Aon, the leading global professional services firm providing a broad range of risk, retirement and health solutions, today announced it has entered into a definitive agreement to acquire The Burchfield Group, a leader in pharmacy benefit consulting, auditing and health plan Medicare and Medicaid compliance services. Financial terms were not disclosed, and the acquisition is subject to customary closing conditions."Double-digit annual growth in national drug spending is squeezing bottom lines across the health care industry, and the ability to manage the cost and complexity of pharmacy benefits continues to be of growing importance to both employers and health plans," said Will Sneden, Aon's U.S. Health & Benefits practice leader. "Aon has a history of success helping clients and their employees address pharmacy-related challenges. The acquisition of The Burchfield Group, a respected leader in this space, will advance the foundation on which we have built our U.S. Pharmacy practice and accelerate our ability to respond to the significant demand we see in the market."
The Burchfield Group has more than 20 years' experience providing health regulatory compliance, consulting services and pharmacy benefit management procurement services to approximately 135 U.S. employers and health plans. It is also a leader in independent data validation, pre-assessment audits and other Medicare Parts C and D services for the Centers for Medicare and Medicaid Services (CMS).
"We are excited about the opportunities that joining forces with Aon will deliver to our clients, our partners and our employees," said Brian Bullock, founder and CEO of The Burchfield Group. "Aon has deep experience, powerful analytic tools and strong health plan relationships that help organizations create effective pharmacy strategies. Coupled with Burchfield's health plan regulatory compliance expertise, we will drive best-in-class service offerings for both employers and health plans. Our clients will also benefit from Aon's global footprint and access to Aon's health experts who work with stakeholders across the entire health care ecosystem to navigate critical health, benefit and regulatory compliance issues."
The Burchfield Group's 32 full-time employees will continue to be led by Brian Bullock, joining Aon's U.S. Pharmacy team within Aon's U.S. Health & Benefits practice.
This acquisition is the latest example of Aon's commitment to allocate capital to high-value solutions that address emerging client needs, sharpen the firm's focus on delivering advice and solutions and strengthen its global footprint.