Coverys Announces Agreement to Acquire ELM Exchange, Inc.
Boston, MA - August 11, 2014 - Coverys announced today that it has finalized an agreement to acquire ELM Exchange, Inc. (“ELM”), headquartered in Rockville, Maryland.
Coverys is the eighth largest medical professional liability provider in the country based on direct written premium and provides medical professional liability insurance protection to physicians, hospitals, dentists and other healthcare providers from coast to coast. ELM provides customized online educational programs that give healthcare providers the knowledge and tools to minimize clinical risk and maximize patient safety and satisfaction. Their programs currently service more than 95 client organizations representing approximately 1,000 hospitals, office practices and healthcare facilities throughout the country.
The acquisition supports Coverys’ continuing commitment to offer healthcare providers with solutions to increase patient safety, improve patient outcomes and decrease medical malpractice claims. In addition, ELM will increase opportunities for Coverys to provide fee-based education and clinical risk management services to a variety of individuals and entities in the medical provider community.
“ELM is an acknowledged leader in the development and distribution of online accredited medical and nursing education. This acquisition provides Coverys the ability to expand our current healthcare provider education and medical risk management programs by reaching a diverse market encompassing insured and self-insured hospitals, health systems and academic medical centers, as well as other insurance carriers,” said Gregg L. Hanson, CEO and president of Coverys.
“Joining forces as a Coverys company gives ELM a real push in the healthcare provider education space,” said Rick Fiscina, CEO and co-founder of ELM. “We are confident that through this acquisition, ELM will further enhance its professional reputation for providing unique medicolegal education services on a flexible and scalable delivery platform to an ever- growing number of healthcare providers and facilities served by Coverys.”
“There are tremendous synergies gained by combining the vast educational resources of Coverys and ELM, all for the benefit of healthcare providers across the country,” said Tara Gibson, vice president of risk management of Coverys.
For more information about Coverys, contact Loren LeVasseur, public relations specialist, at (617) 946-8665 or firstname.lastname@example.org.
Coverys is the eighth largest medical professional liability insurance provider in the country based on direct written premium. Coverys companies insure more than 25,000 physicians, dentists, and allied healthcare providers, as well as more than 500 hospitals, health centers and clinics in 27 states from coast to coast. Coverys has net admitted assets of $3.4 billion and direct written premium of $363 million as of December 31, 2013. In addition, Coverys insurance companies Medical Professional Mutual Insurance Company (“ProMutual”) and ProSelect Insurance Company, as well as ProMutual-sponsored Coverys RRG, Inc. have a Best’s Rating of A (Excellent). MHA Insurance Company and Washington Casualty Company have a Best’s Rating of A- (Excellent).
Coverys emphasizes healthcare provider education and patient safety, and the company is acknowledged as a leader in providing supportive risk management services and resolute claim defense to the healthcare community. For more information visit Coverys at www.coverys.com.
For two decades, ELM Exchange has advanced healthcare quality and patient safety by proactively enabling healthcare professionals to better identify and mitigate risk in their clinical practice. ELM’s best-in class, comprehensive suite of online healthcare risk management and patient safety education programs and resources serve as an invaluable loss prevention initiative for professional liability insurers. ELM has delivered more than one million courses to physicians and healthcare providers. Strategically developed by a core team of physician attorneys and medical-legal experts, ELM’s curriculum of more than 150 different courses including offerings for more than 20 different medical specialties, provides a risk management solution to decrease the errors that lead to claims and litigation.
About ELM Exchange, Inc.