In a move that will create one of the country’s largest independent vision benefits providers serving the employer group and health plan markets, Superior Vision and Block Vision, both leaders in managed vision care, announced the signing of an agreement to combine their businesses.
“The combination of Superior Vision and Block Vision brings together two vision benefit industry leaders with a history of strength in their target segments,” says Kirk Rothrock, president, Superior Vision. “The end result is a comprehensive eyecare company with member-centric solutions for the commercial, Medicare and Medicaid markets, encompassing the full range of wellness vision and medical-surgical eyecare programs. Our collective history of providing excellent service makes this a terrific partnership and a win for all of our constituencies, including our client and provider partners.”
Rothrock told VMail, “This combination puts us in a new position in the marketplace and brings us much more into the forefront of the discussions with customers and providers.”
The combined company will provide vision benefit plans to more than 8.5 million members nationwide, and a provider network surpassing 55,000 access points. Together, Superior Vision and Block Vision will offer vision benefit and medical eyecare programs to employer groups, health plans and direct-to-consumer.
“We are excited at the opportunity to join forces with a company that so closely matches our philosophy of being focused solely on vision and eye health,” says Andrew Alcorn, president and CEO, Block Vision. “We are both successful companies today. Together, we will create a company that is well positioned to deliver the vision and eye health services that millions of Americans need through a variety of established and emerging delivery mechanisms.”
Alcorn told VMail, “We also serve the relationships with our providers; we are not in the frame business, or the lab business and we don’t dictate to our doctors. We do a lot of medical management, providing doctors with a lot of full-scope practice opportunities.” Adds Rothrock, “We are both well known for the highest levels of customer service and believe in the concept of provider empowerment.”
Rancho Cordova, Calif.-based Superior Vision and Baltimore-based Block Vision jointly said they will create an entity that will respond well to the varying presence of vision benefits within the Affordable Care Act and related public and private exchanges.
“We are establishing a powerful company that leverages our complementary distribution, operational strengths and expertise,” says Rick Corbett, CEO, Superior Vision. “At the same time, our combined provider networks create unparalleled member access to ophthalmologists, optometrists and retail optical centers in the delivery of vision and eyecare services. Ease of access is critical for successful benefits usage,” Corbett says.
“This combination enables us to bring a broader product portfolio of services to a wider range of customers,” Rothrock says, noting that the companies will be determining, over the next several months, an appropriate name for the combined entity. He says, “Block’s business operated out of Baltimore, with several offices around the country, while Superior has operated its commercial business from California. It’s likely we’ll end up as one company operating from many locations.”
The transaction is subject to regulatory approval and is expected to be completed within the next few months. Financial terms of the deal were not disclosed.
