Acquisition will enhance ability to deliver superior claims results and exceptional customer service
KING OF PRUSSIA, Pennsylvania, May 3, 2024–(BUSINESS WIRE)–MedRisk, a leader in managed physical rehabilitation in workers’ compensation, has agreed to acquire Conduent’s Casualty Claims Solutions business, including the Strataware product portfolio. This business encompasses workers’ compensation and motor vehicle accident bill review solutions and services, which include medical bill processing and clinical services.
“This acquisition adds to our existing fulfillment and cost management solutions for workers’ compensation and auto insurers, third-party administrators and self-insured employers. It will enhance our ability to provide superior claims results and exceptional service to our customers,” he said Sri Sridharan, CEO of MedRisk. “The combined technology assets of the family of companies will enable us to provide even more unique and powerful insights to customers across all products.”
“We are excited to join the MedRisk family of companies,” said Beth Fritts, General Manager of Casualty Claims Solutions. “We are a long-time leader in the industry, and together with MedRisk, we will have additional opportunities to innovate while improving the overall experience for our customers.”
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the third quarter of 2024. Truist Securities and UBS Investment Bank served as financial advisors to MedRisk. Until the transaction is completed, both companies will operate as separate and independent entities. Additional details regarding the combined organization’s future strategy will be communicated following the closing.
About MedRisk
Founded in 1994 and headquartered in King of Prussia, Pennsylvania, MedRisk was created with the mission to revolutionize physical rehabilitation for workers’ compensation patients. Over the past 30 years, the company has evolved to become the nation’s leading managed care organization dedicated to physical rehabilitation and medical bill review for the claims industry. For more information, visit www.medrisknet.com or call 800-225-9675.
About Conduente
Conduent delivers digital business solutions and services that span the commercial, government and transportation spectrum – creating valuable results for its customers and the millions of people who rely on them. The company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its customers’ operations to enhance customer experiences, improve performance, increase efficiency and reduce costs. Conduent adds momentum to its clients’ missions in numerous ways, including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million toll transactions every day. Learn more at www.conduent.com.
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Contacts
Helen King Patterson, King Knight Communications, 813-690-4787, helen@kingknight.com
