Tuesday, Ingenix, one of Unitedhealth Group, Inc's. (UNH) operating businesses, announced its decision to acquire CareMedic Services Inc., a revenue cycle management solutions provider, in a cash transaction. However, the deal amount or other details were not disclosed.
With the acquisition of CareMedic, Ingenix said it will offer better revenue cycle management, or RCM, solutions for patient registration, eligibility verification, financial clearance, coding and compliance, bill submission, denials management, and remittance processing. Ingenix and CareMedic's combined products and services include the Electronic Financial Record platform, which makes real-time patient financial information accessible across departments within a hospital.
CareMedic will also expand Ingenix's Business Process Outsourcing capabilities with patient financial management services, accounts receivable management, secondary billing and denials recovery. Currently, CareMedic has contracts with more than 2,500 provider facilities across the U.S. and Puerto Rico.
Andy Slavitt, CEO, Ingenix, said, "Innovation and talent are key to solving health care's biggest challenges. We're combining the great teams at CareMedic and Ingenix to deliver innovation with the common vision of simplifying the system, reducing waste and centering health care around the patient."
UNH stock is currently trading at $28.80, down $0.32, on the NYSE.
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