Wayne, PA – GENEX Services, the nation’s largest provider of workers’ compensation clinical services, has announced its acquisition of Comprehensive Industrial Disability Management Services Inc. (CID), one of the leading providers of utilization review software and services to the workers’ compensation market. Financial terms were not disclosed.
With this acquisition, GENEX is positioned to deliver an industry-leading utilization review (UR) program, extending its existing UR capabilities to include CID’s best-in-class UR software-as-a-service (SaaS) solution.
“Integrating CID’s utilization review software and capabilities with those of GENEX creates an undeniable industry-leading platform,” said Peter Madeja, CEO and President of GENEX Services. “In the workers’ compensation industry, utilization review services are in demand more than ever. This acquisition addresses our customers’ growing needs. GENEX continues to invest in technology-powered solutions like CID that offer progressive strategies for addressing escalating claim costs. This move helps GENEX improve outcomes on behalf of clients and ensure appropriate, effective treatment to return injured workers back to work quickly and safely.”
Based in Westlake Village, CA, CID has been providing technology-oriented solutions to control workers’ compensation medical costs since 2001. Its SaaS technology is regarded as the gold standard of utilization and peer review services.
“GENEX and CID are both focused on providing high-quality services that help contain workers’ compensation costs,” said Steven Cardinale, managing director of CID. “We see this acquisition as a good fit for both CID and GENEX, as we are jointly committed to ensuring injured workers receive the appropriate care they need to get back on the job without delaying treatment or increasing costs.”
Covington Associates served as the exclusive strategic and financial advisor to CID and RBC Capital Markets advised GENEX on the transaction.
Source: GENEX
Disclosure:
GENEX is a WorkCompWire Ad Partner.
This is not a paid placement.