On 9/26/14, Maestro Healthcare Technology announced the acquisition of Florida based Workable Solutions from Alegeus Technologies. This was a strategic move that strengthens Maestro’s benefit solutions with the addition of leading private exchange and billing capabilities. Maestro believes that by combining the capabilities of Workable Solutions with their own integrated administration, medical management, and consumer driven payment solutions, they will create enhanced value in the private exchange marketplace by establishing an integrated platform designed to provide simple administration for employers and an easy-to-understand marketplace for consumers.
This type of merger and acquisition activity has been on the rise as, after all, an intersection of these two areas makes sense. Veer Gidwaney, the CEO and co-founder of Maxwell Health, recently wrote an article titled, “Why Benefits Admin, Private Exchange Capabilities Should Be Merged.” In the article he describes how the intersection of private exchanges and benefits administration offers numerous benefits to employers and employees alike. “Rather than having one system for benefits administration or a private exchange, all information would be housed in one place, making it more accessible for the broker, employer and employees,” Gidwaney says.
As the health exchanges evolve, these platforms need to be more than just a distribution channel. Most exchange platforms currently lack easy to use, integrated billing and reconciliation capabilities. This is why Rob Butler, CEO of Maestro, hopes that they will have a competitive edge in the marketplace. Their acquisition hopes to provide a single solution that is streamlined for employers and user-friendly for employees. We expect to see more acquisitions like this.