Strategic Acquisition of Long-Standing Referral Partner Complements eAssist Dental Solutions, Helps to Improve Critical Dental Practice Insurance and Billing Functions
MELVILLE, N.Y.--(BUSINESS WIRE)--Jan. 5, 2023--
Henry Schein, Inc. (Nasdaq: HSIC) announced today that its subsidiary, eAssist Dental Solutions (eAssist), has acquired a majority interest in Unitas PPO Solutions (Unitas), a privately held service provider that works with dental practices to assess their commercial insurance participation, set competitive fee-for-service rates, and negotiate contracted reimbursement with commercial insurers (PPO plans). The addition of Unitas is the result of a long-standing strategic relationship with Henry Schein that was formed in 2014 and offers a variety of service plans tailored to the specific needs of a dental practice.
Headquartered in Mesa, AZ, Unitas was founded in 2010 by Mike Alder to help dental practices negotiate PPO rates and optimize PPO participation. Mr. Alder will continue to manage the Unitas business as Chief Executive Officer, along with the current Unitas management team. In 2021, Unitas had sales of approximately $5 million. This transaction is expected to be neutral to Henry Schein’s 2022 diluted earnings per share and to be accretive thereafter. The financial terms of the transaction were not disclosed.
In June 2021, Henry Schein acquired a majority interest in eAssist, provider of the nation’s leading platform of outsourced revenue cycle services to the dental industry. The addition of Unitas complements eAssist’s revenue cycle offering. Unitas has industry-leading expertise in analyzing claims and fee data that are expected to improve fee analysis services offered by Henry Schein, and enhance the collections processes of the eAssist platform, allowing dental practices to simplify operations and reduce stress related to cash flow.
“The addition of Unitas will help dental practice teams improve their critical insurance and billing functions and allow more focused attention on delivering high-quality patient care,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “Combining Unitas with our existing eAssist business is an excellent strategic fit within our portfolio of services for dental practices, and makes Henry Schein the one-stop-shop for all dental insurance reimbursement, revenue cycle, and dental billing service needs. We welcome our new colleagues from Unitas to Team Schein.”
The acquisition of Unitas not only advances and accelerates the development of value-added services offered by Henry Schein Dental but also further strengthens the Company’s commitment to be a trusted advisor to customers. Together, eAssist and Unitas bring new opportunities to help customers deliver effective and predictable business outcomes to enable an exceptional patient experience.
“By addressing the important topic of reimbursement, each organization will continue to focus on what they do best,” said Dr. James Anderson, CEO of eAssist Dental Solutions. “Unitas will further our collective missions to offer best-of-breed products and services to help dental practices operate more efficiently and profitably while freeing up resources to allow the dental office team to focus on patient care and clinical outcomes.”
“Dental practices must ensure they are being paid appropriate rates for the services they perform to mitigate rising costs,” said Mr. Alder. “Unitas brings multiple advantages to our customers, including our established relationships with payer-provider relations and contracting teams. We look forward to continuing our rapid growth as we expand our reach through the industry leadership of Henry Schein and eAssist.”
About Henry Schein, Inc.
Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health care professionals powered by a network of people and technology. With approximately 22,000 Team Schein Members worldwide, the Company's network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational success and clinical outcomes. Our Business, Clinical, Technology, and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional health care clinics, as well as other alternate care sites.
Henry Schein operates through a centralized and automated distribution network, with a selection of more than 120,000 branded products and Henry Schein private-brand products in stock, as well as more than 180,000 additional products available as special-order items.
A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 32 countries and territories. The Company's sales reached $12.4 billion in 2021, and have grown at a compound annual rate of approximately 12.5 percent since Henry Schein became a public company in 1995.
For more information, visit Henry Schein at www.henryschein.com, Facebook.com/HenrySchein, Instagram.com/HenrySchein, and Twitter.com/HenrySchein.
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Source: Henry Schein, Inc.