MedRisk Agrees to Purchase Casualty Claims Solutions Business from Conduent
May 03 2024 - 8:50AM
Business Wire
Acquisition will enhance ability to provide
superior claims outcomes and exceptional service for customers
MedRisk, a leader in managed physical rehabilitation in workers’
compensation, has agreed to acquire the Casualty Claims Solutions
business, including the portfolio of Strataware products, from
Conduent. This business encompasses workers’ compensation and auto
casualty bill review solutions and services which include the
processing of medical bills and clinical services.
"This acquisition adds to our current care and cost management
solutions for workers' compensation and auto insurance carriers,
third-party administrators, and self-insured employers. This will
enhance our ability to provide superior claims outcomes and
exceptional service for our customers," said Sri Sridharan, MedRisk
CEO. "The combined technology assets from the family of companies
will allow us to deliver even more unique and powerful insights for
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 longstanding leader in the industry and, together with MedRisk,
we will have additional opportunities to innovate while enhancing
our customers’ overall experience.”
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
acted as financial advisors to MedRisk. Until the transaction
closes, both companies will operate as separate and independent
entities. Additional details about the combined organization's
go-forward strategy will be communicated upon closing.
About MedRisk
Founded in 1994 and headquartered in King of Prussia,
Pennsylvania, MedRisk was established with a mission to
revolutionize physical rehabilitation for workers' compensation
patients. Over the last 30 years, the company has evolved into the
nation's leading managed care organization dedicated to physical
rehabilitation and medical bill review for the casualty claims
industry. For more information, please visit www.medrisknet.com or
call 800-225-9675.
About Conduent
Conduent delivers digital business solutions and services
spanning the commercial, government and transportation spectrum –
creating valuable outcomes for its clients and the millions of
people who count 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 clients’ operations to enhance
customer experiences, improve performance, increase efficiencies
and reduce costs. Conduent adds momentum to its clients’ missions
in many 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 tolling
transactions every day. Learn more at www.conduent.com.
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Helen King Patterson, King Knight Communications, 813-690-4787,
helen@kingknight.com