Purchase to improve data quality and transaction accuracy in healthcare revenue cycle management industry
Chicago, Jan. 4, 2010 – TransUnion today announced it acquired MedData LLC. The Charlotte-based company provides healthcare insurance information and data solutions for hospitals, physician practices and major healthcare insurance companies. Financial terms of the deal were not disclosed.
“The healthcare industry is on the brink of an evolution in terms of the effective use and application of patient data, analytics and decisioning technologies in revenue cycle management,” said Milton Silva-Craig, executive vice president of TransUnion’s healthcare vertical. “The combination of TransUnion’s and MedData’s unique and complementary data sets and solutions positions us to be a driving force in this change, improving the quality and accuracy of transactions while helping ‘bend’ the national healthcare cost curve.”
Effectively managing insurance eligibility and self-pay patients is a primary directive for many healthcare executives. Today, it is estimated that more than one-third of all insurance eligibility transactions have data quality issues. This creates a scenario for significant downstream human interaction and costs. By using TransUnion’s data and analytics in real time to enhance MedData’s transaction pipeline at key touch points, it can create significant improvements in data quality and accuracy in the overall process. Further, integrated with TransUnion’s patented self-pay and charity care solution – Revenue Manager – the combined assets have the potential to create significant cost savings, improve point of service collections and reduce bad debt.
“Throughout the financial, insurance, and collections industries, TransUnion has consistently proven the value they bring in actionable data and analytics,” said Steve Purdy, president of MedData. “The combination of MedData’s strategic healthcare pipeline and diverse customer base, coupled with TransUnion’s rich data and expertise, will greatly expand the footprint for both organizations across the spectrum in revenue cycle management.”
MedData marks TransUnion’s second acquisition within the healthcare arena over the last two years. In 2007, TransUnion acquired Fort Lauderdale-based ADSR, a web-based solution that addressed the growing self-pay and charity care population.
MedData, founded in 1997, is the healthcare division of AGDATA, L.P. MedData was formed to apply and use state-of-the-art database and real-time transaction processing technology for the healthcare industry. MedData blends database management expertise with web-based technology to automate critical healthcare transactions, enabling physician offices, hospitals, and billing services to more quickly and accurately complete transactions sent to and received from the nation’s payers. MedData is headquartered Charlotte, N.C. with offices in California and Colorado.
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion employs associates in more than 25 countries on five continents.
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