Verisk Analytics, a provider of information about risk to professionals in insurance, healthcare, mortgage, government, and risk management, has acquired Bloodhound Technologies, a provider of real-time pre-adjudication claims editing for healthcare payers, for $82m in cash.
Bloodhound customers include commercial health plans, state Medicaid agencies, and third-party administrators (TPAs).
ConVergence Point is a Bloodhound’s payment integrity solution that helps to deal healthcare fraud through real-time adjudication, with transparency for all participants in the claims cycle, business intelligence, and increased auto-adjudication and processing efficiencies.
Gary Twigg, who has headed Bloodhound since 2002, will continue to lead the company and its integration into Verisk’s healthcare solutions.
Prior to Bloodhound, Twigg spent 10 years with companies providing contract services to federal and state governments and led the development of the first large-scale information system developed for the food and drug administration.
Additionally, Twig spent 15 years pioneering medical claims auditing for the property/casualty industry.
Verisk president and chief operating officer Scott Stephenson said the company has developed solution that aimed at addressing the need of healthcare payers to control fraud and waste in a real-time claims-processing environment.