WebTPA Chosen by Waterstone Benefit Administrators to Take Over Plan Administration for All Hospital Clients
IRVING, Texas--(BUSINESS WIRE)--WebTPA Employer Services, LLC, a leading national healthcare benefit management company, today announced the takeover of all existing clients of Waterstone Benefit Administrators, a subsidiary of LifeCare Health Services, LLC based in Oklahoma City. As part of this arrangement, 11 hospital health plans and six large employer group health plans will transition from Waterstone to WebTPA in August 2014. This strategic move extends WebTPA’s footprint in the hospital health system space and further supports the organization’s expansion into the Oklahoma market.
“Leveraging WebTPA’s technology and hospital health plan management experience will add significant value to Waterstone’s existing client base and allow for future expansion of services to this growing market.”
“WebTPA’s integration with Waterstone represents a natural fit, both operationally and culturally,” said Mike McCabe, President and Chief Executive Officer of WebTPA. “We continue to be impressed by the Waterstone team and look forward to applying our flexible, proprietary technology to best serve these valuable clients. Together, we will continue to provide high-touch service to health systems and self-funded employers in Oklahoma and throughout the country.”
“WebTPA and Waterstone were both founded in response to hospitals’ needs for flexible benefit administration, so this collaboration is an excellent match,” added David Robertson, Chief Executive Officer of LifeCare Health Services. “Leveraging WebTPA’s technology and hospital health plan management experience will add significant value to Waterstone’s existing client base and allow for future expansion of services to this growing market.”
WebTPA will maintain the Oklahoma City office to service existing and prospective Oklahoma-based clients.
WebTPA is a leading infrastructure and services firm focused on the administration of insured and self-funded programs across the continuum of the group and individual marketplace, processing more than $4 billion in claims annually. Serving health plans for more than 20 years and licensed in all 50 states, WebTPA has a proven history of successfully managing a wide array of health plans. Covering nearly 400,000 members and growing every year, WebTPA has earned a reputation as a forward-thinking, flexible, service-oriented administrator. To learn more, visit www.webtpa.com.
About AmWINS Group, Inc.
AmWINS Group, Inc. is a leading wholesale distributor of specialty insurance products and services with expertise across a diversified mix of property, casualty and group benefits products. AmWINS also offers value-added services to support some of these products, including product development, underwriting, premium and claims administration and actuarial services. With more than 3,200 employees located in 17 countries, AmWINS handles over $9.5 billion in premium annually through Brokerage, Underwriting, Group Benefits and International divisions. For more information, visit www.amwins.com.
About Waterstone Benefit Administrators
Waterstone Benefit Administrators began operations more than 15 years ago, providing customized employee benefit services to member hospitals of VHA Oklahoma/Arkansas. Waterstone partnered closely with these clients to improve timeliness and accuracy of claims payment while providing valuable cost containment services to positively impact overall plan performance. Waterstone expanded their claims administration and medical management offerings to large employers in the mid-2000s and has continued to provide unsurpassed value and quality to all their clients and nearly 28,000 member lives.