JERSEY CITY, N.J., Oct. 5, 2006 — ISO today announced its immediate plans to acquire the assets of Urix, a leading provider of cutting-edge healthcare analytics and employer reporting solutions. Terms have not been disclosed.
Urix, based in Cheshire, Conn., has successfully developed comprehensive web-based business solutions that enable health insurers, national brokerage firms and large employers to derive strategies to improve the quality of health care while lowering the cost of delivery. Urix is a leading developer of web-based healthcare analytic solutions that are both scalable and cost-effective on a national level.
ISO entered the healthcare sector in 2004 with the purchase of Boston-based DxCG, a company widely recognized as a world leader in predictive modeling software solutions.
ISO will form a single company containing the Urix and DxCG assets doing business under the Urix brand name. John J. Farrell, chief executive officer of Urix, will serve as president of the combined entity; Michael Coyne will serve as chief operating officer.
“With so many synergies between the Urix business intelligence solutions and DxCG predictive modeling capabilities, it makes sense to combine our assets and approach the market with a unified set of solutions,” said Michael Coyne, head of DxCG. “Our teams will create new and, in many cases, unique solutions by working together closely,” continued Coyne.
Farrell praised the combination, noting that ISO’s resources and strong reputation for leadership in analytics and data management will help Urix broaden its health analytics toolset. “For Urix, this will mean a limitless opportunity to further enhance the power of our rapidly growing health data analytics services,” said Farrell.
ISO’s chairman, president and chief executive officer, Frank J. Coyne, cited ISO’s plans to combine Urix and ISO’s DxCG unit as “an excellent opportunity for ISO to expand its presence in the healthcare business intelligence market by leveraging complementary strengths in both companies’ product lines. Creating one company out of these two great businesses represents our commitment to expanding ISO’s reach into the healthcare market. We expect the new entity to lead the market with a host of solutions designed to improve the quality and efficiency of our nation’s healthcare system,” said ISO’s CEO.
While noting the significant advantages of this business combination, Farrell and Michael Coyne emphasize that customers of both entities will have an uninterrupted stream of the excellent products and services they are now receiving.
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Clients use ISO’s databases and services to classify and evaluate a variety of risks and detect potential fraud. In the United States and around the world, ISO’s services help customers protect people, property and financial assets.
Urix is a rapidly growing analytics and healthcare company that offers clients insights into claims data to proactively manage their healthcare costs while improving the quality and effectiveness of care. Urix solutions cleanse, balance and normalize clients’ claims data from multiple sources and make it available through an easy-to-use, interactive analytics and reporting environment. Urix payor solutions enable carriers to provide their accounts with advanced reporting capabilities that can be typically implemented in three to four months. Urix solutions for self-insured employers provide true performance measurement statistics across health vendors.
DxCG, an ISO business, promotes fair and efficient health care by providing software solutions to more accurately plan, budget and evaluate healthcare management programs. DxCG has more than 300 clients in the United States and abroad. The company’s Diagnostic Cost Group (DCG) and RxGroups® predictive models are used to negotiate health-based payments, identify opportunities for disease management, profile physicians and evaluate managed care programs. Recognized by leading independent researchers as the most proven models available, DxCG’s methodologies are used by the federal government to set payment rates for the U.S. Medicare program.