India’s Wipro has signed an agreement to acquire US-based HealthPlan Services from Water Street Healthcare Partners, for around $460m.

Tampa

Based in Tampa of Florida, HealthPlan Services provides technology platforms and a fully integrated Business Process as a Service (BPaaS) solution to health insurance companies (payers) in the individual, group and ancillary markets.

The firm also offers sales, benefits administration, retention, and technology solutions to the health insurance and managed care industries.

Wipro senior vice-president and healthcare life sciences and services head Jeffrey Heenan Jalil said: "The partnership with HealthPlan Services positions Wipro to participate in the shift of the US health insurance industry towards a consumer-centric business model."

HealthPlan’s BPaaS solutions enable payers to operate in the private and public exchanges and the off-exchange individual market in the US.

Through its proprietary technology platform, the firm provides a wide range of health insurance products to the payers in the country.

It offers exchange connectivity, administration, distribution and technology services to insurers of individual, group, voluntary and association plans, as well as various solutions to brokers and agents nationwide.

Currently, the firm connects its payer clients to around 40 public exchanges and over 150 private exchanges in the US.

HealthPlan Services president and CEO Jeff Bak said: "The combination creates the first true end-to-end solution in the individual under 65 commercial market and the governmental over 65 and medicaid markets."

Subject to customary closing conditions and regulatory approvals, the deal is expected to complete in next three months.

In the US, Wipro’s clients comprise of around 100 US payers, healthcare providers, and public health agencies.


Image: Wipro to acquire HealthPlan Services from Water Street Healthcare Partners. Photo: courtesy of PinkBlue / FreeDigitalPhotos.net.