TransUnion to acquire Healthcare Payment Specialists
Credit and information management company TransUnion has entered into an agreement to acquire Healthcare Payment Specialists, a vendor providing technology solutions for Medicare reimbursement to hospitals and health systems.
TransUnion said it is buying HPS to “add innovative technology that helps healthcare providers identify and recover Medicare reimbursements that they otherwise would not have received.” According to the company, Medicare accounts for 20 percent of total U.S. healthcare expenditures, and the market for reimbursement optimization solutions is rapidly growing.
In particular, TransUnion notes that HPS helps providers maximize Medicare reimbursement in two payment areas: automating the Medicare bad debt review process to help hospitals accurately and efficiently identify bad debts that are reimbursable, as well as helping hospitals serving low-income populations to maximize their Medicare Disproportionate Share (DSH) reimbursement by integrating multiple data sources to identify all DSH-eligible patients and patient days.
“HPS’s impressive product suite is a great complement to TransUnion Healthcare that strengthens our revenue protection solutions,” said Gerry McCarthy, president of TransUnion Healthcare, a wholly owned subsidiary of TransUnion. “Our combined capabilities will provide even greater value to providers and patients by helping to maximize reimbursement and ultimately improve the patient financial experience.”
A dollar value for the deal was not announced, but TransUnion expects the HPS acquisition to close in the second quarter of 2018 pending regulatory approval.
TransUnion Healthcare, which is focused on post-discharge revenue recovery, currently has its own revenue protection solutions that help hospitals prevent revenue leakage by engaging patients early, ensuring that their earned revenue gets paid, and optimizing their collection strategies. According to the company, it works with more than 1,500 hospitals and health systems and has protected more than $3 billion in net revenue and cash to date for its clients.
“TransUnion Healthcare’s leading revenue protection solutions leverage our extensive information assets and capabilities to help healthcare providers prevent revenue leakage and maximize reimbursements, aiding in their ability to prioritize patient health and well-being,” said Jim Peck, president and CEO of TransUnion. “HPS’s solutions are a great addition that will strengthen TransUnion Healthcare, consistent with our growth strategy of extending into attractive markets.”