As per latest reports, Vidal Health Insurance TPA has taken over Vipul Medcorp Insurance TPA for an undisclosed amount.
Incorporated in 1993, Vipul MedCorp Insurance TPA Private Limited is a company promoted by Vipul group.
Moreover, it specializes in the managed healthcare facilitation and has obtained a license from IRDA for TPA activities.
Further, it offers its clients a wide array of services and products such as third party administration services.
This also includes claims handling, management & Back office operations, healthcare assistance services and preferred service provider networks.
In FY20, Vipul Medcorp had an income amounting to Rs 50.7 crore.
However, the combined revenue of both companies will surpass Rs 200 crore post the completion of acquisition.
Also, Vidal Health Insurance TPA will emerge as the second-largest player in this space after Medi Assist post acquisition.
In fact, the acquisition aims to augment it’s presence in the retail business.
It will take around four to five months to complete the acquisition as per Vidal Health’s Chairman & Managing Director
After it’s completion, Vidal Health will render services to all the Vipul customers.
Meanwhile, TPA refers to an entity which processes insurance claims under medical insurance.
Most insurance companies appoint TPAs for the purpose of health policy claims settlements.
So far, Vidal Health has successfully bagged around 60 percent share of the state and central government policy implementation. This is under the Ashman Bharat-Pradhan Mantri Jan Arogya Yojana.
Accordingly, Vidal Health plans to have an equal share of government business, corporate business and retail business in health insurance.
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