September 18, 2018 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as financial advisor to Devon Health Services, a long-established network of health care providers servicing the Northeast region through direct provider contracts, in the sale of its network contracts to TRPN Direct Pay Inc., a claims payment process that incorporates multiple existing technologies of medical claims review, payment and administration into a seamless application. The terms of the transaction were not disclosed.
“We are excited to have Devon Health Services join TRPN Direct Pay,” said Scott Smith, president and CEO. “They are a perfect fit for our short and long term growth and client satisfaction initiatives.”
“Devon Health is a significant addition to our existing national network as it adds strategic regional coverage in the important northeast marketplace,” added Smith.
Devon Health Services is a regional Preferred Provider Organization (PPO) network service provider with a mission to provide employer groups, third party administrators (TPA) and insurance carriers with quality network manage care solutions. Providing superior customer service, advanced technology and innovative services they are poised to continue to lead their clients and providers through a changing managed care marketplace.
“The acquisition of Devon Health Services network contracts by TRPN Direct Pay, Inc. aligns an established regional network with the national network presence that TRPN Direct Pay, Inc. offers,” commented Dean Vaden, president and CEO.
“The combined network offering will enhance the ability to serve the Devon customers as well as continue the strategic partnerships with the providers in the Devon network,” added Vaden.
About Covington Associates
Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion. Further information about Covington Associates can be found at http://www.covingtonassociates.com/overview.
About Devon Health Services
Devon Health Services, Inc., a preferred provider organization network service provider, offers network managed care solutions to employer groups, third party administrators, and insurance carriers in Pennsylvania, New Jersey, and Delaware. It provides network building services across all provider levels that include hospitals, ancillaries, and physicians. Devon Health Services, Inc. was formerly known as Americare Health Services, Inc. and changed its name to Devon Health Services, Inc. in 1997. The company was founded in 1991 and is headquartered in King of Prussia, Pennsylvania. As of May 5, 2016, Devon Health Services, Inc. operates as a subsidiary of GFAR Health Services, LLC. Further details regarding Devon Health Services can be found at www.devonhealth.com.
About TRPN Direct Pay
TRPN Direct Pay is a claims payment process that incorporates multiple existing technologies of medical claims review, payment and administration into a seamless application combining multiple technologies and payment processing. TRPN Direct Pay accesses the TRPN PPO Network that was founded in 1996 and is the largest and fastest growing proprietary provider network in the United States. TRPN is currently comprised of more than 1.5 million provider locations, serving 100 million patients. The Three Rivers Provider Network comprises Acute Care Hospitals, Surgery Centers, Network Physicians, Ancillary Facilities, MRI Centers, Laboratories, Radiology, Urgent Care Clinics, Home Health, DME, Chiropractors, Physical Therapy, and Mental Health. For more information visit www.trpnppo.com.