PSA Insurance & Financial Services Announces Acquisition of NextLogical Benefit Strategies
Acquisition enhances PSA’s group benefits services with new solutions to lower healthcare costs.
HUNT VALLEY, Md. (October 17, 2016)—PSA Insurance & Financial Services (PSA), the country’s ninth fastest-growing benefits broker, continues to grow with the acquisition of NextLogical Benefit Strategies, a full-service benefits consultancy with a specialty in reducing healthcare costs through a unique health risk management capability.
The acquisition will greatly deepen PSA’s ability to help clients reduce healthcare premiums by improving the health status of their employee base. PSA will now have access to NextLogical’s ground-breaking process built around powerful data analytics and predictive modeling, combined with clinical management to improve health statuses of employee populations. This unique and proactive model allows for the curtailing of the demand for healthcare services and consequently the claims or insurance premiums paid by clients.
“PSA is growth-oriented and we are always searching for new acquisition opportunities to advance our business and services,” said PSA’s Employee Benefits Group Senior Vice President Ken Huber. “The addition of NextLogical’s innovative solutions and talented team members makes us more competitive while helping our existing clients manage costs via access to these powerful new capabilities.”
Terms of the acquisition include the retention of the entire staff to ensure a seamless, uninterrupted transition for current NextLogical clients. Huber says those clients will see additional benefits as well, including expanded Affordable Care Act compliance consulting, access to advanced communications for employees and an in-house call center that supports employees in accessing their healthcare.
NextLogical founder Aaron Davis will become the new Vice President of Healthcare Solutions for PSA. “I’m very enthusiastic about the opportunity to work with the well-respected team at PSA to introduce our platform to a much broader audience,” says Davis. “Jumping from carrier to carrier reducing benefits or increasing employee cost-share in an effort to save on healthcare costs isn’t a productive long term strategy; our data-driven, clinical approach gives employers a more effective new tool to improve the quality of care their members receive and better manage healthcare costs for the long haul.”
PSA will continue to serve more than 4,000 commercial enterprises and 6,000 individual clients in its employee benefits, commercial risk management and personal lines divisions. For additional information about PSA, visit www.psafinancial.com. Please direct all media inquiries to Kathy Walsh at 410-420-2001 or by email at Kathy.Walsh@FallstonGroup.com.
In business to protect and grow the assets of our clients since 1928, PSA is one of the mid-Atlantic’s leading independent firms specializing in risk management, personal insurance and employee benefits. With vast knowledge, experience and resources, PSA delivers national caliber capabilities to clients with the attention of a local partner.