Clear Choice Health Plans announced it has acquired privately-owned Trusteed Plans Service Corporation, a Tacoma, Wash.-based third party administrator. TPSC will retain its name and management team.
"The acquisition of TPSC, which is expected to be accretive to earnings on a pro forma basis and add more than $5 million in annual revenues in 2009, fits well within our diversification goals by adding a book of business that is not underwritten," said Patricia Gibford, president and CEO of Clear Choice, in a press release from the company. "The transaction also will add approximately 55,000 new client lives to our existing 46,000-plus members and significantly enhance our geographic footprint in the West with a business that has strong local ties and a proven track record throughout the region."
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