Fallon Health announces acquisition of Group Insurance Service Center, Inc.
Fallon expands its membership by 17,000 and increases commitment to self-insurance marketplace
Worcester, Mass., October 8, 2015 ―Fallon Health, a not-for-profit health care services organization, announced today that through its subsidiary, UltraBenefits, Inc., Fallon has acquired Group Insurance Service Center, Inc. (GISC), strengthening its position in the self-insurance marketplace.
Headquartered in Pembroke, MA, GISC is a privately held company that manages health care benefits for approximately 17,000 members in numerous states including Massachusetts, New Hampshire, New York, Pennsylvania, Rhode Island and Vermont. Much like UltraBenefits, GISC is a third party administrator (TPA) that specializes in the administration of self-funded employee health, dental and short-term disability plans. Through this acquisition, Fallon strengthens UltraBenefits’ position in the marketplace, expanding its membership of 42,000 members to 59,000.
“This is an opportunity for Fallon to demonstrate its continued commitment to serving the health care needs of employers who are looking for a broader range of cost-effective solutions,” said Patrick Hughes, President and CEO at Fallon Health. “It’s also an opportunity that’s aligned with our overall strategy to achieve profitable growth.”
James C. Bushey, President of UltraBenefits, will be appointed President and CEO of GISC. “This is an exciting development for UltraBenefits and Fallon’s portfolio of business. GISC provides the opportunity to grow our base of employers who are looking to take advantage of the flexibility and quality of the TPA option. UltraBenefits will leverage GISC’s team of benefit professionals and access to a national provider network. It’s a win win.”
Founded in 1977, Fallon Health is a leading health care services organization that supports the diverse and changing needs of those we serve. In addition to offering innovative health insurance solutions and a variety of Medicaid and Medicare products, we excel in creating unique health care programs and services that provide coordinated, integrated care for seniors and individuals with complex health needs.