HealthComp Holdings (“HealthComp“), a portfolio company of affiliated funds managed by Alpine Investors (“Alpine”) announced that it has made an investment in Benefit Administrative Systems, LLC (“BAS“), a third party administrator (TPA) of custom health care plans and benefits to companies and other organizations. The transaction moves HealthComp, a full-service TPA of medical, dental, vision, COBRA and HIPPA benefits, one step closer to building the leading TPA of self-insured plans.
“The talented team at BAS has built innovative and outstanding medical management options that help guide members to better health. HealthComp is fully committed to BAS’ strategy and growth plans and we see great opportunities to leverage best practices across both companies.”
– Jose Rivero | CEO, HealthComp
Founded in 1983, BAS has offices in Chicago and St.Louis with customers nationwide. With a track record of providing high customer satisfaction and demonstrated cost savings for over 30 years, BAS is nationally recognized as an industry leading administrator of self-funded plans. BAS understands escalating health care costs and the complexity of the healthcare system and brings a blend of experience, technology, dedicated teams, and customized solutions through an integrated platform to drive results for their clients. As a testament to their capabilities and depth of vendor relationships, BAS has access to over 50 local, regional and national health provider networks allowing them to provide deeper discounts and more flexibility.
“Jose Rivero and Alpine are the ideal partners to help us accelerate the growth of the business and exceed our service levels. Alpine’s financial and operational support will enable additional investment, together with services and geographic expansion.”
– Jim Connell | CEO, BAS
Together, HealthComp and BAS deliver a national presence, industry leading operating capabilities, and combined sales and marketing strength. Jim Connell, BAS’ CEO, along with Joe Toscano, CFO, and Marty Joseph, President, will remain active in the management of the company.
Waller Helms introduced Alpine and HealthComp to BAS on the buy-side.