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OneCall for sale – again

This just in – word is that One Call Care Management is up for sale, reportedly for a price in the $1.5 billion range.

Reuters just reported their sources indicate things are in the “exploratory” stage; if the sources are accurate, this would be the largest – by far – transaction in the work comp services business.

Odyssey Investment Partners has been carefully assembling OCCM by acquiring firms in the medical management space – DME/Home health (MSC), imaging (OneCall), dental (Express Dental), transportation/translation, ancillary services, and provider assessment/analytics (Harbor Health).  Word is OCCM will soon be adding another translation firm to their portfolio; 3i is the most commonly cited target.

Odyssey has done very, very well in comp; they’ve purchased, grown, and sold York Claims/Risk and built OCCM into the largest and most profitable WC services company in a very short four years.  With an EBITDA around $140 million and strong year/year growth, a 10x multiple is well within the realm of possibility.

With MSC’s acquisition just over a year old, and TechHealth to be added to the portfolio shortly, management is pressing ahead with their growth despite – or perhaps in part because of – a potential sale of the entire company.

I’d be remiss if I didn’t note this has not been confirmed by anyone at any of the firms mentioned above.

That said, kudos to OCCM, OCCM management, all the folks who work for OCCM’s companies, and Odyssey for building the first billion dollar business in work comp services.

10 thoughts on “OneCall for sale – again”

  1. Wow! I work for MSC Care Management which is now under the OCM umbrella. Interesting.

  2. No surprise and here we go again. Why the congratulations on being over the 1 billion dollar mark. As we know, most of this is based on acquisitions. What ever happened to the focus on quality and integreity in this business? That is “What Matters”.

  3. Its really not that impressive at all….for as stated it has grown from aquisitions and is cause for alarm in the industry. Im certain if any company aquired 3 or 4 companies in less thatn 2 years they to could increase their net worth for a profit sale.

    1. Derek – actually it is quite impressive. They’ve also grown organically while developing and implementing a strategy based around capturing claims as early in the process as possible, and providing as many services as possible.

      1. “Providing as many services as possible”? Mr. Paduda…this ancillary market in Workers Comp is not modeled around WalMart.. I would have to wonder if the regional and national Carrier’s and TPA’s would agree with your “kudos”. At the end of the day it’s about quality and service for the customer base and let’s see how that pans out.

        1. Trish – thanks for the comment. I’m well aware that the market is currently not modeled around WalMart.

          Neither was the consumer retail industry 20 years ago.

          1. One again, we are not talking about a WalMart model Mr. Paduda which was my point and pretty sure not one that would be best for Injured Workers. Keep up those positive thoughts about your friends at OMC though.

  4. Hey Joe:

    I do understand your excitement with the fact that that this is a “huge deal in the work comp space in terms of a purchase”. But a basic question, I have, is have you tried to make a referral into the “quote one-call program”? There is no integration (which will take years), no value added program-yet to discern, and I dare say based on what I have seen not that much opportunity for cost savings. I am under the impression that VC and private equity are not adding much value to our space, and the end result is buy and sell, AS FAST AS YOU CAN.

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Joe Paduda is the principal of Health Strategy Associates



A national consulting firm specializing in managed care for workers’ compensation, group health and auto, and health care cost containment. We serve insurers, employers and health care providers.



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