Risk Strategies Broadens Employee Benefits Capabilities with Addition of Corporate Benefit Audits
Independent auditing firm specializes in review of complex, expensive health claims
BOSTON — Risk Strategies, a privately held national insurance brokerage and risk management firm, announced the acquisition of Corporate Benefit Audits (CBA), a firm providing claim outsourcing and audit services to the medical stop loss, managed care and self-funded industries. Terms of the deal were not disclosed.
Founded in 1992 and based just outside Boston, CBA offers outsourced claim auditing services ranging from general claim consulting and complex claim reviews to targeted and randomized claim audits. The company’s clients include stop loss carriers, managing general underwriters (MGUs), reinsurance companies and self-funded employers. CBA works with both plan sponsors and their reinsurance partners to ensure the integrity of stop loss claim adjudication and payment.
“We’re excited about joining the respected Risk Strategies organization,” said Steve Kurkul, founder and president of CBA. “They have a strong, national reputation as smart, technical experts in the employee benefits space, and we see our capabilities and business aligning perfectly with their collaborative culture and direction.”
CBA created a unique claim analytic tool in response to rising cost pressures, increased use of alternative benefit financing structures and deepened scrutiny on cost and loss drivers in plan performance. The company’s emphasis on early identification and management of catastrophic risk issues has driven an expansion in service offerings and an increase in firms seeking their sophisticated talent, resources and technologies.
“Today’s health care delivery system is incredibly complex, making it difficult for all stakeholders to understand if claim obligations are being managed in a cost-effective manner,” said John Greenbaum, Risk Strategies employee benefits practice leader. “CBA brings unmatched expertise to this issue that will greatly benefit our client base and add a new service dimension to our practice.”