SCIOinspire, a Hartford, Conn.-based provider of cost-containment services for healthcare payers, is boosting its portfolio with the acquisition of Solucia, Inc. - its second deal in little more than two weeks.
"Solucia is highly regarded as a thought leader and pioneer in care management financial analytics," said Siva Namasivayam, SCIOinspire's CEO. He said the acquisition advances the company's objective of offering a wide array of knowledge and data-driven tools and services to help healthcare payers save money on cost management and revenue recovery services.
"There is no doubt that controlling healthcare costs is a top priority for every insurer, employer and provider," said Ian Duncan, president and founder of Farmington, Conn.-based Solucia, which provides care management analytics, actuarial and management consulting, development and evaluation of care and disease management programs and related technology applications for health plans, employers and care management companies. "But the complexity of the healthcare system makes measuring the success of cost reduction efforts challenging, to say the least."
Founded in 1998, Solucia offers several proprietary software packages, consisting of ProGuide, ProSpect, ProFormance and Lost Time Cost Model, all based on an actuarial platform.
"We are dedicated to the science of outcomes measurement, and the use of outcomes to improve program operations and results," said Duncan. "With SCIOinspire's resources, we can now provide complete ehalthcare data management and analytics outsourcing solutions to healthcare payers."
On May 28, SCIOinspire announced the acquisition of Pittsburgh-based Socrates, Inc., which provides coordination of benefits (COB), subrogation/reimbursement outsourcing, technology and consulting cost containment and recovery solutions for healthcare payers.
According to a SCIOinspire press release, payers lose between $4 and $10 on every $100 in claims due to other-party liabilities such as COB and subrogation. "This represents a significant drain," Namasivayam said at the time of the acquisition. "The combined forces of Socrates, Inc. and SCIOinspire will health healthcare payers recoup this revenue and strengthen their bottom lines."
How have your experiences with SCIOinspire or its new acquisitions helped or hindered your business? E-mail Managing Editor Eric Wicklund at eric.wicklund@medtechpublishing.com.