US-based MedRisk has agreed to accumulate the casualty claims options enterprise of Conduent for $240m in money.
The acquisition includes Conduent’s staff’ compensation and automotive legal responsibility invoice overview options and companies, which embrace processing medical payments and medical companies.
It additionally features a suite of Strataware invoice overview software program merchandise.
This transfer is anticipated to bolster MedRisk’s place available in the market by increasing its claims dealing with capabilities and consumer base.
Conduent stated that its claims enterprise caters to some 100 shoppers throughout various markers and processed round 29 million medical payments in 2023.
Arrange in 1994 and headquartered in King of Prussia, Pennsylvania, MedRisk manages bodily rehabilitation for staff’ compensation sufferers.
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The settlement may also see the transition of Conduent staff throughout the casualty claims options division to MedRisk.
Moreover, Conduent will keep its relationship with MedRisk by persevering with to supply mailroom companies for present casualty claims shoppers.
MedRisk CEO Sri Sridharan stated: “This acquisition provides to our present care and value administration options for staff’ compensation and auto insurance coverage carriers, third-party directors, and self-insured employers.
“This may improve our capability to supply superior claims outcomes and distinctive service for our clients. The mixed expertise property from the household of firms will permit us to ship much more distinctive and highly effective insights for patrons throughout all merchandise.”
Conduent president and CEO Cliff Skelton stated: “This transaction is a further instance of the numerous progress we’ve got made in our technique to streamline our portfolio whereas rising our deal with core capabilities to gas Conduent’s progress. MedRisk is well-established within the staff’ compensation trade, and we’re assured in a seamless transition for our associates and shoppers.”
The deal is about to be finalised within the third quarter of 2024, pending the fulfilment of normal closing situations and the receipt of regulatory approvals.
