Acquisition underscores Discovery’s strategy of delivering a comprehensive suite of payment and revenue integrity solutions powered by superior technology and advanced analytics
Itasca, IL – May 16, 2019 – Discovery Health Partners, an industry leader dedicated to helping healthcare payers solve payment and revenue integrity challenges to improve financial outcomes, today announced they have acquired HealthMind, LLC.
The acquisition of HealthMind adds secondary code edit, provider audit, and data mining capabilities to Discovery’s leading portfolio of payment and revenue integrity solutions. And it brings ReThink, an integrated software platform that supports multiple payment accuracy programs on both a pre- and post-pay basis. Unlike most vendors’ siloed platforms, the ReThink platform enables editing, clinical auditing, and data mining solutions to talk and share data, increasing efficiencies, productivity, and results for health plans.
“We’re excited about combining our payment integrity solutions and advanced analytics with HealthMind’s robust technology platform. We now can offer a market-leading payment integrity suite of solutions that focuses on pre-pay cost avoidance, improves provider relations, and generates superior recoveries,” said Discovery Health Partners CEO Jason Brown. “Discovery has developed strong relationships with our clients based on the value we’ve delivered over the years, and we’re excited to produce even stronger results for our customers going forward with our newly expanded solution portfolio.”
“Discovery is the perfect home for our solutions and our customers,” said Gary Twigg, CEO of HealthMind. “Discovery’s reputation and solutions complement what the HealthMind team has built and will allow Discovery to exponentially expand services and financial outcomes for customers.”
“Through this acquisition, Discovery is adding capabilities and solution enhancements that underscore our customer commitment. This is an important milestone for Discovery that reinforces the strong leadership position we’ve established in the industry,” added Steve Unterberger, Carrick Capital Partners Managing Director and a member of the Discovery Board of Directors.
Comprehensive solutions for a growing industry problem
With U.S. healthcare spending projected to grow at least 5.8% annually and to represent 19.6% of GDP by 20241, taking waste and improper payments out of the system is a growing issue as well. Back in 2009, the Institute of Medicine estimated that waste consumed 30 percent of U.S. health dollars. Two years later, the midpoint of waste was placed much higher, at 34 percent. Factoring in the steady rise in overall health expenditures implies that wasted healthcare spending now exceeds $1 trillion annually2.
To combat these rising expenses, it is imperative that health plans find ways to decrease their exposure to claims that are paid incorrectly or shouldn’t be paid at all. Discovery’s newly expanded suite of payment and revenue integrity solutions has been designed to reduce health plans’ exposure and increase payment accuracy by analyzing claims before and after they’re paid.
About Discovery Health Partners
Discovery Health Partners’ mission is to deliver unique, actionable analytic insights and technology-powered solutions to help healthcare payers improve payment integrity, increase revenue optimization, and maximize efficiencies with government programs. Serving more than 70 health plans across the U.S., including six of the 10 largest U.S. health plans, Discovery has been recognized consistently for its growth—earning a spot on the Inc. 5000 list five years in a row and the Crain’s Fast 50 three times. For more information on Discovery Health Partners, go to www.DiscoveryHealthPartners.com.
1 The Office of the Actuary in the Centers for Medicare & Medicaid Services. (July, 2015). National Health Expenditure Projections 2014-2024, The Office of the Actuary Annual Projections of Health Care Spending. Retrieved from: http://www.cms.gov.
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