Zenith American Solutions has been acquired by Chicago-based Beecken Petty O’Keefe & Company, from Water Street Healthcare Partners.
The company was formed in 2011 when Water Street merged Zenith Administrators with American Benefit Plan Administrators. Since then, it has grown to provide administrative services, helping to manage benefit plans as a third-party administrator for more than 800,000 health plan members.
Zenith also handles over 900,000 retirement plan owners for Taft-Hartley trust funds, trade associations, government entities, and corporate employers.
The company uses technology to help handle billing, eligibility and pension administration, as well as an online solution for claims processing. The solution can also be implemented for online reporting to help teams keep track of medical claims data and any change to information.
Following the transaction, Zenith will continue its normal operations, with no planned changes to management, branding or delivery.
Zenith American CEO Art Schultz said, “With BPOC as our long-term investor, we expect that our footprint in the Taft-Hartley, governmental and single employer administration space will continue to experience fast organic growth, while we strive to deliver the highest levels of service to our Funds, clients and their respective participants.”
The healthcare technology sector has seen a recent line of investments, with last week seeing two patient payment solutions closing founding rounds. Cedar closed $13m in its series A round to support the launch of its solution, while HealthiPASS closed a $7.2m series A to expand it solution.
Last month, VisitPay received an undisclosed investment from Flare Capital Partners. The company helps healthcare providers to improve patient payments, by supporting the consumers with their financial health.
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