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Med College and UW Med School to split $120 million

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by Matthew Dolbey, Campus Editor

A merger creating the nation’s largest managed health care provider would allow the University of Wisconsin Medical School and the Medical College of Wisconsin to share $120 million garnered from cash and stock, the UW Medical School Panel stated Tuesday morning.

The Wisconsin United for Health Foundation would decide where and how to split the money received from the resulting union of Blue Cross and Blue Shield providers, WellPoint Health Networks, Inc. and Anthem, Inc., between Wisconsin medical colleges. The money that UW receives could go to a variety of efforts that the Oversight and Advisory Committee at UW Medical School sees fit, including collaborations with local communities and activist groups that would tackle public health issues or help guarantee access to health care for less privileged people.

The non-profit Wisconsin United for Health Foundation was established when Blue Cross & Blue Shield United of Wisconsin converted from a non-profit organization to a for-profit corporation, which was bought by WellPoint this fall and continues to manage the the corporation’s funds.

Completion of the merger is expected in mid-2004, and as of Friday’s market closing, Anthem reports the merger to be worth approximately $16.4 billion.