HealthSmart Holdings, Inc. announced today that it has entered into a definitive agreement to acquire Benefit Management Systems, Inc. and its affiliate Diversified Benefit Consultants, Inc. (collectively, BMS). Terms of the transaction were not disclosed.
Headquartered in Madison, Mississippi, BMS is a leading third party administrator (TPA) specializing in the administration and operation of self-funded benefit plans. BMS has been active in the TPA industry for nearly 22 years and serves close to 20,000 employee lives.
Following the completion of the transaction, HealthSmart will have gross annual revenues of nearly $200 million and more than 1,500 employees. Additionally, HealthSmart will expand its presence to include the BMS office located in Madison.
“BMS was founded for the sole purpose of providing administrative assistance to self-funded employers,” said Randy McIntosh, owner of BMS. “Our unmatched customer experience and entrepreneurial spirit have allowed us to deliver quality solutions that meet the individual needs of our clients. That spirit will continue with HealthSmart, leveraging their managed care resources and strong service and technology platforms for our clients. In addition, BMS will retain its local presence, and the administrative services our clients have entrusted to BMS will be handled by the same great service team.”
“We welcome BMS clients and employees to HealthSmart,” said Daniel D. Crowley, President and Chairman of HealthSmart. “We are a natural fit for TPAs seeking a strong partner, and we have completed several such acquisitions in the past year. With offices across the country, HealthSmart is as a leading independent provider of managed care solutions for self-funded employers who want high quality service and effective cost management.”
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 Benefit Management Systems Founded in 1991, BMS is headquartered in Madison, Mississippi. The BMS staff has over 100 years of combined experience in the administration and operation of self-funded benefit plans. The company’s comprehensive claims management utilizes state-of-the-art technology including online, real-time access to patient claims and eligibility information. BMS clients benefit from high quality consultation in the development and operation of a self-funded plan.