The Risk Authority Stanford and PHT Services, Ltd. Sign Letter of Intent Concerning Asset Acquisition
Palo Alto, Calif. (March 27, 2017)— Following unanimous approval by both boards of directors, The Risk Authority Stanford (TRA) and PHT Services, Ltd (PHTS) have announced the signing of a non-binding letter of intent summarizing the material terms pursuant to which TRA will acquire substantially all of the assets of (PHTS) in a transaction expected to close in the second quarter of 2017. PHTS has been a leader in the South Carolina healthcare risk management marketplace for 25 years and is known for impeccable quality and customer service, especially in the workers’ compensation arena. The acquisition of PHTS’s assets and operations will effectively double the staff and client base of TRA while expanding the swiftly growing organization’s presence to the East Coast.
“This acquisition pairs two world-class players in risk management services and sends a loud and clear message that innovation and data-driven techniques are the future of our industry,” said Jeff Driver, CEO of TRA and Chief Risk Officer of Stanford Health Care and Stanford Children’s Health. “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. TRA currently has 26 employees and PHTS has 33—there are no layoffs planned. Employees of TRA in South Carolina will continue to be based in the Aiken Building in Columbia.
“We are looking forward to sharing our expertise and leveraging TRA’s innovative technologies here in the East,” said Brian Teusink, President & CEO of PHTS. “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 programs.”
About The Risk Authority Stanford
TRA Stanford is a healthcare risk management consulting firm dedicated to transforming its clients’ risk management practices with cutting-edge solutions, unrivaled expertise and quantifiable results. TRA Stanford’s origins are rooted within the Stanford University Medical Network, and it continues to provide all risk management services to the institution and its two captive insurance companies. TRA Stanford is an industry leader in the development and implementation of solutions across all dimensions of risk management, including clinical risk management and patient safety, enterprise risk management, risk financing, claims and litigation and workplace safety. For more information, visit www.theriskauthority.com.
About PHT Services, Ltd.
Located in Columbia, SC, PHT Services, Ltd. (PHTS) provides a variety of risk management services to South Carolina’s healthcare industry. These include group self-insurance programs for workers’ compensation, professional & general liability, and medical stop-loss. PHTS also provides solutions for other property & casualty needs, group and voluntary employee benefits, and contract security. PHTS serves its clients directly and through strategic and business alliances with best practices companies.
PHTS was founded in 1993 by healthcare executives in South Carolina and its services reflect its commitment to complete client satisfaction. PHTS’s networks of strategic and business alliances include best practice companies serving the needs of its South Carolina healthcare clients. Learn more about PHTS at www.phts.com.
Contact: Stephenie Fenton-Wilhelm
VP of Marketing and Consulting Operations