Health benefits

Fresno-based health benefits company acquires Louisiana company

published on January 17, 2022 – 13:07
Written by the staff of The Business Journal

A Fresno-based company that is one of the nation’s leading third-party health benefits administrators has acquired a Louisiana-based competitor.

HealthComp Holding Company LLC, parent company of Fresno-based HealthComp, announced the acquisition of the third-party administrator (TPA) and managed care divisions of Covington, Louisiana-based Gilsbar. Terms of the agreement were not disclosed.

HealthComp itself was purchased by New Mountain Capital, a New York investment firm, in November 2020.

“HealthComp chose to invest in Gilsbar’s TPA because of its outstanding reputation, outstanding market performance and high caliber of talent,” said Jose Rivero, CEO of HealthComp. “By combining the strengths of our two organizations, we will be able to provide unparalleled expertise and innovation in the field of health benefit administration, particularly in the area of ​​health care cost containment, member engagement and care management. Additionally, Gilsbar’s geographic location will give HealthComp the local presence to better serve customers and brokers in the South and Southeast.

Gilsbar’s TPA offers a fully integrated approach to benefit plan administration that includes sophisticated technology and personalized service, according to a press release. Through MedCom, Gilsbar’s in-house care management division, the company offers care management programs that positively impact employee health and well-being. He has successfully provided clients with savings, efficient processes and member satisfaction.

Gilsbar’s strong national presence and care management capabilities will position HealthComp one step closer to creating a leading national TPA of self-insured health insurance plans.

“It’s a phenomenal fit – HealthComp and Gilsbar are forward-thinking companies, delivering value through a now shared vision of operational excellence, clinical expertise and technological advancements,” said Ryan Haun, CEO and President of Gilsbar Holdings, LLC. “HealthComp’s financial and operational support will enable additional investments in technology and enhanced service offerings. Additionally, HealthComp will bring its industry-leading technology and capabilities to Gilsbar customers, including a proprietary analytics platform and digital tools. Most importantly, we remain committed to providing the same level of service that our customers have come to expect and rely on.

Going forward, HealthComp and Gilsbar will work together to improve products, services and support for their customers.

Gilsbar Holdings and its remaining subsidiaries will continue their core businesses. Gilsbar Specialty Insurance is a nationally recognized retailer of professional and commercial liability insurance products for lawyers, CPAs and other professionals. Gilsbar Group Benefits will maintain its presence in the Southeastern United States as a full-service benefits brokerage for employer and association groups.

Chicago-based financial services firm Mesirow served as exclusive financial advisor to Gilsbar on the transaction.