TransUnion Healthcare has announced an acquisition to expand its health-related product offerings, buying reimbursement technology company Healthcare Payment Solutions (HPS).
Software from Fort Worth, Texas-based HPS helps providers identify and recover Medicare reimbursements which may have missed by other methods, focusing on reimbursable bad debt and maximize disproportionate share hospital (DSH) payments. HPS said its helped clients boost reimbursements by more than $1.3 billion.
“HPS’s impressive product suite is a great complement to TransUnion Healthcare that strengthens our Revenue Protection solutions,” Gerry McCarthy, president of TransUnion Healthcare, said in a press release. “Our combined capabilities will provide even greater value to providers and patients by helping to maximize reimbursement and ultimately improve the patient financial experience.”
Adding HPS solutions to its portfolio will boost TransUnion’s position in the post-discharge revenue recovery technology market, TransUnion said. It expects the acquisition to close before the end of the second quarter.
“We’re excited about the opportunity to join forces with a healthcare leader like TransUnion,” said Todd Doze, president and CEO of HPS. “Together, we can deliver even more powerful solutions to help healthcare providers maximize reimbursement so they can focus on what matters most—serving their patients.”
In a separate transaction, TransUnion will acquire Iovation, a fraud and identity management company. The Portland-based company has previously marketed its fraud prevention and multifactor authentication products to insurers participating on the Affordable Care Act exchanges.