WAYNE, Pa.--(BUSINESS WIRE)--Genex Services, a leader in medical cost-containment and disability management services, has announced its acquisition of PRIUM, an Atlanta-based provider of Comprehensive Chronic Pain Intervention programs and Utilization Review services, from Ameritox. Financial terms were not disclosed.
Since its founding in 1987, PRIUM has provided Chronic Pain Intervention programs through its Utilization Review, Medication Oversight, and TaperRx services to employers, insurers, and third-party administrators.
“The PRIUM acquisition is an exciting addition to our company that will provide continuity of services to the current PRIUM customer base,” said Peter Madeja, Genex President and Chief Executive Officer. “It also enhances the broad service continuum at Genex for controlling claim costs and driving superior outcomes for payers as well as injured and disabled workers.”
Michael Gavin, who leads PRIUM, will continue with the company as will the experienced and talented clinical staff that form the foundation of the company’s services.
“We could not have found a stronger fit for our customers and employees than this new relationship with Genex,” said Gavin. “We are excited about the potential opportunities ahead.”
“PRIUM is well known in the market for the expertise and experience they bring in addressing chronic pain and opioid-related issues,” added Delphia Frisch, Genex COO and Executive Vice President. “Bringing together the leading provider of narcotic interventions with Genex’s broad and deep clinical expertise will enable Genex to deliver the most powerful opioid and chronic pain management solution in the industry.”
SunTrust Robinson Humphrey served as the exclusive strategic and financial advisor to Ameritox and PRIUM on the transaction.
About Genex Services, LLC
Genex Services (www.genexservices.com) is the trusted provider of managed care services enabling clients to transform their bottom lines while enhancing the lives of injured and disabled workers. Genex is a managed care leader with more than 2,900 employees and 41 service locations throughout North America. The company serves the top underwriters of workers’ compensation, automobile, disability insurance, third-party administrators and a significant number of Fortune 500 employers. 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.
Ameritox (www.ameritox.com) helped pioneer the prescription drug monitoring necessary to address the national epidemic of prescription drug misuse, abuse, and diversion. As a trusted leader in medication monitoring, Ameritox provides medical and business professionals with health care solutions that can help improve patient care and prevent tragedy. Ameritox, headquartered in Baltimore, MD, has laboratory facilities in Greensboro, NC.
PRIUM (www.prium.com) is a leader in the market for workers' compensation medical interventions through a collaborative physician engagement process encompassing evidence-based medicine, clinical oversight, and jurisdictional guidelines to ensure optimal financial and clinical outcomes. PRIUM’s ability to secure higher agreement rates with physicians to modify treatment plans and ensure compliance is unmatched. The hallmark of the medical intervention company's success is to eliminate unnecessary treatment through a comprehensive approach that includes complex medical interventions, utilization reviews, and independent medical exams.