Mitchell | Genex Signs Agreement to Acquire Coventry Workers’ Comp Services, Aligning Premier Medical Management & Cost Con...
March 02 2020 - 4:15PM
Business Wire
Combination unites and expands industry-leading
solutions to produce better claims outcomes and improve lives of
injured parties
Mitchell | Genex, a leading provider of cost containment
technology, clinical services, and disability management, has
announced an agreement to acquire Coventry Workers’ Comp Services
from CVS Health (NYSE: CVS). Coventry Workers’ Comp Services is a
premier provider of care and cost management programs for workers'
compensation and auto insurance carriers, third-party
administrators, and self-insured employers. Coventry Workers’ Comp
Services is currently a division of Aetna, a CVS Health
company.
With this acquisition, Mitchell | Genex will expand its
capabilities, and add Coventry’s leading PPO network to its
continuum of care and cost containment offerings. The inclusion of
Coventry Workers’ Comp Services will make the company one of the
country’s premier workers’ compensation and auto network
providers.
“For decades, Coventry has been synonymous with excellence in
the industry,” said Peter Madeja, Genex Services President and CEO.
“We are extremely proud and excited about adding another
long-standing, reputable organization to the Mitchell | Genex team.
This move will expand the breadth of our cutting-edge cost
containment technology and clinical services with the deepest
understanding of the workers’ compensation industry and will
significantly build upon our network offerings. It reinforces our
continuous commitment to help clients navigate through today’s
challenges and build better outcomes to improve the lives of
injured parties.”
“We’re very proud to add Coventry to the Mitchell | Genex team,”
said Alex Sun, Mitchell President and CEO. “Our goal is to
transform our clients’ experiences by integrating products and
services to create solutions that help simplify the client
experience, leverage our inventory of data and optimize workflows —
all with the goal of improving claims outcomes. This is a natural
extension of our combined strategy to further expand the value we
deliver to our clients across the property and casualty
industry.”
Based in Downers Grove, IL, Coventry Workers’ Comp Services has
been a leading full-service managed care organization for more than
35 years. The company brings approximately 2,000 professionals with
deep industry expertise, along with a broad suite of services —
network, clinical and specialty — powered by technology to enhance
network development, clinical integration and operational
efficiencies with a focus on total claims cost. Following the
closing of this acquisition, Coventry Workers’ Comp will continue
to be led by Art Lynch, President and CEO, and operate under its
brand.
“We are very excited to join Mitchell | Genex and further meet
the needs of our ever-changing industry,” said Lynch. “This is a
forward-thinking partnership that combines one of the most robust
PPO networks with an equally positioned firm in cost containment
technology and clinical solutions. These capabilities, when
combined with artificial intelligence and advanced analytics, will
maximize our clients’ performance today and into the future.”
Kramer Levin Naftalis & Frankel LLP and Axinn, Veltrop &
Harkrider LLP are acting as legal advisors to Mitchell | Genex.
Fried, Frank, Harris, Shriver & Jacobson LLP and Dechert LLP
are acting as legal advisors to CVS Health. BofA Securities is
acting as exclusive financial advisor to CVS Health.
The acquisition is subject to customary closing conditions,
including applicable regulatory approvals. The financial terms of
the transaction are not being disclosed.
About Mitchell | Genex
Mitchell | Genex simplifies, enhances and accelerates property,
casualty and disability claim processes through the broadest
continuum of technology and services, best-in-class clinical and
pharmacy solutions, an expansive range of networks and unparalleled
access to data analytics that drive better outcomes for our clients
and enhance the lives of injured and disabled employees. As a
combined company, we have brought together the leading experts in
cost containment, clinical services and medical compliance to
increase our value to clients and help injured workers return to
health quickly. (www.mitchell.com) (www.genexservices.com)
About Coventry Workers’ Comp Services
Coventry Workers’ Comp Services offers workers’ compensation and
auto care-management and cost-containment solutions for employers,
insurance carriers, and third-party administrators. With roots in
both clinical and network services, Coventry leverages more than 35
years of industry experience, knowledge, and data analytics. As a
part of Aetna, its mission is returning people to work, to play,
and to life. And its care management and cost-containment solutions
do just that. Its networks, clinical solutions, specialty programs,
and business tools will help you focus on total outcomes.
(www.coventrywcs.com)
About CVS Health
CVS Health employees are united around a common goal of becoming
the most consumer-centric health company in the world. We’re
evolving based on changing consumer needs and meeting people where
they are, whether that’s in the community at one of our nearly
10,000 local touchpoints, in the home, or in the palm of their
hand. Our newest offerings – from HealthHUB® locations that are
redefining what a pharmacy can be, to innovative programs that help
manage chronic conditions – are designed to create a
higher-quality, simpler and more affordable experience. Learn more
about how we’re transforming health at
http://www.cvshealth.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200302005803/en/
Tom Kerr Genex Services 610-964-5213
tom.kerr@genexservices.com
Jennifer Forman-Cangucu Mitchell International
858-369-7794 Jennifer.forman@mitchell.com
CVS Health (NYSE:CVS)
Historical Stock Chart
From Mar 2024 to Apr 2024
CVS Health (NYSE:CVS)
Historical Stock Chart
From Apr 2023 to Apr 2024