Managed healthcare services company HealthPlan Services in Tampa, Fla., was acquired by Water Street Healthcare Partners, a Chicago-based private equity firm. Terms of the deal were not disclosed. Water Street said it has committed $75 million to expand HealthPlans core capabilities. Established in 1970, HealthPlan Services provides distribution, enrollment, billing and collection, claims administration and risk management services for healthcare payers and providers.
We first met the Water Street team two years ago, and as our relationship has developed, they have consistently impressed us with their deep knowledge of payer services and ideas for business development, Jeff Bak, chief executive officer of HealthPlan, said in a news release about the transaction. Water Streets payer network and operating expertise will benefit us as we build on our unique leadership position in the fast-growing individual and voluntary benefit markets.
On its corporate Web site, HealthPlan reports that the company serves more than 100,000 businesses that cover more than 1.6 million members in the U.S.