US-based MedRisk has agreed to acquire the casualty claims solutions business of Conduent for $240m in cash.
The acquisition comprises Conduent’s workers’ compensation and car liability bill review solutions and services, which include processing medical bills and clinical services.
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It also includes a suite of Strataware bill review software products.
This move is expected to bolster MedRisk’s position in the market by expanding its claims handling capabilities and client base.
Conduent said that its claims business caters to some 100 clients across diverse markers and processed around 29 million medical bills in 2023.
Set up in 1994 and headquartered in King of Prussia, Pennsylvania, MedRisk manages physical rehabilitation for workers’ compensation patients.
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By GlobalDataThe agreement will also see the transition of Conduent employees within the casualty claims solutions division to MedRisk.
Additionally, Conduent will maintain its relationship with MedRisk by continuing to provide mailroom services for current casualty claims clients.
MedRisk CEO Sri Sridharan said: “This acquisition adds to our current care and cost management solutions for workers’ compensation and auto insurance carriers, third-party administrators, and self-insured employers.
“This will enhance our ability to provide superior claims outcomes and exceptional service for our customers. The combined technology assets from the family of companies will allow us to deliver even more unique and powerful insights for customers across all products.”
Conduent president and CEO Cliff Skelton said: “This transaction is an additional example of the significant progress we have made in our strategy to streamline our portfolio while increasing our focus on core capabilities to fuel Conduent’s growth. MedRisk is well-established in the workers’ compensation industry, and we are confident in a seamless transition for our associates and clients.”
The deal is set to be finalised in the third quarter of 2024, pending the fulfilment of standard closing conditions and the receipt of regulatory approvals.
