KING OF PRUSSIA, PA — MedRisk, a leading provider of managed care services in the workers’ compensation industry, has announced its intention to acquire the Casualty Claims Solutions business from Conduent, including its Strataware product line. This strategic move is aimed at broadening MedRisk’s offerings in processing medical bills and clinical services for workers’ compensation and auto casualty.
Sri Sridharan, CEO of MedRisk, emphasized the acquisition’s role in enhancing the company’s existing care and cost management solutions. By integrating Conduent’s technology with its current capabilities, MedRisk aims to provide advanced insights and improved claims outcomes for insurance carriers, third-party administrators, and self-insured employers.
Beth Fritts, General Manager of Casualty Claims Solutions, expressed enthusiasm about joining forces with MedRisk. She highlighted the combined strength of the two companies in fostering innovation and improving service experiences for customers.
Slated for completion in the third quarter of 2024, the transaction is pending customary closing conditions and regulatory approvals. Truist Securities and UBS Investment Bank have been involved as financial advisors to MedRisk in this deal. Until the formal closure of the deal, both entities will continue operating independently, with plans for a unified strategy to be revealed post-acquisition.
This acquisition marks a significant enhancement in MedRisk’s service portfolio, positioning the company to offer a more comprehensive suite of solutions in the workers’ compensation and auto casualty sectors. The integration of Conduent’s Casualty Claims Solutions underlines MedRisk’s commitment to leveraging technology for better customer outcomes, promising a future of heightened efficiency and effectiveness in managed care services.
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