Wipro to acquire Water Street's HealthPlan Services in $460m deal
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HealthPlan Services employs over 2,000 associates.
Headquartered in Tampa, Florida, HealthPlan Services employs over 2,000 associates. HealthPlan Services offers market-leading 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.
HealthPlan Services BPaaS solutions are ideal for payers who want to operate in the private and public exchanges and the off-exchange individual market in the U.S.
HealthPlan Services provides U.S. payers with a diversified portfolio of health insurance products delivered through its proprietary technology platform.
In the highly competitive Exchange market, payers rely on HealthPlan Services’ innovative and robust offering to acquire, service and retain members. Payers also leverage the analytical and predictive engines of HealthPlan Services to better serve their members.
Today, HealthPlan Services connects its payer clients to over 40 public exchanges and over 150 private exchanges in the U.S. HealthPlan Services has powered many of these payers to achieve desired membership growth, while keeping their administrative costs predictable.
The Patient Protection and Affordable Care Act has dramatically altered the health insurance landscape in the U.S.
The post-reform individual market is growing at a fast pace and is expected to continue to grow in coming years. By partnering with HealthPlan Services, Wipro gains the competitive, first-mover advantage in the high growth public and private exchange space for individual, group and ancillary markets.
This partnership also strengthens Wipro’s payer portfolio, with access to HealthPlan Services’ payer clientele.
This transaction is closely aligned with Wipro’s key levers for growth, which are to dominate the services market through industry utilities that multiple customers can use.
This acquisition adds another platform-led Business Process as a Service (BPaaS) offerings, delivered on cloud to Wipro’s services portfolio. Wipro’s clients currently include over 100 U.S. payers, leading healthcare providers, and public health agencies. ■