Newswise — MAUMEE, Ohio, September 15, 2017 – Paramount has signed an agreement to acquire Indiana-based dental benefit provider Dental Health Options by Health Resources, Inc. (HRI). The company was founded in 1986 by a group of dentists. HRI is the dental benefit provider of choice for 250,000 members and over 3,600 employer groups. Its network includes nearly 2,700 directly contracted dentists in Indiana and Kentucky and another 95,000 dentists available nationally through leased network arrangements.
Pending regulatory approval, HRI could become a member of Paramount by the end of the year.
“We view this acquisition as a mutually-beneficial and long-term investment that will strengthen and complement our product portfolio and expand our geographic footprint,” said Jack Randolph, president of Paramount. “HRI is a good strategic fit for Paramount. Together, our organizations will integrate and align the synergies of dental with medical through a supportive ownership structure that will improve the health and well-being of our members.”
Paramount serves commercial, Medicare, Medicaid and Health Insurance Marketplace members. With this acquisition, Paramount will expand its product portfolio to include dental insurance. The dental insurance market is projected to grow annually at a rate of 5.3%.
“We look forward to a very bright future of growing our company with Paramount,” said Terry Bawel, president and CEO of HRI. “We’re confident that this new partnership will position HRI to accelerate our strong growth and product offerings while supporting and collaborating with our customer groups. Furthermore, this collaboration will allow us to integrate and align the synergies of dental with medical in the pursuit of a holistic approach to the overall health of our members.”
The acquisition is subject to regulatory approval which could take approximately 60-90 days. Once the deal is approved, Paramount will assume ownership of HRI. HRI will retain all current employees and continue operating from its headquarters located in Evansville, Indiana.
Dental Health Options by Health Resources, Inc. has served employer groups in Indiana and Kentucky for over 30 years. HRI’s dental plans insure smiles for 250,000 members and provide access to nearly 2,700 directly contracted dentists in Indiana and Kentucky and another 95,000 dentists available nationally through leased network arrangements. Coupling HRI’s proprietary provider network with leased national networks offers members access to a broad array of network providers. In addition, HRI offers feature rich dental plans unrivaled in the small to medium market size group. HRI’s strength lies in its ability to offer dental plans that strike a balance between meeting the needs of its employers, agents, dentists and members. For more information about HRI, please visit www.insuringsmiles.com.
Paramount Health Care is a health insurance company located in Maumee, Ohio. Established in 1988, it is the largest health maintenance organization in northwest Ohio, earning excellent member satisfaction ratings among all patient populations. Paramount serves 346,000 members including more than 240,000 members in the statewide Medicaid plan. It is a member of Toledo, Ohio-based ProMedica, a mission-based, not-for-profit healthcare organization serving northwest Ohio and southeast Michigan. The 12-hospital system has more than 15,000 employees, nearly 2,100 physicians and advanced practice providers with privileges, and more than 800 healthcare providers employed by ProMedica Physicians. For more information about Paramount, please visit www.paramounthealthcare.com.