HMS Acquires VitreosHealth
September 16 2019 - 6:42PM
HMS Holdings Corp. (Nasdaq: HMSY) today announced it has acquired
VitreosHealth, a privately held company based in Plano, Texas, that
offers predictive and prescriptive health insights for population
risk models. Prior to the acquisition, VitreosHealth served as a
key strategic partner for HMS, and most notably, as the predictive
analytics engine for HMS’ Elli, a risk intelligence solution that
is part of the company’s integrated Population Health Management
(PHM) portfolio.
Elli provides both prospective and retrospective
analyses to help identify high and emerging risk as early as the
point of member enrollment. Seamlessly integrating with existing
population health tools, Elli’s timely, actionable insights on
populations and individual members facilitate better care
management programs. Elli monitors members on a regular basis to
proactively identify risks related to medical conditions, social
determinants and other factors.
“We are excited to add VitreosHealth’s talent
and advanced analytics expertise to the HMS family,” said Bill
Lucia, HMS Chairman and CEO. “Our successful partnership with
VitreosHealth has evolved into today’s highly strategic acquisition
of best-in-class predictive analytics capabilities. We expect
VitreosHealth’s prescriptive health insights will further enrich
our award-winning Population Health Management suite to better
predict, identify and avoid preventable high-cost events.”
VitreosHealth’s artificial intelligence-driven
platform leverages data from a broad set of sources, including
electronic health records, claims, health risk assessments and
socioeconomic data. It then provides insights that allow clinicians
and health plan administrators alike to identify and address care
gaps within their member or patient populations.
Also, VitreosHealth’s advanced analytic
predictions into the care management workflow offers critical
insights that help health plans and managed care organizations
optimize their Star and other quality ratings, recognize
undercoding/overcoding patterns and analyze out-of-network
utilization.
VitreosHealth Co-Founder and CEO, Jay Reddy,
said, “We are excited to join forces with HMS, a dynamic healthcare
technology and services leader that is like-minded in its focus on
improving health outcomes and reducing costs across the healthcare
continuum.”
HMS believes the integration of VitreosHealth
will enhance our predictive modeling and analytics capabilities
within its PHM solution suite and further drive customer value
by:
- Enhancing risk stratification capabilities with
disease-specific predictive models
- Enabling faster identification of rising risk members
- Improving outcomes through prescriptive interventions
HMS acquired VitreosHealth for approximately
$36.5 million, which was funded with cash on hand.
About HMS
HMS advances the healthcare system by helping
payers reduce costs and improve health outcomes. Through our
industry-leading technology, analytics and engagement solutions, we
save billions of dollars annually while helping consumers lead
healthier lives. HMS provides a broad range of coordination of
benefits, payment integrity, population risk analytics, care
management and member engagement solutions that help move the
healthcare system forward. Visit us at www.hms.com and follow us on
Twitter at @HMSHealthcare.
Trademarks
HMS, Elli and the HMS logo are registered
trademarks of HMS Holdings Corp. and/or its affiliates. Other names
may be trademarks of their respective owners.
Safe Harbor Statement
This press release contains “forward-looking
statements” within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Such statements relate to our
current expectations, projections and assumptions about our
business, the economy and future events or conditions. They do not
relate strictly to historical or current facts. Forward-looking
statements can be identified by words such as “believes,”
“expects,” “future,” “may,” “plans,” “will,” and similar
references, although some forward-looking statements may be
expressed differently. Factors or events that could cause actual
results to differ may emerge from time to time and are difficult to
predict. Should known or unknown risks or uncertainties
materialize, or should underlying assumptions prove inaccurate,
actual results may differ materially from past results and those
anticipated, estimated or projected. We caution you not to place
undue reliance upon any of these forward-looking statements.
Factors that could cause or contribute to such differences,
include, but are not limited to: our ability to execute our
business plans or growth strategy; our ability to innovate, develop
or implement new or enhanced solutions or services; the nature of
investment and acquisition opportunities we are pursuing, and the
successful execution of such investments and acquisitions; our
ability to successfully integrate acquired businesses (including
VitreosHealth) and realize synergies; and other factors, risks and
uncertainties described in our most recent Annual Report on Form
10-K and in our other filings with the Securities and Exchange
Commission. Any forward-looking statements are made as of the date
of this press release. Except as may be required by law, we
disclaim any obligation to publicly update forward-looking
statements, whether as a result of new information, future events
or otherwise.
Investor Contact:Robert BorchertSVP, Investor
Relationsrobert.borchert@hms.com469-284-2140 |
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Media Contact:Lacey HautzingerSr. Director, External
Communicationslacey.hautzinger@hms.com469-284-7240 |
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