WALTHAM, Mass.--(BUSINESS WIRE)--Verscend Technologies, Inc. (Verscend), a leader in data-driven healthcare solutions, has entered into a definitive agreement to acquire the commercial health insurance payer-focused products business from General Dynamics Information Technology. With this acquisition, Verscend will have one of healthcare’s most robust solutions for tackling healthcare fraud, waste, and abuse (FWA), a primary driver of U.S. healthcare costs; experts estimate that one out of every three healthcare dollars is wasted. The acquisition will also strengthen Verscend’s payer quality analytics and reporting solutions.
“Verscend sits at the epicenter of data and analytics, giving us 360-degree insight into provider and patient interactions. We are unique in the market in our ability to address the following business-critical areas for payers: risk adjustment, quality outcomes, population health, payment integrity, and fraud, waste, and abuse,” said Emad Rizk, M.D., president and CEO of Verscend. “Today’s announcement reinforces our market leadership in healthcare data analytics and our commitment to helping payer organizations make sound clinical and financial decisions for the benefit of their members, businesses, and customers.”
Verscend has led the healthcare data analytics market for decades, serving healthcare’s preeminent health insurers as well as providers, employers, brokers and government and academic institutions. In 2017, the company held the top position for payer quality analytics and reporting solutions based on exhaustive customer research by KLAS Research to evaluate vendor and solution performance across multiple categories.
After the transaction closes, Verscend will offer its customers the following end-to-end solutions:
- Program Integrity: Commercial products that protect organizations from inappropriate payments and fraudulent activity, the Program Integrity solution suite includes prepay and post-pay detection, advanced analytics, case management, and comprehensive investigative abilities to contain fraud, waste and abuse.
- Medical Quality: Commercial products for quality measurement, management, and reporting, the Medical Quality solution suite and its NCQA-certified measures logic helps organizations demonstrate the provision of high-quality care, keep pace with evolving standards of care, introduce intervention strategies, and balance the cost of healthcare delivery.
- Payment Accuracy: Solutions that help payers increase accuracy, cost containment, and administrative efficiency across the claim payment continuum through claim editing and FWA analytics and services.
- Risk Adjustment: Solutions that simplify payers’ risk adjustment initiatives and helps ensure appropriate funding for the care of their members.
- Quality and Performance: Solutions that allow health plans to move from simply reporting quality measures to driving the purchase, delivery, and utilization of higher value healthcare.
About Verscend Technologies, Inc.
Verscend Technologies (formerly Verisk Health) drives better healthcare outcomes through data analytics, supporting payers' financial performance and quality improvement initiatives. Our Payment Accuracy, Risk Adjustment, and Quality and Performance solutions help organizations utilize their data so they can efficiently and cost-effectively succeed in the new era of healthcare. Learn more at www.verscend.com.