An agreement has been signed in which Catholic Health Initiatives of Colorado will pay more than $24 million for the majority stake in Federal Way-based Soundpath Health. The deal is subject to approval by the state Office of the Insurance Commissioner. Soundpath offers Medicare Advantage health plans.
Soundpath Health operations will not be affected by the ownership change, including no expected personnel changes or company name change, according to a news release. An affiliate of Catholic Health Initiatives will manage and operate Soundpath.
Knowing that greater collaboration is the future of health care, Soundpath Health and its owner provider groups have been looking for the right partner for several years. We evaluated many different options and with the support, direction and vision of CHI we feel we have found the right partner to continue to support our local mission to serve and support people with Medicare, Mariella Cummings, CEO of Physicians of Southwest Washington and Chair of Soundpath Health Board of Directors, said in a prepared statement.
Catholic Health Initiatives is the parent of Tacoma's Franciscan Health System.