Aetna may (or may not) be looking to sell its PBM operation (see prior post). But that doesn’t mean it’s giving up on integration.
Aetna announced today that it was acquiring the employee assistance program business of Psychiatric Solutions for $70 million in cash. The operation, called Horizon Behavioral Services (Lewisville, TX), has about 5 million EAP members and generated revenues of about $22.6 million through six months of 2009.
Aetna already has about 7 million EAP members (14 million total behavioral lives), so the acquisition will nearly double its EAP business. The deal also expands Aetna’s EAP presence in the mid-sized group market (300 to 3000 employees), a strong segment for Horizon. Most of Aetna’s current EAP business is national accounts (3000+ employees).
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