Physicians Mutual® Chooses HPS
TAMPA, Fla. August 16, 2005 HealthPlan Services (HPS), has been selected by Physicians Mutual® as the administrator for their individual hospital-medical-surgical and catastrophic products. Under this new arrangement, HPS will provide all billing, enrollment, claims, renewal and customer care services. It was important for Physicians Mutual to partner with an experienced and customer-focused TPA like HealthPlan Services," said John Gajewski, Sr. Vice President of Physicians Mutual. "We believe they provide the best solutions for our customers' needs as well as our company's."
"We are very excited to be partnering with Physicians Mutual in their efforts to bring affordable health products to individuals and small employers who might not otherwise be able to purchase coverage," said Jeff Bak, HPS President and CEO.
Physicians Mutual Insurance Company and Physicians Life Insurance Company, a member of the Physicians Mutual family, provide a full portfolio of health and life insurance products, as well as financial products. The combined companies have assets of more than $2 billion.
Both Physicians Mutual and Physicians Life consistently receive high grades from independent insurance analysts. They have an A.M. Best rating of "A (Excellent)," based on financial strength. Standard and Poor's® gives both Physicians Mutual and Physicians Life an "AA- (Very Strong)" rating. Physicians Mutual is one of only two companies to be ranked in the Wards Top 50 for 14 straight years.
Founded in 1902, Physicians Mutual's headquarters are in Omaha, Nebraska.
HealthPlan Services (HPS), a Sun Capital Partners, Inc. affiliate, is the nation's largest provider of TPA services to the small business, voluntary and individual marketplace.
HPS provides administration and distribution services for the employee benefit market. HPS' services are specifically designed to meet the needs of companies insuring individuals, small businesses and middle market companies. Offering products such as health insurance (PPO, HMO, Indemnity, consumer driven), Dental, Life Insurance, Disability, Long Term Care and Ancillary products. For more information about HealthPlan Services, please visit www.healthplanholdings.com.
Sun Capital Partners, Inc. is a leading private investment firm focused on identifying leveraged buyout and investment opportunities in market-leading companies that can benefit from the expertise and experience of Sun Capital's in-house operating professionals. Sun Capital Partners has offices in Boca Raton, Los Angeles, New York, and London. With more than $2.5 billion of capital under management, affiliates of Sun Capital Partners have acquired more than 90 companies throughout the world with consolidated sales in excess of $20.0 billion. For more information about Sun Capital Partners, Inc., please visit www.SunCapPart.com.
Contact: HealthPlan Holdings, Inc., Jeff W. Bak (813) 289-1000, extension 2037.
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