Thomson Reuters announced Wednesday that it has acquired Healthcare Data Management, Inc., a King of Prussia, Pa.-based health plan benchmarking firm that will now become part of the Healthcare & Science business of Thomson Reuters.
Financial terms of the transaction were not disclosed.
The acquisition of Healthcare Data Management, which uses data-driven metrics to monitor plan performance, will help enhance the efforts to remove healthcare waste, make cost and quality more transparent and support the current and future compliance needs of the payer market.
Additionally, executives say, the acquisition strengthens Thomson Reuters audit and payment integrity capabilities including medical, prescription drug, provider, eligibility, and plan design.
"Healthcare Data Management brings unmatched expertise in health benefits auditing and expense management reporting solutions," said Jon Newpol, executive vice president at the Healthcare & Science business of Thomson Reuters. "Together, we're poised to meet the increased demand for auditing and compliance due to the Sarbanes-Oxley Act, the healthcare reform law, and an overall focus on eliminating waste from the healthcare system.
"Healthcare Data Management's primary solutions, BenefitsAudit and BenefitsWatch, will play a key role in expanding our current solutions for employer and government markets," Newpol added. "As a result, our new Audit & Compliance offering will support both retrospective and ongoing assessments of claims data."