Profile: CBIZ Inc (CBZ)
17 May 2013
CBIZ, Inc. (CBIZ) provides professional business services, products and solutions. These services are provided to businesses of various sizes, as well as individuals, governmental entities and not-for-profit enterprises throughout the United States and parts of Canada. CBIZ delivers its services through four practice groups: Financial Services, Employee Services, Medical Management Professionals (MMP) and National Practices. Its Financial Services group includes accounting, tax, financial advisory, valuation, litigation support, internal audit, family office services, fraud detection and real estate advisory. Its Employee Services group provides group health, property and casualty, retirement planning, payroll services, life insurance, human capital management, compensation consulting, recruiting and actuarial services. MMP group includes coding and billing, accounts receivable management and full practice management services. National Practices group includes managed networking and hardware services, health care consulting, and mergers and acquisitions. Effective July 1, 2012, the Company acquired the assets of Stoltz and Company, LTD., L.L.P. In October 2012, it acquired the assets of ProMedical, Inc. On December 31, 2012, the Company acquired the non-attest assets of PHBV Partners, L.L.P. Effective May 1, 2013, it announced that it has acquired Associated Insurance Agents.
On January 1, 2011, CBIZ sold its individual wealth management business. Effective November 1, 2011, the Company acquired the defined benefit actuarial consulting practice of PSA Insurance and Financial Services of Hunt Valley, Maryland. During the year ended December 31, 2011, CBIZ acquired four businesses: Thompson Dunavant PLC, Gresham Smith LLC, Multiple Benefit Services, Inc. and Atlantic MDR, LLC (d/b/a Advantage Benefit Planning). On January 1, 2012, the Company acquired Meridian Insurance Group, LLC.
The Financial Services practice is divided into a Financial Services division, representing the United States, and a National Services division consisting of those units that provide their services nationwide. CBIZ and its subsidiaries maintain joint-referral relationships and administrative service agreements (ASAs) with independent licensed Certified Public Accounting (CPA) firms under which audit and attest services may be provided to CBIZ’s clients by such CPA firms. Under these ASAs, CBIZ provides a range of services to the CPA firms, including (but not limited to) administrative functions, such as office management, bookkeeping, and accounting, preparing marketing and promotion materials, providing office space, computer equipment, and systems support, and leasing administrative and professional staff. As of December 31, 2011, CBIZ maintained ASAs with four CPA firms.
The business units that comprise CBIZ’s Employee Services group are organized between Retail and National Services. The Retail offices provide services within their geographic area. The National group includes a number of specialty operations that provide services on a national scale. CBIZ’s Employee Services group maintains relationships with different insurance carriers. Some of these carriers have compensation arrangements.
Medical Management Professionals
MMP provides billing and coding services, as well as full-practice management services for hospital-based physicians primarily in the practice of radiology, emergency medicine, anesthesiology and pathology. MMP’s operating units are organized into four geographic regions, representing the East, Great Lakes, South and West regions of the United States. Each region is managed by a two person management team, focused on finance and operations.
The National Practices group offers technology, health care consulting, and merger and acquisition services. The units within the National Practices group each have a Business Unit President.
6050 Oak Tree Boulevard, South
CLEVELAND OH 44131