Broadspire Services Completes Sale of Disability Business to Aetna.PLANTATION, Fla. -- Broadspire Services, a Platinum Equity Platinum Equity is an American information technology and private equity firm. It was founded by billionaire Tom Gores in 1995 and is headquartered in Beverly Hills, California. company that is a premier provider of casualty claims, medical management and integrated disability management services, announced today that it has completed the sale of its disability management services division to Aetna, one of the nation's leaders in health care, dental, pharmacy, group life, disability and long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. benefits. "We are proud of the industry-leading disability business that our team at Broadspire built," said Dennis Replogle, Broadspire's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "It is a great tribute to them and their leader, Peg Haennicke, that Aetna is adding the business to its portfolio. I'm sure it will continue to thrive under its new owner." The disability services division provides companies with programs and services that assist ill or disabled employees with their health care and efforts to return to productive employment. When announcing the pending transaction in February, Aetna CEO and President Ronald A. Williams said the company believes the acquisition "will further position Aetna as the leader in integrated health and disability, with expanded product offerings such as leave management, and disability management expertise." The former Broadspire disability business has about 85 customers and 850 employees located in Plantation, Fla., and throughout the country. Casualty claim operation will continue to offer integrated services In computer networking, IntServ or integrated services is an architecture that specifies the elements to guarantee quality of service (QoS) on networks. IntServ can for example be used to allow video and sound to reach the receiver without interruption. , pursue growth Broadspire will continue to offer workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. and general and auto liability claims services, medical management services, integrated disability management services and risk and safety consulting to clients. Customers who rely on Broadspire for both casualty and disability management will continue to receive bundled services with no changes or disruption in service. Company headquarters remains in Plantation, Fla., with a significant presence in Lake Zurich For the lake and village in the U.S., see . Lake Zurich (Alemannic: Zürisee; German: Zürichsee) is a lake in Switzerland, extending southeast of the town of Zürich. It is also known as Lake Zürich and Lake of Zürich. , Ill. With the disability divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). completed, Broadspire will focus its operational resources on expanding and growing its casualty business, Replogle said. "We plan to invest in our already strong portfolio of casualty products and services. We just announced our project to implement a new claim system that we believe will offer an effective, comprehensive solution to our 245 workers' comp and liability clients. We also have already reorganized our company to consolidate client services into one group that will offer more coordinated services to our customers." Broadspire has chosen iVOS(R) from Valley Oak Systems as the company's new casualty claim system. iVOS will replace multiple Broadspire systems and ultimately consolidate claim intake, claim administration, billing, reporting, financial and managed care functionality into a single platform. "We are excited about our future at Broadspire. I believe that customers will benefit from a higher level of focus and specialization in our casualty business, while still having the advantage of receiving disability services from Aetna," Replogle said. Platinum Equity acquired Broadspire in July 2003 from the Kemper Insurance Companies. Platinum established the organization as a stand-alone company stand-alone company An independent operating firm. For example, a large diversified firm may consider spinning off a subsidiary because, as a stand-alone company, the subsidiary would command a higher price-earnings ratio than the parent. and re-launched it under the Broadspire name. Subsequently, Platinum operations executives worked with Broadspire leadership to drive operational improvements within the business, and empowered the management team to grow enterprise value. Broadspire previously divested its risk and safety consulting, training and laboratory services to Bureau Veritas an institution, in the interest of maritime underwriters, for the survey and rating of vessels all over the world. It was founded in Belgium in 1828, removed to Paris in 1830, and reëstablished in Brussels in 1870. See also: Bureau , a global company that specializes in quality, health, safety and environmental services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, . About Broadspire Broadspire (http://www.choosebroadspire.com), a Platinum Equity company and third-party administrator, offers a broad array of customized casualty claims, medical management and integrated disability management services designed to increase employee productivity and contain costs. The services Broadspire offers include workers' compensation, auto and general liability claims management; medical and field care management, either integrated with casualty services or available on an unbundled basis; integrated workers' compensation and disability management programs; and risk and safety consulting. Broadspire is based in Plantation, Fla., with 2,000 employees throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . About Platinum Equity Platinum Equity (http://www.platinumequity.com) is a global M&A&O(R) firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores Tom Gores is a self made financier whose investment holdings include California leveraged buyout business Platinum Equity, where he is founder, chairman and chief executive officer. Through Platinum Equity, Mr. , Platinum has acquired more than 60 businesses with more than $12 billion in aggregate revenue at the time of acquisition. About Aetna Aetna is one of the nation's leading diversified health care benefits companies, serving approximately 27.9 million unique members with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health Behavioral health was first used in the 1980's to name the combination of the fields mental health and substance abuse. As an example, an organization serving both mental health and substance abuse clients might refer to its practice as behavioral health or , group life, long-term care and disability plans, and medical management capabilities. Our customers include employer groups employer group Association of employers Managed care An entity with a current group benefits agreement in effect with a health plan to provide covered health care services to its employee-subscribers and eligible dependents. , individuals, college students, part-time and hourly workers, health plans and government-sponsored plans. http://www.aetna.com |
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