American CareSource Holdings, Inc. (NASDAQ: ANCI) today announced the multiyear extension of its agreement with HealthSmart Preferred Care II, LP and other provider network entities owned by HealthSmart Holdings Inc. (collectively, “HealthSmart”). HealthSmart, ACS’s most significant client, contributed 31 percent of the Company’s revenue during the nine months ended Sept. 30, 2012. ACS will continue to serve as the primary provider of ancillary services for HealthSmart and its client base. Additionally, the companies will work together on additional lines of business, including secondary group health networks, workers compensation networks and auto liability networks.
“ACS has been the primary ancillary network solution for HealthSmart since 2005 and continues to provide cost-effective alternatives to physician and hospital-based services through its comprehensive national network of 4,900 ancillary service providers at more than 35,000 sites,” said James M. Pennington, president of HealthSmart.
“HealthSmart has been a valuable client and partner of ACS, and we are excited about extending and expanding our relationship,” said Bill Simpson, president and chief operating officer of ACS. “This agreement reflects our effort to connect the value of our provider network with the evolving needs and opportunities in the marketplace.”
HealthSmart is a healthcare solutions company that manages more than $6 billion in claims annually. Based in Irving, Texas, with service locations around the country, HealthSmart is dedicated to delivering integrated, self-funded solutions via innovative products and services, including benefits administration, provider networks and care management. HealthSmart’s mission is to improve member health and reduce healthcare costs.About American CareSource Holdings, Inc. American CareSource Holdings is the first national, publicly traded ancillary care network services company. The company offers a comprehensive national network of more than 4,900 ancillary service providers at more than 35,000 sites through its subsidiary, Ancillary Care Services. ACS provides ancillary healthcare services through its network that offers cost-effective alternatives to physician and hospital-based services. These providers offer services in 30 categories including laboratories, dialysis centers, free-standing diagnostic imaging centers, infusion centers, long-term acute care centers, home-health services and non-hospital surgery centers, as well as durable medical equipment. The company’s ancillary network and management provide a complete outsourced solution for a wide variety of healthcare payors and plan sponsors including self-insured employers, indemnity insurers, PPOs, HMOs, third-party administrators and both federal and local governments. For additional information, please visit www.anci-care.com.