Healthcare Services Company – InsuranceNewsNet

2022 AUGUST 22 (NewsRx) — By One News Reporter – Staff News Editor at News Mergers & Acquisitions — Health care service company (HCSC) has signed a definitive agreement with Trustco Holdings, Inc. (Trustmark) to buy its wholly-owned subsidiary, Trustmark Health Benefits (Health Benefits), which is a leading third-party health benefits administrator. The acquisition will provide HCSC with additional capabilities to serve a wider range of customers seeking customizable and flexible healthcare delivery solutions.

Health Benefits designs and delivers customized plans that help manage costs through innovative solutions, data transparency, and member-centric support.

“We are proud to add this asset to our portfolio to continue to meet the diverse and evolving needs of our self-funded customers,” said Opella Ernest, MD, executive vice president of commercial markets for HCSC. “This arrangement reflects HCSC’s ongoing commitment to expanding access to affordable, quality healthcare.

HCSC is the largest customer-owned health insurer in United States serving more than 17 million members.

“Employers today face increasing pressures and challenges,” said Kevin Cassidy, Chairman, National Accounts, HCSC. “With this acquisition, we are making it easier for employers of all sizes to access our extensive provider networks, data-driven insights, and coordinated quality and value-driven approach to care. It’s not a one-size-fits-all world – and we recognize that Health Benefits can help give more customers access to our service strengths.

Trustmark, a leading national employee benefits provider, offers voluntary benefits, fitness management solutions and small group health plan administration.

“With this transaction, I am confident that together with HCSC, Health Benefits and its associates will be well positioned for future success,” said Trustmark President and CEO, Kevin Slawin. “Trustmark will focus on markets where we can grow in the future, provide differentiated capabilities to our customers and members, and lead nationally. In a changing work environment, we will accelerate our efforts to become much more meaningful in the markets we serve by helping employers deliver benefits that create engaged and healthy teams.

Health Benefits will continue to support its current employers and members with the same level of service after the acquisition.

“HCSC has been a valued customer for several years,” said Nancy Eckrich, President, Trustmark Health Benefits. “We see this as the culmination of this relationship, and the entire Health Benefits team looks forward to further expanding our reach to provide more employers with flexible and personalized benefit solutions, now backed by the resources and HCSC relationships.”

Completion of the transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close later this year.

Barclays acted as exclusive financial advisor and Foley & Lardner LLP was legal adviser to the HCSC. Houlihan Lokey acted as exclusive financial advisor and Latham & Watkins LLP acted as legal counsel to Trustmark in connection with the transaction.
Keywords in this news article include: Company, Health care service companyHealth Insurance Companies, Investment and Finance, Mergers and Acquisitions.

(Our reports provide factual information on research and discoveries from around the world.)