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Aetna Completes Acquisition of Broadspire Disability Business
HARTFORD, Conn., April 3, 2006 — Aetna (NYSE: ?ET) today announced that it has completed its acquisition of the disability and leave management business of Broadspire, a leading provider of disability and casualty claim management services. Aetna announced on February 27 its agreement to acquire Broadspire’s disability business for approximately $160 million. The transaction was financed from available cash. Broadspire also operates a workers’ compensation and casualty administration business, which is not part of this transaction.
"We have received a very positive response from the marketplace on this acquisition," said James K. Foreman, executive vice president and head of Aetna’s National Businesses, which includes Aetna’s disability business. "We believe the full-administration service, technology and absence management capabilities we acquired, when combined with Aetna’s health care and clinical management expertise in disability event management, will allow us to offer our customers enhanced products and services to optimize health and productivity."
Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 27.9 million unique members with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life, long-term care and disability plans, and medical management capabilities. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans and government-sponsored plans. www.aetna.com
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Did You Know?
Ambulatory Care is all types of health services which are provided on an outpatient basis
All types of health services which are provided on an outpatient basis, in contrast to services provided in the home or to persons who are inpatients. While many inpatients may be ambulatory, the term ambulatory care usually implies that the patient must travel to a location to receive services which do not require an overnight stay.
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The system providing a payments under the Ticket to Work program to an employment network for each month, up to a total of 60 months, during which Social Security disability benefits and Federal SSI cash benefits are not payable to a beneficiary because of the performance of substantial gainful activity (SGA) or by reason of earnings from work.
Continuing Disability Review (CDR)
An evaluation of an individual's impairment(s) to determine whether the person is still disabled within the meaning of the law for purposes of eligibility for SSI and OASDI benefits.
Impairment-Related Work Expenses (IRWE)
The provision that permits the exclusion from earnings of the costs of items and services which are needed in order for a disabled individual to work, which are paid for by the individual, and which are necessarily incurred by that individual because of a physical or mental impairment.
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