Globe Newswire 18-May-2018 6:49 AM
CHICAGO, May 18, 2018 (GLOBE NEWSWIRE) -- TransUnion (NYSE:TRU) is boosting its healthcare solutions with the purchase of Healthcare Payment Specialists (HPS), a leader in helping healthcare providers optimize Medicare reimbursement.
"TransUnion Healthcare's leading Revenue Protection solutions leverage our extensive information assets and capabilities to help healthcare providers prevent revenue leakage and maximize reimbursements, aiding in their ability to prioritize patient health and well-being," said Jim Peck, TransUnion's president and chief executive officer. "HPS's solutions are a great addition that will strengthen TransUnion Healthcare, consistent with our growth strategy of extending into attractive markets."
The acquisition of HPS will add innovative technology that helps healthcare providers identify and recover Medicare reimbursements that they otherwise would not have received. Medicare accounts for 20% of total healthcare expenditures in the U.S., and the market for Medicare reimbursement optimization solutions is growing rapidly.
"HPS's impressive product suite is a great complement to TransUnion Healthcare that strengthens our Revenue Protection solutions," said Gerry McCarthy, president of TransUnion Healthcare. "Our combined capabilities will provide even greater value to providers and patients by helping to maximize reimbursement and ultimately improve the patient financial experience."
HPS helps healthcare providers maximize Medicare reimbursement by focusing on payment areas where superior technology and deep domain expertise can drive significant improvements, including:
HPS also has complementary solutions to TransUnion Healthcare in the areas of Transfer Diagnosis-Related Groups (DRG) and Indirect Medical Education/Shadow Billing.
"We're excited about the opportunity to join forces with a healthcare leader like TransUnion," said Todd Doze, president and CEO of HPS. "Together, we can deliver even more powerful solutions to help healthcare providers maximize reimbursement so they can focus on what matters most – serving their patients."
The addition of HPS's solutions further positions TransUnion as a market leader in post-discharge revenue recovery. TransUnion Healthcare's Revenue Protection solutions help hospitals prevent revenue leakage by engaging patients early, ensuring that their earned revenue gets paid, and optimizing their collection strategies. The company works with more than 1500 hospitals and health systems and has protected over $3 billion in net revenue and cash to date for its entire client base.
The acquisition is anticipated to close in the second quarter of 2018 pending regulatory approval. TransUnion was advised on the transaction by Baird.
TransUnion also announced today an agreement to acquire iovation. iovation, one of the most advanced providers of device-based information in the world, will strengthen TransUnion's leadership position in fraud and identity management.
About TransUnion Healthcare
TransUnion Healthcare, a wholly owned subsidiary of credit and information management company TransUnion, is a trusted provider of Healthcare Revenue Protection™ solutions for maximizing reimbursement, improving patient engagement, and preventing revenue leakage. We deliver this by leveraging our data assets, market-leading revenue cycle management technologies, and deep insights into consumer financial behavior and reimbursement methodologies, to help providers reduce uncompensated care and maximize revenue with one of the most effective revenue protection solutions on the market today. www.transunionhealthcare.com
About TransUnion (NYSE:TRU)
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
We call this Information for Good. http://www.transunion.com/business
About Healthcare Payment Specialists
Founded in 2002, Healthcare Payment Specialists (HPS) provides technology-enabled solutions for healthcare eligibility, government reimbursement and compliance to hospitals and healthcare systems across the country. Using its STINGRAYTM software platform, HPS delivers solutions on a software-as-a-service (SaaS) basis or through outsourced service engagements. HPS is a portfolio company of Nautic Partners, a private equity firm based in Providence, RI.
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