Medi Assist, India’s largest well being insurance third-party administrator (TPA), on Monday introduced that it has signed a definitive agreement to acquire a 100% stake in Medvantage Insurance TPA.
Medi Assist expects to fund the acquisition of Medvantage, previously UnitedHealthcare Parekh Insurance TPA, with current money from its stability sheet.
The transaction was permitted by the board of administrators at every of the respective firms and is topic to receipt of regulatory approval and satisfaction of different customary closing situations, in accordance to a launch.
With the mixture of the 2 gamers within the TPA trade, Medi Assist will now service over Rs 10,000 crore of well being insurance premiums as a part of its company portfolio and likewise command a market share of shut to 30% on this phase.
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“This further strengthens Medi Assist’s focus on addressing the need for the digital transformation of the industry and enabling a paperless environment, fast-tracking issuances (enabling rapid product launches) while providing a national footprint and access to insurer-backed healthcare services,” the corporate stated within the launch.
Medi Assist CEO Satish Gidugu stated the digital-first service focus on the firm has been the cornerstone of its progress story. It is dedicated to creating worth for all stakeholders and the acquisition is a superb strategic and cultural match.
The firm had up to now acquired Dedicated Healthcare Services (DHS) TPA in 2016 and Medicare TPA in 2018. With Medvantage, Medi Assist provides extra purchasers to its current portfolio of over 9,000 company purchasers.
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Medvantage chairman Nimish R. Parekh stated, “Medvantage, one of the first and only specialized corporates focused on TPA, and Medi Assist shares similar values, expertise, capabilities, and vision. This acquisition ensures that Medi Assist is positioned to deliver best-in-class service to Medvantage’s corporate customers and to ensure that we remain laser-focused on a member-first agenda.”
