Dallas, Texas (PRWEB) October 01, 2013
HealthSmart Holdings, Inc. announced today that it has entered into a definitive agreement to acquire Mutual Assurance Administrators, Inc. and its affiliates, Pittman & Associates, Inc., BMI-HealthPlans, Inc. and Mutual Assurance Administrators, Inc. of Texas (collectively, MAA). MAA is a full-service, broker-driven, regional third party administrator (TPA) headquartered in Oklahoma City, Oklahoma. Terms of the transaction were not disclosed.
MAA offers claims administration services for self-funded benefit plans. HealthSmart will acquire all operating assets and related liabilities of MAA. Following the completion of the transaction, HealthSmart will have gross annual revenues of nearly $200 million, employ more than 1,400 workers and manage more than $6 billion in claims. Additionally, HealthSmart will expand its presence to include office locations in Oklahoma City, OK; Bartlesville, OK; Springfield, MO; Little Rock, AR; Memphis, TN; Houston, TX; and Jackson, MS.
Todd Archer, President of Mutual Assurance Administrators, said, “MAA’s flexible approach to benefits management allows its clients to establish the best possible programs to meet their specific needs. We are excited about leveraging the MAA team’s strengths and talents with HealthSmart’s 40+ year track record of excellence.”
“We are very focused on creating economies of scale that allow us to provide our clients with high quality solutions at the best possible value,” noted Daniel D. Crowley, Chairman of HealthSmart. “Our size, geographic coverage and high quality, integrated managed care offerings make it possible for HealthSmart to meet the health benefit needs of self-funded employer groups.”
Jim Pennington, President of HealthSmart, added, “We are very excited about the opportunities this acquisition brings to HealthSmart. As we continue to broaden our national reach, HealthSmart remains
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