HealthSmart Announces Agreement to Acquire Health Service Review (HSR)

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HealthSmart’s Eastern Region Strengthened through HSR’s Expert Team

HealthSmart Holdings, Inc. announced that it has entered into a definitive agreement to acquire Health Service Review, Inc. (HSR), located in Franklin, Ohio. HSR specializes in reducing the healthcare cost trend for its clients. Its team of certified Case Managers has helped its clients achieve a significant ROI for disease and case management. Terms of the transaction, which is expected to be completed this month, were not disclosed.

HealthSmart will acquire the operating assets and related liabilities of Health Service Review. Following the acquisition, HealthSmart will have gross annual revenues of approximately $180 million and nearly 1,400 employees. Additionally, the acquisition will enable HealthSmart to strengthen its regional presence in the Ohio market.

Daniel D. Crowley, Chairman of HealthSmart, noted: “We are excited to have made four acquisitions within the last year, bringing greater economies of scale and additional service capabilities to more clients. HealthSmart continues to provide superior self-funded solutions for employers who want to reduce costs and empower employees to improve their health. We look forward to serving the clients of Health Service Review.”

Founded in 1983 as a medical care management firm, HSR soon found its niche with small to medium sized, self-insured clients. HSR has evolved into a full service healthcare company and now offers third party administration, disease management and case management solutions. Their exceptional focus on customer service aligns with HealthSmart’s mission and vision. Blending the strengths of both these organizations will provide synergies and give an edge over many competitors.

HSR’s president, Don Barker, notes: “We are thrilled to become a part of the HealthSmart family of companies. The combination of HSR’s capabilities and those of HealthSmart will create value for our respective clients.”

Jim Pennington, President of HealthSmart, said “HSR has an excellent reputation in our industry, and we welcome this talented team to our company.”

About HealthSmart
For more than 40 years, HealthSmart has offered a wide array of customizable and scalable health plan solutions for self-funded employers. HealthSmart’s comprehensive service suite addresses individual health from all angles. This includes claims and benefits administration, provider networks, pharmacy services, business intelligence, onsite employer clinics, care management, a variety of health and wellness initiatives and web-based reporting. The company's headquarters is in Irving, Texas, with regional hubs throughout the country. HealthSmart’s mission is to improve member health and reduce healthcare costs.

About Health Service Review
Health Service Review, Inc. (HSR) was founded in 1983 as a medical care management firm, and for the past 30 years has been a private corporation. The company’s belief has always been that the largest impact on healthcare and medical cost is to educate patients to become active participants in their own healthcare. To that end they have always hired RNs to play a chief role as the patient’s advocate. This focus enables the company to provide a personal touch to care management, while saving clients considerable healthcare dollars.

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Susan Thompson
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