VIP Health Plan Sold to Century MediCorp
VIP Health Plan, an Oxnard-based health maintenance organization (HMO), said it has been sold to Century MediCorp of Burbank for an undisclosed price.
Privately held VIP Health Plan said it has nearly 29,000 members in Ventura County, but had to be sold because it does not meet newly enacted state legislation that sets certain financial requirements for HMOs. Included among the new rules is a requirement that HMOs have $300,000 cash on deposit with the state Department of Corporations.
Century MediCorp operates an HMO called AmeriMed, which has nearly 45,000 members, mostly in Los Angeles County.