GENEX Holdings, Inc. Completes Acquisition of Intracorp’s Workers’ Compensation and Disability Case Management Business from CIGNA Corporation
WAYNE, Pa. & PHILADELPHIA, - GENEX Holdings, Inc. (“GENEX”) today announced it has completed its acquisition of International Rehabilitation Associates, Inc.’s (“Intracorp”) workers’ compensation and disability case management business from CIGNA Corporation (NYSE: CI), the parent of Intracorp.
As announced on November 4, 2010, GENEX will continue its and Intracorp’s decades-long history of developing customized solutions for sophisticated workers’ compensation and disability clients. The combined business represents the industry’s largest workers’ compensation and disability field case management network, and is a leading provider of other health care cost containment products. CIGNA received GENEX stock as consideration for the sale and intends to remain an ongoing minority shareholder. The combined business is being led by GENEX CEO Peter Madeja and the GENEX management team.
GENEX (www.genexservices.com) provides insurers, employers and Third Party Administrators with a broad array of managed care solutions and information management capabilities through its 2,000 employees and more than 100 service locations throughout North America. The company has a demonstrated ability to help clients manage and control the medical, wage loss, and productivity costs associated with claims in the workers’ compensation, disability, automobile, and health care systems. GENEX services include utilization management, case management, medical bill review, preferred provider organizations, specialty networks, Social Security representation, information management, Medicare Set-Aside and related capabilities.
Philadelphia-based Intracorp, a subsidiary of CIGNA Corporation, helps employers maximize their workers’ compensation and disability benefits programs to enhance the well-being and productivity of their workforce. Intracorp also offers utilization management, return-to-work programs, ergonomic consulting, medical bill review, provider network access, and information management services. For more information, visit the Web site at www.intracorp.com.
CIGNA (NYSE: CI) is a global health service and financial company dedicated to helping people improve their health, well-being and sense of security. CIGNA Corporation’s operating subsidiaries in the United States provide an integrated suite of health services, such as medical, dental, behavioral health, pharmacy and vision care benefits, as well as group life, accident and disability insurance. CIGNA offers products and services in over 27 countries and jurisdictions and has approximately 60 million customer relationships throughout the world. To learn more about CIGNA, visit www.cigna.com.
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