Healthcare Solutions Announces Acquisition of Modern Medical

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Healthcare Solutions' acquisition of Modern Medical further strengthens the company's capabilities in the delivery of a full range of medical products, services and management solutions across all market segments within the workers' compensation and auto insurance industry.

Healthcare Solutions Family of Companies

Healthcare Solutions' acquisition of Modern Medical reinforces the company’s unique position as the premier technology-based platform company serving the workers' compensation and auto markets.

Healthcare Solutions, the parent company of Cypress Care, Procura Management and ScripNet, today announced that it has acquired Modern Medical, a pharmacy management and specialty health services company serving the workers’ compensation market. The acquisition brings together two highly successful organizations with specialized expertise in managing and reducing medical costs for their customers.

Healthcare Solutions, through organic growth and strategic acquisitions, has evolved from a prominent workers’ compensation pharmacy management company to a market leader in the provision of product and service offerings across the entire medical spectrum in both the workers’ compensation and auto insurance markets. Serving the largest and most sophisticated buyers in these markets, the company also provides specialty healthcare services, including durable medical equipment and supplies, prosthetics and orthotics, diagnostic imaging, physical medicine, and transportation and language services, as well as managed care products including PPO networks, medical bill review and case management.

“The acquisition of Modern Medical further strengthens Healthcare Solutions’ capabilities in the management and delivery of pharmacy and specialty healthcare services to an increasingly broad array of customer segments,” said David A. George, CEO of Healthcare Solutions. “The addition of Modern Medical, with its strong cultural values and long-standing reputation for superior customer service, enhances the company’s capabilities to develop and expand its innovative solutions within both the workers’ compensation and auto markets and reinforces the company’s unique position as the premier technology-based platform company serving these markets.”

“We are excited to be joining the Healthcare Solutions team, continuing our longstanding commitment to deliver best of class products and services to our customers,” said Joe Favazzo, founder and president and CEO of Modern Medical. “By leveraging the strengths of both organizations within the combined company, the acquisition will provide our customers with enhanced value through additional resources, continued product innovation and more expansive service offerings.”

The acquisition, which closed on September 13th, further strengthens a combined organization that provides a full range of medical products, services and management solutions across all market segments within the workers’ compensation and auto insurance industry.

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Nancy Hamlet
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