Coverys has finalized an agreement to acquire ELM Exchange (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.
Coverys said that the acquisition supports its 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 Hanson, chief executive officer (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."
Tara Gibson, vice president of risk management of Coverys, added: "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.”
Coverys, ELM Exchange, US