Wednesday, HMS Holdings Corp. (HMSY) said it has acquired the business of IntegriGuard LLC, an ISO-certified and URAC-accredited organization devoted to the prevention and detection of fraud, waste, and abuse in the healthcare system. The company is based in Omaha, Nebraska and will operate as a wholly-owned subsidiary of HMS Holdings Corp.
IntegriGuard said it offers a suite of program integrity and payment accuracy solutions designed to detect fraud and improper payments. The company's services include audit, compliance and education, data and analysis, eligibility verification, medical review, and investigation services.
The purchase price was $5.25 million paid in cash. IntegriGuard projects revenues of around $12 million for the fiscal year ending March 31, 2010. HMS said it does not expect this transaction to have a material impact on its 2009 financial results.
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