Ted Parker: Founder and CEO
In 1983, Ted Parker, Founder, Chairman and CEO of HealthSmart, founded the
company Ted L. Parker & Associates, which later evolved into The Parker Group.
For over twenty-five years, Ted Parker has been working to build a company that
is a true leader in the healthcare field. Since 1983, he has grown the company
to over 800 employees in over 15 offices in 5 states. The company’s areas of
expertise include claims administration, care management, preferred provider
networks, prescription benefit management, reinsurance solutions, information
technology services and onsite primary care clinics.
Aggressive Expansion Strategy
In 2003, Ted Parker launched an aggressive strategy to expand the scope of
The Parker Group through a series of acquisitions. The goal was to bring
together other market leaders in Preferred Provider Organizations (PPO) and
Third Party Administrator (TPA) industries with the diverse group of products
and services already in The Parker Group family. Additional lives under
management would only make each of the sister companies stronger and allow The
Parker Group to offer its clients a greater degree of control over their health
plans.
Third Party Administrator Acquisitions
The Parker Group completed two critical acquisitions in 2005. The first
acquisition was the Fort Worth, Texas based American Administrative Group (AAG).
As a TPA, AAG had a legacy of servicing some of the largest Fortune 500
companies, as well as state governmental agencies. If these services were AAG’s
history, then its unique retiree administration platform was its future. With
the graying of America and the growing opportunity in the market, Parker saw
nearly unlimited potential to expand the scope of services and reach of AAG. The
second acquisition was the Lisle, Illinois based Gallagher Benefit
Administrators (GBA). A wholly-owned subsidiary of one of the largest insurance
brokerage firms in the world, Arthur J. Gallagher, GBA was an industry leader in
its own right. One of the most attractive elements of the GBA organization was
the depth of the management team, which The Parker Group has retained to this
day and led the TPA consolidation efforts.
Integration and consolidation occupied The Parker Group for the latter half of
2005. Following the acquisitions, the company more than doubled its revenues and
tripled its earnings potential. The addition of these two significant
acquisitions, combined with The Parker Group’s existing Icon Benefit
Administrators operations, allowed the company to become one of the largest TPAs
in the country.
Product Development
Over the last several years, The Parker Group not only acquired complimentary
healthcare companies, but also developed several of it its own key businesses.
The Parker Group developed HealthSmart Preferred Care, the leading independent
PPO in Texas; Q-elements, a URAC accredited, full-service utilization review
company; CareVu, a state-of-the-art technology company that can move claims in
any format in any system in a fully electronic and HIPAA compliant manner; and
employer-sponsored Free First Healthcare Clinics, which provides primary care,
wellness, and pharmaceutical benefits at or near the workplace.
Financial Security In Place for Future Growth
In early 2007, The Parker Group, BMO Capital Markets and Ares Capital
completed the company’s refinancing efforts establishing a stable, long-term
capital structure and positioning the organization for another strong growth
period. The financial relationship enabled The Parker Group to continue its
growth strategy as one of the largest independent, integrated healthcare service
organizations in the nation.
Interplan Health Group and The Parker Group Merge
In the fall of 2007, Interplan Health Group (IHG), a national health network,
and The Parker Group announced their merger, which resulted in a strategic
alliance that brought value-driven healthcare to a nationwide client base. IHG
was known as a health services and medical cost containment company specializing
in providing a broad array of managed care products and services. IHG's clients
include local and multi-state employer groups, trust funds, insurance companies,
third party administrators and self-funded employers. IHG's products and
services have proven to significantly reduce overall administrative expenses and
cost of quality healthcare services for its clients, which cover a broad range
of members from injured workers to traditional and non-traditional group health
plans. The merger with Interplan also included AmeriScript and its Pharmacy
Benefit Management services allowing The Parker Group to truly become a
full-service integrated healthcare services organization, giving their clients
and members the ability to control their healthcare costs from every
perspective.
Headquarters Move from Lubbock, Texas to the Dallas Fort Worth Area
After the significant acquisitions of Interplan, AmeriScript and others, it
became critical to align business units so The Parker Group could offer a
seamless integration into any employer’s organization. Large relocation efforts
began in early 2008. The Parker Group decided to move its headquarters and other
business units to the Dallas Fort Worth area and bring together over half of the
company under one roof in Irving, Texas.
The Parker Group Evolves into HealthSmart
With over half of The Parker Group located in Irving, Texas, and the rest of
the company consolidated to fewer offices, The Parker Group began to realize
another step in its goal to become a nationally focused, comprehensive
healthcare solutions company.
Part of the refocus process was to rebrand the company with a common identity
across all products and services. This new identity centered around the concept
of changing the face of healthcare by offering a vast array of smart low-cost
solutions. The Parker Group needed a name to reflect this new focus. The name
HealthSmart already existed as one of their preferred provider networks and
seemed the perfect fit. In the summer of 2008, HealthSmart -- with the tagline
“Smarter Healthcare Solutions” -- was board-approved. HealthSmart is excited
about its future and passionate about exceeding their goals and objectives. They
are looking forward to making HealthSmart a nationally recognized and respected
name in healthcare.
Well-developed Services Provide Nearly Endless Savings Options
In the last several years, HealthSmart acquired several top-notch companies,
developed innovative technologies and utilized dedicated and creative
professionals to position itself as a comprehensive healthcare solutions company
with a fully-integrated inventory of wholly-owned products and services. They
proudly serve over 1 million member lives across the country in distinct but
synergistically linked business units within the healthcare marketplace. Those
business units include:
● HealthSmart Benefit Solutions, formerly
American Administrative Group, the sixth largest employee benefit third
party administrator
● HealthSmart Network Solutions, which includes the following
former companies: HealthSmart Preferred Care Network, Interplan Group Health
Network, Emerald Health Network and Superien Health Network
● HealthSmart Care Management Solutions, formerly Q-elements, a URAC
accredited, full-service care management company
● Health Smart Prescription Benefit Management, formerly AmeriScript, a
full-service prescription benefit manager
● HealthSmart Information Systems, formerly CareVu Corporation, an
information technology provider
● HealthSmart Primary Care Clinics, formerly Free First Healthcare Clinics,
on-site employer-sponsored healthcare clinics
● HealthSmartRE Reinsurance Solutions, a company with a variety of risk
reduction products and services for self-funded employers needing protection
from catastrophic expenses
HealthSmart invites you to explore the vast array of services
and options available in each of these key areas and hopes to
have the opportunity to present to you a custom healthcare
solution that is smarter than any other. |
