BCBSOKBlue Cross Blue Shield of Oklahoma
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BCBSOK and HCSC will now engage in a period of due diligence to determine whether to enter into a definitive agreement.
We're delighted BCBSOK has chosen to continue its relationship with Captiva to help address its claims processing needs," said Blaine Owens, Captiva vice president of worldwide sales.
Best notes that BCBSOK conservatively estimates claims reserves and has increased them by more than $45 million in 2002.
BCBSOK is the largest health care benefits provider within Oklahoma.
BCBSOK is the leading health insurer in Oklahoma, with a market share of about 25% (31% including the National Blue Card Program underwritten by other BCBS entities) of the insured population.
BCBSOK has an extensive list of managed care networks in its PPO, POS, HMO, and Dental programs.
As BCBSOK's exclusive financial advisor, GMB assisted in all aspects of the transaction, which included the development of BCBSOK's strategic alternatives, BCBSOK Board presentations, the solicitation of indications of interest, managing the due diligence process (including the development of a management presentation and the data room), structuring the transaction, assisting in discussions and negotiations with HCSC, assisting BCBSOK with the regulatory approval process, and providing BCBSOK's Board of Directors with a fairness opinion.
The merger transferred all obligations, assets, properties, liabilities, insurance policies, claims, certificates and policies of insurance and other contractual obligations of BCBSOK to HCSC, which intends to carry on the operations of BCBSOK and expand its market position and promote accessible cost-effective quality healthcare coverage by improving the efficiencies of internal operations through economies of scale and additional synergies with HCSC.
BCBSOK President Wyndham Kidd said the merger "will best serve our members in Oklahoma and HCSC's members throughout the Southwest and Midwest.
All of these transactions are securely, efficiently and accurately transmitted to BCBSOK and any ancillary carriers the group might offer.
Rhoads says the single most dramatic feature BluesEnroll brings to BCBSOK is the functionality to administer to customers with multiple vendors.
It supports health and dental insurance provided by BCBSOK, as well as third-party insurance such as life insurance, disability, flexible spending and all other employee benefit offerings.