Today’s issue of WorkCompRecap features a double dose of acquisition news, with Patriot National’s announcement that it has acquired both Phoenix Risk Management Insurance Services, Inc., a managing general agent (MGA) and DecisionUR, a software company offering workers’ comp utilization review solutions.
Patriot noted that the Phoenix acquisition will provide valuable contracts and access to new markets, while DecisionUR will enhance Patriot’s existing suite of services with its automated approval features and ability for clients to create custom protocols to determine medical necessity. According to an SEC 8-K filing, Patriot will acquire substantially all of the assets of Phoenix for $1.099 million in cash plus a performance-based cash earn-out of up to $3 million, and 98.2% of the membership interests of DecisionUR, for $2.2 million in cash.
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