For the second time in four months, a Chicago-based Blue Cross/Blue Shield company has bought a Philadelphia-area firm.
Health Care Service Corp., one of the nation’s biggest health insurers, agreed yesterday to buy TMG Health Inc., of King of Prussia. Terms of the deal were not disclosed.
TMG is what you might call a quiet giant. It’s a 10-year-old company that handles claims administration and other services for 1.9 million members of Medicare, Medicaid, and other health plans nationwide.
Founded by former Independence Blue Cross executive John T. Tighe III in 1998, TMG now has about 1,200 employees. About 950 of them are in the northeastern Pennsylvania towns of Scranton and Dunmore, where Tighe grew up, said TMG spokeswoman Karen Walsh.
TMG has grown tremendously in a decade. According to the Wharton Small Business Development Center, it had two-year revenue growth of 552 percent between 2004 and 2006. Its 2008 revenue is projected to be $87 million.
After its acquisition, TMG will operate as a subsidiary of Health Care Service and Tighe will remain chief executive officer.
Which seems to follow what Health Care Service did with Wayne’s MEDecision Inc., which it agreed to acquire in June for $121 million.
As this earnings season has been, sports (like love) makes fools of us all.
So at the end of a conference call with financial analysts Tuesday, the CEO of Liberty Property Trust made it clear where his loyalties lie when it comes to baseball.
“My only closing remark is, ‘Go Phillies,’ ” said William P. Hankowsky.
But then he added to that remark: “We do have a Tampa Bay office, but the majority of the firm is up here, so we’re going to be Phillies fans.”
Think Liberty Property is going to need some team-building exercises in Florida after baseball season?