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Parallax Capital Partners Taps Into
Online Second Opinions through Benemax
New Health Plan Benefit now Available to more than 1,000 Employees
MEDFIELD, Mass.—Feb. 5, 2004— Parallax Capital Partners, an Irvine, Calif.-based firm specializing in technology acquisitions and investments, is offering a new health benefit to more than 1,000 employees at its portfolio companies: online second opinions from some of the nation’s foremost medical experts. Benemax, the company’s employee benefits manager and a recognized innovator in consumer-directed health plans, is offering this telemedicine service as part of its standard health benefit package for Parallax companies.
“Parallax is continuing to break new ground,” said David Cowles, executive vice president of Benemax. “With programs like this, they are turning their companies’ HR departments into profit centers and increasing shareholder value by making smart investments in human capital.”
“Over time,” Cowles continued, “online second opinions will reduce health benefit costs by curtailing unnecessary and ineffective treatments and increase productivity by ensuring that sick employees recover as quickly and as fully as possible. Health plans are not just about paying claims anymore. They are about supporting a happy, healthy and productive workforce. Parallax understands this and incorporates it into their core business strategy.”
Employees covered under the Benemax health plan can arrange, through their doctors, for a second opinion from more than 4,000 specialists at Partners Healthcare in Boston, including experts at Harvard-affiliated Massachusetts General Hospital and Dana Farber Cancer Institute. There is no cost to employee or employer for the second opinion.
“This is a remarkable benefit,” said Lisa Hale, managing partner at Parallax Capital Partners, who coordinates new benefit programs for its portfolio companies. “For employees and their doctors to be able to consult with the world’s top specialists without traveling to a distant hospital is pretty amazing. Benemax is always adding ground-breaking benefits to our program that employees appreciate.”
“Benemax’s third-party coverage of this service is a tremendous
advance in employer-funded health benefits,” said Joseph C. Kvedar,
M.D., director of Partners Telemedicine, who is also president-elect of
the American Telemedicine Association.
About Parallax Capital Partners
Parallax Capital Partners, LLC (www.parallaxcap.com) based in Irvine, Calif., is a private firm dedicated to acquiring and building technology businesses with revenues between $10 million and $500 million. Since its founding, Parallax has built an exceptional track record of transitioning divisions, subsidiaries and product lines into successful stand-alone entities or integrating them into current portfolio companies. Unlike other financial buyers, Parallax takes an active management role with its portfolio companies—occasionally assuming an interim role as CEO or CFO of a portfolio company. Additionally, Parallax's partners are further supported by an in-house staff of M&A professionals, accountants, HR specialists, and operating executives. By leveraging this unique blend of financial capabilities and operational execution, Parallax is able to solve the array of problems associated with the sale and transition of a business.
About Benemax
Benemax, based in Medfield, Mass. (www.benemax.com),
was founded in 1975 and manages employee benefits for more than 200 corporate
clients ranging from start-ups to divisions of Fortune 500 companies.
Benemax designs and administers attractive yet highly cost-effective employee
benefit packages, including consumer-directed health and dental plans.
The company has grown by an average of 30 percent annually for the past
four years.