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Verscend Technologies today completed its purchase of Cotiviti Holdings.
Verscend Technologies has capped its $4.9 billion acquisition of Cotiviti Holdings, positioning itself as an analytics leader as it furthers its quest to help insurers shake up the economics of healthcare.
The deal was announced in June and completed today, shortly after Cotiviti shareholders approved the purchase. Emad Rizk, M.D., Verscend’s president and CEO, will continue oversee the new company, which is slated to do business under the Cotiviti banner.
“With our new capabilities across payment, quality, risk and the combination of clinical and financial data, Cotiviti will be unmatched in its ability to create differentiated value for its clients,” Rizk said in a statement.
Verscend has emerged as a major player in healthcare data and analytics, while Cotiviti has built its reputation on payment accuracy and other health analytics. They have shared a vision of reducing waste and improving healthcare affordability and outcomes, Rizk noted.
Now, the revamped Cotiviti’s primary goal is to “reshape the economics of healthcare” through its analytics solutions. The health IT firm plans to tackle payment accuracy, fraud and the like, risk adjustment, quality improvement and reimbursement, population health management and network performance.
Verscend belongs to the portfolio of Veritas Capital, which has heavily invested in healthcare’s digital transformation in recent years. For example, Veritas has bought GE Healthcare’s Value-Based Care Division and pumped money into Truven Health Analytics and, of course, Verscend.
Ramzi Musallam, Vertias Capital CEO and managing partner, said the Cotiviti move is in line with these trends.
“A core tenet of Vertias’ investment philosophy is identifying organizations that are positioned to have transformational impact in their respective domains,” he said. “We see the combination of Cotiviti and Verscend as bringing much-needed precision and insight to the healthcare system.”
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