DALLAS, Oct. 2 2012 /PRNewswire/ -- Lockton Dunning Benefits, a Dallas-based employee benefits consulting company, today announced the acquisition of Excelsior Solutions, a leading pharmaceutical and healthcare consulting company headquartered in Minneapolis, Minn. The Excelsior Solutions acquisition strengthens Lockton's existing pharmacy benefits consulting expertise.
"With this acquisition, we were looking for a game-changer that could bring extensive clinical and prescription benefit management consulting expertise not previously available to employers in our market," said Lockton Dunning Benefits CEO Bruce Sammis. "The tremendous experience of the Excelsior Solutions team, combined with their market influence, tools and resources, will enable our client service teams to more actively and effectively manage prescription benefit costs for our clients."
Lockton Medical Director Larry Levy, MD stated, "With prescription benefit spend increasing year-over-year, and new specialty drugs and products continually entering the market, it is imperative that employers aggressively negotiate their pharmacy contracts and actively manage their prescription benefit plans."
Former Excelsior Solutions President Kenneth Dowell joins Lockton Dunning Benefits as senior vice president and chairman of the Lockton Pharmacy Analytics Advisory Board. He said, "Merging with Lockton Dunning Benefits will allow the Excelsior Solutions team to broaden our impact beyond health plans and managed care companies and provide the same aggressive cost control for employers. We were attracted to Lockton's sophisticated tools, professional management expertise and innovative, service-focused corporate culture."
"The Excelsior Solutions team is comprised of highly qualified and credentialed consultants including clinicians, pharmacists and Medicare Part D specialists," said Sammis. "The team is dedicated to managing pharmacy spend to ensure appropriate drugs are prescribed at the lowest possible cost to plan sponsors. In addition to contract negotiation and active management of spend, the specialized team conducts in-depth contract compliance reviews to guarantee quality program management."
Founded by a group of industry veterans, Excelsior Solutions has successfully provided prescription benefit management consulting, claims evaluation and management, specialty drug management and Medicaid/Medicare consulting for health plans, managed care companies, pharmacies and PBMs representing more than 16 million lives.
The transaction was completed Oct. 1, 2012. Terms of the acquisition were not disclosed. Excelsior Solutions will retain their name in the immediate future. The combined operation employs 192 associates.
About Lockton Dunning Benefits
Lockton Dunning Benefits Associates specialize in the design, implementation, communication and year-round service of medical, dental, life, disability and other employer-sponsored benefit programs. In addition to working with their dedicated service team, clients have direct access to Lockton in-house subject matter experts including actuaries, medical directors, compliance attorneys, health risk solutions directors, employee communication directors and M&A due diligence specialists. Lockton Dunning Benefits remains one of the largest benefits consulting practices in the country with more than 400 clients and 192 Associates.
More than 4,450 professionals at Lockton provide more than 15,000 clients around the world with insurance, benefits, and risk management services that improve our clients' businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held insurance broker in the world and 9th largest overall. Independent researcher Greenwich Associates awarded Lockton its 2011 Service Excellence Award for risk management for large companies. For three consecutive years, Business Insurance has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check Lockton Market Update.
SOURCE Lockton Dunning Benefits