WAYNE, Pa.--(BUSINESS WIRE)--Genex Services, a leader in medical cost containment and disability management services, has announced its acquisition of Med-Eval, a leading provider of independent medical examination (IME) and diagnostic network services for the workers’ compensation and automotive claims market. Financial terms were not disclosed.
The Med-Eval management team and staff will remain in place and continue to operate under its brand. Mike Valasek, Med-Eval President and CEO, will join Genex as the Vice President of IME services and will assume operating responsibility for the national service.
“Med-Eval is a highly regarded IME company with a well-established tradition of excellent customer service and quality assurance,” said Archie Anderson, Senior Vice President, Specialty Services of Genex Services. “This acquisition is supported by a marketplace demand for national IME options with a strong focus on cost containment and quality care. Combining Med-Eval and Genex’s services places us in a position to meet that need.”
Based in Sterling, VA, Med-Eval was founded more than 20 years ago and has steadily become one of the largest providers of IME in the workers’ comp industry. Med-Eval manages a network which provides medical evaluations, peer reviews, and diagnostic studies for several national and leading insurance carriers, third-party administrators, employers, and other organizations that need assistance with medical review services.
“This is an exciting opportunity for Med-Eval,” said Valasek. “Pairing our programs with a leading managed care service company in Genex allows us to significantly expand our services. Both companies are focused on offering quality customized services that strengthen the continuum of care for our customers.”
Bailey Southwell & Co. served as the exclusive strategic and financial advisor to Med-Eval on the transaction.
About Genex Services, LLC
Genex Services (www.genexservices.com) is the trusted provider of managed care services enabling workers’ compensation payers and risk managers to transform their bottom lines. Genex is a managed care leader with more than 2,900 employees and 47 service locations throughout North America. The company serves 381 of the Fortune 500 companies as well as the top workers’ compensation and disability carriers and third-party administrators in the U.S. In addition, Genex is the only company that delivers high-quality clinical services enhanced by intelligent systems and 360-degree data analysis. The company consistently drives superior results related to medical, wage loss, and productivity costs associated with claims in the workers’ compensation, disability, automobile, and health care systems.
Med-Eval (www.med-eval.com) is a leading provider of medical evaluative services and discounted medical imaging for the workers’ compensation, automobile, general liability, and non-occupational disability claims industries. Founded in 1994, Med-Eval specializes in the recruitment and credentialing of providers, scheduling and reporting on medical evaluations, peer reviews, and diagnostic studies for insurance carriers, TPAs, employers, and attorneys.
About Bailey Southwell & Co.
Bailey Southwell & Co., LLC (www.baileysouthwell.com), founded in 2005, is a privately held investment bank with offices in Nashville, Tennessee, and St. Louis, Missouri. BSC provides mergers and acquisition and capital raising advisory services to middle market companies.