Thursday, June 27, 2019
VSP Global To Provide Access To Affordable, High-Quality Eye Care And Eyewear to Its Clients And Members; Highmark To Further Its Investments In Highmark Health's Core Businesses and Integrated Health Care and Coverage Model
PITTSBURGH, Pa. (June 27, 2019) — VSP Global® and Highmark Inc. (Highmark), today announced that they have entered into a definitive agreement that provides for VSP Global's acquisition of Visionworks of America, Inc. Highmark is the majority owner of Visionworks.
"This transaction is highly complementary to our business and marks a significant leap forward in continuing to fulfill our vision to provide access to affordable, high-quality eye care and eyewear to more people," said Michael Guyette, President and CEO of VSP Global. "With expanded nationwide access, we'll provide our clients and members with an option for a more substantial, consistent and sustainable retail experience, further enhanced by the professional care of VSP network doctors."
Headquartered in San Antonio, Texas, Visionworks of America, Inc. and its subsidiaries comprise the sixth largest specialty retail optical chain in the United States and is a leading provider of eyewear and eye care services. Visionworks has over 700 retail optical stores in nearly 40 states and the District of Columbia.
"In today's fast changing health care marketplace, this is a win-win transaction that will best serve the needs of Highmark customers and members, VSP Global and Visionworks clients, members and customers, and the communities that we each serve," said Karen Hanlon, Chief Operating Officer of Highmark Health, Highmark's parent company.
The proposed transaction will provide Highmark additional capital to continue to invest in its core businesses and in Highmark Health's strategy of integrating health care delivery and insurance coverage in its new patient-centered, clinician-led, and value-based model that improves health care quality, access and affordability.
"We have a bold, transformational strategy that will redefine health care," added Hanlon. “Integrated, value-based care and coverage is the future, and Highmark Health is creating it. Our portfolio includes a unique combination of people and assets, and this transaction will enable us to further accelerate the execution of our strategy, and deliver on our mission to create remarkable health experiences for our customers, members and patients, freeing people to be their best.”
VSP Global is a doctor-governed company that exists to create value for members and opportunities for VSP network doctors. Our industry-leading businesses include VSP® Vision Care, the only national not-for-profit vision benefits company, which provides access to eye care for nearly 90 million members through a network of over 40,000 doctors worldwide; Marchon® Eyewear Inc., one of the world's largest designers, manufacturers and distributors of high-quality eyewear and sunwear; VSP Optics, industry leaders in ophthalmic technology and lab services, providing custom lens solutions for the vision and lifestyle needs of patients; Eyefinity®, the industry leader in practice management and electronic health record software; VSP Retail, which focuses on increasing access to eye care and eyewear through multiple channels, and VSP® Ventures, which offers care-focused, customized choices for doctors looking to transition their practice.
Highmark Health, a Pittsburgh, PA-based enterprise that employs more than 43,000 people who serve millions of Americans across the country, is the second largest integrated health care delivery and financing network in the nation based on revenue. Highmark Health is the parent company of Highmark Inc., Allegheny Health Network, and HM Health Solutions. Highmark Inc. and its subsidiaries and affiliates provide health insurance to 4.5 million members in Pennsylvania, West Virginia and Delaware as well as dental insurance, vision care and related health products through a national network of diversified businesses that include United Concordia Companies, HM Insurance Group and Visionworks. Allegheny Health Network is the parent company of an integrated delivery network that includes eight hospitals, more than 2,300 affiliated physicians, ambulatory surgery centers, an employed physician organization, home and community-based health services, a research institute, a group purchasing organization, and health and wellness pavilions in western Pennsylvania. HM Health Solutions focuses on meeting the information technology platform and other business needs of the Highmark Health enterprise as well as unaffiliated health insurance plans by providing proven business processes, expert knowledge and integrated cloud-based platforms. To learn more, please visit www.highmarkhealth.org.
Highmark Inc. and its health insurance subsidiaries and affiliates collectively are among the ten largest health insurers in the United States and comprise the fourth-largest Blue Cross and Blue Shield-affiliated organization. Highmark Inc. and affiliates operate health insurance plans in Pennsylvania, Delaware and West Virginia that serve 4.5 million members and hundreds of thousands of additional members through the BlueCard® program. Its diversified businesses serve group customer and individual needs across the United States through dental insurance, vision care and other related businesses. Highmark Inc. is an independent licensee of the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. For more information, visit www.highmark.com.
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