Concordia Care, Inc., a specialty risk-transfer company announces the agreement to acquire Atlantic Imaging Group, a quality nationwide Diagnostic Testing Network (“DTN”) with contracted radiology facilities in 48 states. The combination of Atlantic’s long history of serving the workers’ compensation and no-fault auto accident sector, combined with Concordia’s “risk carve-out” programs for catastrophic, complex and large loss cases is compelling. The integration of Atlantic’s operational resources enhances Concordia’s patient-centered, biopsychosocial Pathways 2 Recovery (P2R) approach in managing large loss cases with resources for scheduling, information technology and radiology data management. Additionally, it significantly improves individual access to cost-effective diagnostic services. The related acquisition of iHCFA, a nationwide claims clearinghouse platform, puts Concordia at the forefront of providing technology-enabled solutions through the early identification of certain clinical conditions that lead to delayed recovery.
“This is a strategic fit and will mark a new era for Concordia, bringing a combination of products and services to create relevant and enhanced relationships with client decision-makers as well as inroads into new markets,” says Joseph Berardo Jr., CEO, Concordia, which serves insurers, excess risk carriers, state funds, government entities, self-insured plan sponsors and other risk takers. “Atlantic and iHCFA bring valuable assets including operational and product synergies in addition to numerous customer affiliations with needs that correspond with the Concordia suite of services. Our intention is to manage the companies as distinct business units and partner with Dr. Bill DeGasperis, management, and other core personnel to geographically expand and grow the businesses.”
Since 1999, Atlantic has ensured rapid access to quality radiology and diagnostic services for those who have experienced on-the-job injuries and automobile accidents. iHCFA partners with leading medical providers and payers nationwide delivering valuable efficiencies. This technology will support the tech-enabled P2R model with early warning triggers identifying adverse events and creating easy referral options. The combined entities provide a continuum of care coordination services including risk-transfer of large loss cases, biopsychosocial integration, access to world class physicians, and customizable network options.
Dr. DeGasperis, CEO of Atlantic and iHCFA adds, “My team and I are excited to be joining Concordia, an organization with a vision for where our industry needs to go. The investment Concordia will make into the companies enables rapid growth and improves customer experience. I am personally excited to partner with Joe and the veteran team he has assembled to transform the way injured parties are cared for.”
“The ultimate beneficiaries of this unique combination of services are those with complex medical needs who access care through our P2R model and experience an improved quality of life,” emphasizes Berardo. “Our growing customer base is testimony to Concordia’s position as a market leader in specialty risk-transfer, with data, technology, unmatched expertise in care coordination and behavioral health sciences and services. Concordia lives at the intersection of quality care and total cost savings.”
The transaction is subject to definitive agreements and expected to close at year end.