JERSEY CITY, N.J., April 27, 2011 (GLOBE NEWSWIRE) — Verisk Analytics, Inc. (Nasdaq:VRSK), a leading source of information about risk, announced today it has closed its acquisition of Bloodhound Technologies, Inc., a premier provider of real-time pre-adjudication claims editing for healthcare payers. Based in Durham, North Carolina, Bloodhound customers include commercial health plans, state Medicaid agencies, and third-party administrators (TPAs). This acquisition further advances Verisk’s position as a major provider of data, analytics, and decision-support solutions in the healthcare industry.
Bloodhound’s payment integrity solution, ConVergence Point, is positioned to combat healthcare fraud through real-time adjudication, transparency for all participants in the claims cycle, business intelligence, and increased auto-adjudication and processing efficiencies. ConVergence Point is offered through a SaaS (Software as a Service) delivery model that is customizable and flexible across transaction systems. The platform also identifies aberrant behavior in terms of procedures, frequency of patient visits, place of service, and other pertinent data.
“Bloodhound has developed a unique solution aimed at addressing the need of healthcare payers to control fraud and waste in a real-time claims-processing environment,” said Scott Stephenson, president and chief operating officer of Verisk. “We believe these capabilities align naturally with our existing fraud identification tools and create opportunities for cross-marketing and revenue synergies while offering next-generation technologies.”
“We are delighted to join Verisk and eager to continue the growth of our business while integrating our tools with Verisk Health’s existing analytical capabilities to provide enhanced services to all customers,” said Gary Twigg, chief executive officer of Bloodhound.
The purchase price was $82 million in cash. The transaction is expected to be accretive to Adjusted EPS in 2011. Gary Twigg, who has headed Bloodhound since 2002, will continue to lead the company and its integration into Verisk’s healthcare solutions. Prior to joining Bloodhound, he spent 10 years with companies providing contract services to federal and state governments and led the development of the first large-scale information system developed for the Food and Drug Administration. Additionally, Mr. Twigg spent 15 years pioneering medical claims auditing for the property/casualty industry.
About Bloodhound Technologies, Inc.
Bloodhound Technologies is the leading claims editing service and analytics provider that offers a fully transparent, customizable, real-time service for all participants in the claims revenue cycle. ConVergence Point, its next-generation hosted claims editing service, can process a claim against 16 million edits across total patient history in subsecond response time. All ConVergence Point edits are open-sourced and based on national standards and can be configured to exactly match a payer’s reimbursement policies. Further, ConVergence Point provides a web portal for providers to see edits and correct claims before submission. This remarkable service can integrate with any claims adjudication system, clearinghouse, or claims gateway. For more information, visit www.bloodhoundinc.com.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading provider of information about risk to professionals in insurance, healthcare, mortgage, government, and risk management. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on vast industry expertise and unique proprietary data sets to provide predictive analytics and decision-support solutions in fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk, data management, and many other fields. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com.
MWW Group (for Verisk Analytics)
Head of Investor Relations
Verisk Analytics, Inc.