Medical Mutual of Ohio Buys Health Plan Administrator
Medical Mutual of Ohio, one of the oldest health insurance companies in the country, has acquired Benefit Services, a premier third-party administrator servicing self-funded claims, managed care, and fully insured claims
Cleveland, OH (PRWEB) November 1, 2007 -- Medical Mutual has purchased third-party administration firm Benefit Services, Inc., based in Akron, Ohio. The agreement calls for Benefit Services to operate as a wholly owned subsidiary of Medical Mutual and to continue operating at its current location.
"Businesses are seeking more creative solutions to deal with the increasing costs of healthcare," said Errol Brick, Medical Mutual's chief marketing officer and executive vice president. "The move is going to improve our ability to tailor benefits designs to the growing needs of the marketplace."
In business for 30 years, Benefit Services provides third-party administration services, which include self-funded claims administration, managed care administration and fully insured claims administration to 130 self-insured group customers in nine states covering approximately 100,000 members. The acquisition is not expected to have an impact on the number of employees currently working at Benefits Services, which is approximately 110.
Brick added that while the expertise of Benefit Services will allow Medical Mutual to offer more flexible products, Medical Mutual provides financial strength along with new products, services, and opportunities to Benefit Services.
"This deal is a very good fit for both companies," he said.
"We have had a relationship with Medical Mutual for over eight years," said Jerry Newbauer, Benefit Services chief operating officer. "We're looking forward to having additional resources that will give us the ability to bring even greater value, service and stability to our clients."
Newbauer added: "Any changes our customers will see from this move will be for the better. Benefit Services is going to provide them with additional services and even more savings."
About Medical Mutual of Ohio
Founded in 1934, Medical Mutual of Ohio is one of the oldest health insurance companies in America. Based in Cleveland, Medical Mutual assists its customers through high-quality, flexible, and affordable group and personal insurance plans, and third-party administrative services to self-insured group customers. Medical Mutual offers a full-line of products, including Health Maintenance Organization (HMO), Health Savings Account (Ohio HSA Health Plans), personal vision insurance, and individual dental insurance. SuperMed One, Medical Mutual's personal health insurance product has a variety of deductibles, coinsurance, and co-pays to meet the needs of any individual or family. For more information about SuperMed One or to obtain a personal health insurance quote, visit www.supermedone.com.
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