Genex Services Expands IME Services Through ECN Acquisition
WAYNE, PA – January 31, 2017 – Genex Services, a leader in medical cost containment and disability management services, has announced its acquisition of Exam Coordinators Network (ECN), an established provider of independent medical examinations (IME) and peer review services for the non-occupational disability, automobile and workers’ compensation markets. Financial terms were not disclosed.
The Boca Raton, FL-based company has provided independent medical examinations and peer review services nationally since its founding in 1999. ECN has developed one of the stronger IME businesses in the industry, said Delphia Frisch, Genex COO, executive vice president.
“The ECN acquisition is an exciting addition to Genex’s greatly expanding national independent examination services division,” said Frisch. “ECN is the latest of several strategic acquisitions that have helped Genex significantly enhance our talented team of highly experienced industry leaders. We are proud of the cumulative expertise, diversified services and depth of specialization Genex now offers within the workers’ compensation, disability and auto industry sectors. Under the leadership of Archie Anderson, senior vice president, Genex IME services has become a significant component of our overall comprehensive services offering.”
ECN's market-leading position and experience in the non-occupational disability and automobile insurance market enhances Genex’s IME and peer review services, expanding the diversification and geographic coverage of its strong provider network.
“We are excited to join the fastest-growing IME provider in the nation,” said ECN COO Richard Stopek, DC. “The combination of Genex and ECN will create the highest-quality, most customer-oriented IME company in the industry. Genex benefits by adding ECN’s industry knowledge, extensive URAC-credentialed physician panel and unique technology to its IME and related business.”
“We were looking for a strong partner who would advance ECN’s services and ECN was a natural fit with Genex’s robust IME offering.” said ECN CFO Steven Levine, Esq. “This acquisition will allow ECN to leverage Genex’s financial stability and leadership position in the industry, along with its specialized in-house clinical expertise."
Bailey Southwell & Co. served as the exclusive strategic and financial advisor to ECN 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 41 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.
About Exam Coordinators Network
Exam Coordinators Network (ECN) (www.ecnime.com) is a leading national provider of medical expert procurement and independent medical review services. ECN clients include insurance carriers, attorneys, workers’ compensation case managers, long-and short-term disability case managers, public and private risk managers, hospitals, large and small corporations, and third-party administrators. ECN’s exceptional nationwide panel of medical experts includes physicians in all medical specialties and allied health professions.
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.