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Press Release: Immediate |
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Kansas City/St. Louis Shorman Solutions, Inc. (Shorman), Overland Park, Kansas and PRC, Ltd., St. Louis, Missouri today announced the purchase and acquisition by Shorman of the book of business of PRC's Jacksonville, Florida subsidiary, Managed Care Review Services, Inc., (MCRS). The acquisition will be effective March 1, 2005. Shorman will, at that time, begin to provide pre-certification, utilization review and large-case management services for all existing MCRS clients. In addition, Shorman and PRC will form a strategic partnership that will benefit both companies. Shorman will help PRC manage the medical-claims risk of the medical stop loss business of PRC's affiliated company, PERICO. PERICO will give Shorman access to PERICO's growing, national clientele. Financial details of the transaction were not released. Carl Petty, Chairman of PRC Ltd. said, "PRC has chosen to refocus its resources in PERICO and its core business, medical stop-loss contracts for self-funded health plans. Shorman's expertise in managing large-claim exposure will give us a competitive edge when setting premium rates for our clients. As a consequence, we will be able to grow our business more rapidly." Judy Shorman, President of Shorman Solutions is pleased about the possibilities of the new relationship. She noted that it expands the company's national customer base. "The MCRS acquisition significantly enlarges our client base, and enables us to bring operational efficiencies to the management process. We will continue to improve our medical management capabilities, and because of the large client base achieve higher levels of efficiency and technology." Shorman will administer the MCRS business out of its corporate headquarters
in Overland Park, Kansas. It will also use its Chicago and Dallas offices
to develop new business opportunities for the partnership. |
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