The Risk Authority Stanford (TRA) is expected to acquire PHT Services (PHTS), following unanimous approval by both boards of directors, according to a statement from PHTS.
Both boards have signed a non-binding letter of intent summarising the material terms pursuant to which TRA will acquire all of the assets of PHTS in a transaction expected to close in Q2 2017.
PHTS provides various risk management services to South Carolina’s healthcare industry, while TRA Stanford is a healthcare risk management-consulting firm offering solutions to its clients’ risk management practices.
The acquisition of PHTS’s assets and operations will double the staff and client base of TRA, while expanding the organisation’s presence to the East Coast.
Jeff Driver, CEO of TRA and chief risk officer of Stanford Health Care and Stanford Children’s Health, commented: “TRA’s prowess in professional liability dovetails nicely with PHTS’s deep experience in both liability and workers’ compensation. Together, we will continue to harness the power of innovation and advanced technological expertise in Silicon Valley to meet the challenges of data collection and risk management innovation coast-to-coast.”
Following the closing of the transaction, TRA will continue to provide risk management services to the 30 South Carolina hospitals now working with PHTS. It has been agreed that employees of TRA in South Carolina will continue to be based in Columbia.
Brian Teusink, president and CEO of PHTS, said: “It will be exciting to provide our clients access to the best-in-class and most forward-thinking tools available to improve loss experience and create cost-effective risk management programmes.”
