HealthSmart was founded in 1983 and has evolved as a true leader in the healthcare field. The company has grown to more than 1,100 employees in locations all across the country. From the beginning, HealthSmart’s unique area of expertise has been its ability to integrate all the elements of a healthcare plan including claims and benefit administration, care management, preferred provider networks, prescription benefit management, information technology services, risk management/stop loss solutions and onsite primary care clinics.
Aggressive Expansion Strategy
In 2003, the company launched an aggressive acquisition strategy to expand its scope and bring together other market leaders in Preferred Provider Organizations (PPO) and Third Party Administrator (TPA) industries. With this diverse group of products and services already in place, additional lives under management would only make each of the sister companies stronger and allow the company to offer its clients a greater degree of control over their health plans.
Third Party Administrator Acquisitions
Two critical acquisitions occurred in 2005. The first was the Fort Worth, Texas based American Administrative Group (AAG). As a TPA, AAG had a legacy of servicing some of the largest Fortune 500 companies, as well as state governmental agencies. If these services were AAG’s history, then its unique retiree administration platform was its future. The second acquisition was the Lisle, Illinois based Gallagher Benefit Administrators (GBA). A wholly-owned subsidiary of one of the largest insurance brokerage firms in the world, Arthur J. Gallagher, GBA was an industry leader in its own right.
Following these acquisitions, the company more than doubled its revenues and tripled its earnings potential. The addition of these two significant acquisitions, combined with the existing Icon Benefit Administrators, allowed the company to become one of the largest TPAs in the country.
The company not only acquired complimentary healthcare companies, but also developed several of it its own key businesses. Those companies included HealthSmart Preferred Care, the leading independent PPO in Texas; Q-elements, a URAC accredited, full-service utilization review company; CareVu, a state-of-the-art technology company that can move claims in any format in any system in a fully electronic and HIPAA compliant manner; and employer-sponsored Free First Healthcare Clinics, which provides primary care, wellness, and pharmaceutical benefits at or near the workplace.
Financial Security in Place for Future Growth
In early 2007, the company completed a refinancing effort establishing a stable, long-term capital structure and positioning the organization for another strong growth period. The financial relationship with BMO Capital Markets and Ares Capital enabled HealthSmart to continue its growth strategy as one of the largest independent, integrated healthcare service organizations in the nation.
Merging With Interplan Health Group
In the fall of 2007, the company announced their merger with Interplan Health Group (IHG), a national health network, which resulted in a strategic alliance that brought value-driven healthcare to a nationwide client base. IHG's clients included local and multi-state employer groups, trust funds, insurance companies, third party administrators and self-funded employers. The merger also included AmeriScript and its Pharmacy Benefit Management services allowing HealthSmart to truly become a full-service integrated healthcare services organization, giving their clients and members the ability to control their healthcare costs from every perspective.
Well-Developed Services Provide Nearly Endless Savings Options
Recently HealthSmart acquired several top-notch companies, developed innovative technologies and utilized dedicated and creative professionals to position itself as a comprehensive healthcare solutions company with a fully-integrated inventory of wholly-owned products and services.
We guarantee forward-thinking, high-quality products and services along with secure networks, credentialed providers, seamless administration and a dedication to making a positive, smarter impact on our customers and their members . . . for life!