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Employee Benefit Management Services, Inc. (EBMS), a leader in innovative health care solutions, announced that it has partnered with Water Street Healthcare Partners to expand its services to U.S. employers. Water Street, a strategic investor focused exclusively on the health care industry, will invest its capital and industry expertise to grow EBMS and advance its goal of improving the quality, cost and experience of health care for its customers.

Founded in 1980 as Montana’s first third-party administrator, EBMS has grown to serve more than 275 organizations and nearly 150,000 employees and family members across the U.S. The company offers a broad range of services to support employers with managing their health care including benefits administration, proprietary onsite/near site health centers, proprietary clinical and specialty pharmacy programs, employer direct network management, captive insurance risk services, and flex, HRA and HSA administration. As U.S. employers search for new ways to manage their health benefits, Water Street will invest in expanding EBMS’ suite of services, enhancing its technology and extending its national footprint.

“Our partnership with Water Street is the next step in EBMS’ evolution,” said Kevin Larson, president, EBMS. “We are very proud of our hard work and success in offering out-of-the-box solutions to grow our client base and become one of the nation’s leading third-party administrators. Now is the time for us to take a significant step toward enhancing and expanding our services to offer employers new and innovative options they can choose from to manage their benefits and costs in today’s increasingly complex and uncertain health care environment.”

In addition to investing in EBMS, Water Street will provide strategic support. Steve Cosler, a Water Street operating partner and longtime executive in the outsourced health care services industry, will serve on the board of directors along with EBMS’ founder, Rick Larson. Kevin Larson will continue to lead EBMS and its operations as president.

Max Mishkin, principal, Water Street said, “We are honored that EBMS’ founders chose Water Street as their partner to grow the company and advance its goal of serving clients even better in the future.”