Insight, analysis & opinion from Joe Paduda
Considering the landscape of service providers, one might think it easy to identify the acquirers and targets. Reminder – the companies we are considering are Mitchell/Genex/Coventry (MGC), Paradigm, Conduent, Optum Workers’ Comp, OneCall, ExamWorks and one step down, MedRisk (HSA … Continue reading Consolidation in work comp services – speculating on Mitchell’s future
Read More...The implications of Mitchell’s acquisition of Coventry’s workers’ comp business are broad, from insight into the future of M&A in workers’ comp services to impact on competitors. (press release is here) Today we’ll dive into a few of the top-line … Continue reading Mitchell’s Coventry acquisition – implications abound
Read More...After almost 5 months of negotiations and COVID19-related delays, Mitchell International owns Coventry Workers’ Comp. The price was around $875 million, with most of the value based on Coventry’s work comp PPO. The network is a cash machine, has been … Continue reading It’s done; Mitchell owns Coventry work comp
Read More...Consolidation in work comp services continues with the imminent announcement Genex and Mitchell will merge in the very near future. Stone Point Capital owns both companies, so it is no surprise that the two are becoming one. Mitchell was acquired … Continue reading Genex and Mitchell to merge
Read More...Stone Point has added yet another firm to its growing portfolio of workers’ comp assets; when the deal closes in a few weeks, Mitchell will join previous acquisitions Genex, AmTrust, and Sedgwick (the latter two have co-investors). (I mis-read the … Continue reading UPDATE – Mitchell will be bought by Stone Point
Read More...Is to acquire the leading auto PBM/pharmacy biller – Cogent Works and subsidiary AutoRx. The announcement, out this morning, contains the usual corporate-speak, but in this case most of it makes sense. Cogent has both work comp and auto PBM operations, … Continue reading Mitchell’s latest move
Read More...That didn’t take long. On the same day Kelso and Stone Point did the PMSI-Stone River deal, giant PE firm KKR bought Mitchell International for $1.1 billion. The transaction, reported to value Mitchell at 11-12 times adjusted earnings (no word … Continue reading Mitchell has been acquired. What’s next?
Read More...The official announcement was released a bit ago, and there aren’t many more details than we shared yesterday. I would note that there are several allusions to the new entity being the ‘market share leader‘; in a subsequent conversation with … Continue reading The Mitchell – Ingenix deal – details and history
Read More...Tomorrow morning Mitchell Medical will announce it has acquired the Ingenix medical bill bill review systems business from United HealthGroup. The deal, which has been tightly held, may also include the assets employed in developing state workers comp fee schedules, … Continue reading Mitchell to buy Ingenix’ bill review business
Read More...The work comp Pharmacy Benefit Management business has become hyper-competitive; total drug spend has dropped 6 of the last 7 years, there’s been massive consolidation of PBMs, margins are declining…all signs of a very mature industry. Sounds like a not-very-attractive-business…right? Well, … Continue reading A creative way to generate work comp PBM revenue.
Read More...