Beaumont Health to Acquire Summa Health
Beaumont Health, based in Michigan, signed a letter of intent to purchase Summa Health in Akron.
The deal would add four hospitals to Beaumont’s footprint.
“But perhaps the most interesting piece of the acquisition is Summa Care, the insurance subsidiary of Summa Health that insures about 46,000 members,” says Bob Gearhart Jr., with the DCW Group.
“The executives at Beaumont saw the writing on the wall and knew that to compete with Henry Ford Health System, Spectrum Health System and McLaren – all of whom own their own insurance divisions and contract directly with employers – they needed to bring in their own expertise in the employee benefits and insurance carrier marketplace,” he says.
In this installment of The New Benefits Blueprint, Gearhart talks about the potential impact of the agreement and its effect on transparency.
Gearhart Jr. was named Rising Star in Advising by Employee Benefit Advisers magazine, a finalist for Broker of the Year by BenefitsPRO magazine, and has been awarded multiple awards by the Association for Insurance Leadership. He is a nationally recognized speaker on health care and employee benefits frequently appearing on radio, television, and in print to provide expert knowledge concerning the ever-changing landscape surrounding health care in America.
Gearhart Jr. also co-authored the Amazon best selling book “Breaking Through the Status Quo: How Companies Are Changing the Benefits Game to Help Their Employees and Boost Their Bottom Line.” In the book, Gearhart Jr. explains the power of data analytics to inform and guide decisions that can lower health-care costs in group health plans.
In his current role at DCW Group, he and his team relentlessly focus on delivering measurable, repeatable, and predictable reductions in health-care costs for their employer clients while simultaneously improving the benefits for their employees.
DCW Group is an employee benefits and business consulting firm with a goal of making its clients more profitable and productive at their core business, by improving the way they procure health care.
DCW accomplishes this by implementing strategies that create measurable, repeatable and predictable reductions in health-care costs for their employer clients while simultaneously improving the benefits for their employees. Understanding the business models of stakeholders within the health-care supply chain and employee benefits allows DCW Group to eliminate waste, provide transparency and return stakeholder profits to their clients.
Have employee benefits questions? Email Bob Gearhart Jr. at BobJr@dcwgrp.com.
Copyright 2020 The Business Journal, Youngstown, Ohio.