KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--MedRisk, a leader in managed physical rehabilitation in workers’ compensation, has agreed to acquire the Casualty Claims Solutions business, including the portfolio of Strataware products, from Conduent. This business encompasses workers’ compensation and auto casualty bill review solutions and services which include the processing of medical bills and clinical services.
"This acquisition adds to our current care and cost management solutions for workers' compensation and auto insurance carriers, third-party administrators, and self-insured employers. This will enhance our ability to provide superior claims outcomes and exceptional service for our customers," said Sri Sridharan, MedRisk CEO. "The combined technology assets from the family of companies will allow us to deliver even more unique and powerful insights for customers across all products."
“We are excited to join the MedRisk family of companies,” said Beth Fritts, General Manager of Casualty Claims Solutions. “We are a longstanding leader in the industry and, together with MedRisk, we will have additional opportunities to innovate while enhancing our customers’ overall experience.”
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the third quarter of 2024. Truist Securities and UBS Investment Bank acted as financial advisors to MedRisk. Until the transaction closes, both companies will operate as separate and independent entities. Additional details about the combined organization's go-forward strategy will be communicated upon closing.
About MedRisk
Founded in 1994 and headquartered in King of Prussia, Pennsylvania, MedRisk was established with a mission to revolutionize physical rehabilitation for workers' compensation patients. Over the last 30 years, the company has evolved into the nation's leading managed care organization dedicated to physical rehabilitation and medical bill review for the casualty claims industry. For more information, please visit www.medrisknet.com or call 800-225-9675.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
