NASHVILLE, TN (May 13, 2026): Bailey & Company announced today that it served as a financial advisor to Definiti, a national provider of workers’ compensation medical cost containment services, on its acquisition by Ethos, a national leader in claims investigation and medical management services. The acquisition advances Ethos’ continued strategy of uniting top-performing organizations in providing better outcomes, transparency, and innovation across the claims process.
Definiti’s platform spans claims across both standard and specialty bill review, integrated access to PPO and ancillary networks, rules-based cost containment technology, and pharmacy benefit management through its Definiti Rx offering. The acquisition meaningfully strengthens Ethos’ national bill review capabilities and broadens the scope of cost containment solutions available to its carrier, TPA, self-insured, and public sector clients.
Together, the two organizations bring a more complete set of medical cost containment and management tools to the workers’ compensation market; pairing Definiti’s bill review depth and PBM capabilities with Ethos’ case management, utilization review, peer review, IMEs, and Medicare solutions.
“Bill review is one of the most important levers our clients have to control medical spend, and Definiti has built a reputation for getting it right,” said Micah Smith, CEO of Ethos. “Their technology, their service ethic, and their long-tenured client relationships are exactly what we look for in a partner. Together, we’re giving carriers, TPAs and self-insured employers a deeper, more connected set of tools to manage workers’ compensation outcomes.”
Definiti has built its business around a “clients for life” philosophy, with a track record of long- term retention rooted in responsiveness, accuracy, and consistent net savings. The company will continue to operate with its existing team and leadership in place, ensuring continuity of service for current Definiti clients while opening access to the broader Ethos platform over time.
“Joining Ethos is a strong step forward for our clients and our team,” said Amaro Ngo, President and COO of Definiti. “We share a commitment to delivering measurable value and treating every client relationship as a long-term partnership. Becoming part of Ethos gives us scale, complementary services, and shared technology investments that will benefit the people and organizations we serve.”
Ethos maintains national licensure and leading compliance standards across its operations, including URAC, HIPAA, SOC 2 Type 2, and ISO-aligned infrastructure. The addition of Definiti reinforces Ethos’ position as a full-spectrum partner for the claims lifecycle, bringing investigations, medical management, utilization and peer review, case management, IMEs, bill review, and pharmacy services under one connected brand.
ABOUT DEFINITI
Headquartered in Lake Forest, California, Definiti delivers medical cost containment solutions to the workers’ compensation market, with a service portfolio that includes standard and specialty bill review, PPO and ancillary network management, rules-based cost containment technology, utilization review integration, and pharmacy benefit management through Definiti Rx. The company serves a diverse client base; including brokers, third-party administrators, self- administered and self-insured employers, public sector programs, and the occupational accident and longshore markets. Learn more at definiti.net.
ABOUT ETHOS
Ethos is a full-service claims investigation and medical management firm headquartered in St. Petersburg, Florida. Ethos provides nationwide and international coverage servicing all 50 states and over 75 countries. Founded in 2006, the company has provided comprehensive fraud and medical claims management to insurance companies, self-insured employers, attorneys, and third-party administrators. Ethos is dedicated to its mission of being the most tech-enabled, customer-centric claims services company. With a vision committed to providing better data, Ethos empowers clients to make better decisions that bring optimal outcomes. For more information, visit ethosrisk.com.
Bailey & Company is a Nashville-based merchant banking platform focused on middle market healthcare companies in the healthcare services, healthcare technology, payer services and pharma services/medtech/life sciences sectors. As one of the largest independent, sector-focused investment banking and investing platforms in the country, Bailey & Company supports strong management teams that have built scalable platforms by providing strategic insights, world-class advice and access to one of the most diverse networks of industry experts. For more information see: www.bnco.com
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