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Genex Services L.L.C. said that it has acquired Naperville, Illinois-based Alpha Review Corp.
Alpha Review Corp. provides the workers compensation market with medical bill review. The company works with third-party administrators, insurance carriers, self-insured entities as well as other organizations that need medical review services.
Terms of the transaction were not disclosed.
The Alpha Review Corp. team will remain in their Naperville location and continue to operate under the Alpha Review Corp. brand, Wayne, Pennsylvania-based Genex Services said in a statement Monday.
“Alpha Review is widely recognized as an outstanding bill review firm with excellent customer service and high-industry regard,” Delphia Frisch, executive vice president/chief operating officer of Genex Services said in the statement. “We look forward to having the Alpha Review employees become part of our broader organization and supplementing our continuum of managed care services.”
Private workers compensation insurers increased reserve funds last year as their aggregate combined ratio fell below 100% for the first time in nearly a decade, but observers remain concerned about the industry's overall loss reserve position.