MCS. These enhanced resources will allow MCS to invest in service improvements, technology and employee talent. These investments will improve our operations, expand our health care service delivery capabilities and continue our growth under the current management team, all of whom will remain in place after the transaction. Since the announcement of this transaction, the acquisition has been a transparent process for our employees, members, insureds, providers and clients. We firmly believe that going forward, all our constituents will see a new and improved MCS,” explained Jim O’Drobinak, MCS chief executive officer. O’Drobinak further explained that the company will continue to collaborate with its provider network to keep offering its members and insureds the high-quality health care services they are accustomed to. “We will also continue to innovate in the design of our products to push our standards of creativity and excellence. From an industry perspective, MCS will continue the path to constantly change the way we approach health care by incorporating the social determinants of health into the medical coverage. MCS is the standard for Puerto Rico-based healthcare plans and we take that responsibility very proudly,” he added. “The MCS model integrates a number of powerful healthcare themes including the need to address the social determinants of health through innovative products like the Te Paga card. MCS also demonstrates the importance of provider alignment and developing consistent touchpoints with members to drive better health outcomes,” said Matt Bubis, Kinderhook Vice President. MHH Healthcare CEO Jigar Desai added “We look forward to partnering with Jim O’Drobinak and the MCS management team to continue to serve communities throughout Puerto Rico.” Financing for the transaction was provided by Atlantic Park Strategic Capital Fund, L.P. Kirkland & Ellis LLP served as legal counsel, Bass, Berry & Sims PLC and Vidal, Nieves & Bauzá, LLC served as regulatory counsel, and MTS Health Partners, LP served as financial adviser to Kinderhook. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel, O’Neill & Borges LLC served as regulatory counsel, and Guggenheim Securities, LLC served as financial adviser to MCS. For additional information about this transaction, please contact:  Christian Michalik

Medical Card System Frequently Asked Questions (FAQ)

  • When was Medical Card System founded?

    Medical Card System was founded in 1983.

  • Where is Medical Card System's headquarters?

    Medical Card System's headquarters is located at MCS Plaza, 1st floor Suite 105, San Juan.

  • What is Medical Card System's latest funding round?

    Medical Card System's latest funding round is Acq - Fin.

  • Who are the investors of Medical Card System?

    Investors of Medical Card System include Kinderhook Industries and JLL Partners.

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