Genex Services Acquires OMAC-Leading IME Provider in Pacific Northwest
Thursday, September 1, 2016 | 1303 | 0
WAYNE, PA – August 31, 2016 – Genex Services, a leader in medical cost containment and disability management services, has announced its acquisition of Objective Medical Assessments Corp. (OMAC), a leading provider of independent medical examinations (IME) and peer review services for the workers' compensation and disability markets. Financial terms were not disclosed.
The OMAC management team and staff will remain in place and continue to operate under its brand. Steffen Nelson, OMAC President, will join the Genex management team and continue his oversight of OMAC along with broadened responsibilities in the Genex IME business unit.
"OMAC is the market leader for IME services in the Pacific Northwest with 35 years experience in providing services to the insurance industry," said Archie Anderson, Senior Vice President, Specialty Services of Genex Services. "The OMAC acquisition coupled with our already strengthened position in the IME/peer review market positions us favorably to meet the evolving needs of customers and prospects."
Based in Seattle, OMAC was originally founded by former Washington State Medicaid Director Richard Nelson. He was subsequently joined by his son, Steffen, in operating and expanding the business. "OMAC is excited about joining Genex," said Steffen Nelson. "We share a vision for providing clients a quality focused IME service that is strong nationally, regionally and locally."
Foghorn Capital served as the exclusive strategic and financial advisor to OMAC on the transaction.
About Genex Services, LLC
Genex Services (www.genexservices.com) is the trusted provider of managed care services enabling workers' compensation payers and risk managers to transform their bottom lines. Genex is a managed care leader with more than 2,900 employees and 47 service locations throughout North America. The company serves 381 of the Fortune 500 companies as well as the top workers' compensation and disability carriers and third-party administrators in the U.S. 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.
About Objective Medical Assessments Corporation
For over 30 years, Objective Medical Assessments Corp. (OMAC) (www.omacime.com) has served the Pacific Northwest claims community with a threefold mission: providing quality medical information for claims-related decisions; contributing to the ethical practice of medicine; and treating each examinee with courtesy and respect. Partnering with leading board-certified and actively practicing medical providers across a broad range of specialties, OMAC consistently delivers timely, quality IMEs.
About Foghorn Capital
Foghorn Capital (www.foghorncapital.com) is a private equity and advisory firm based in San Francisco that helps small- and medium-sized companies increase their value, raise capital and achieve liquidity. Foghorn distinguishes itself by having principals who have successfully started, managed and sold businesses and take an active and hands-on role with clients and portfolio companies.