ITASCA, Ill., Aug. 27, 2020 /PRNewswire-PRWeb/ -- Discovery Health Partners, an industry leader dedicated to helping healthcare payers solve payment and revenue integrity challenges to improve financial outcomes, today announced they have acquired Consova's payment integrity business.
This acquisition greatly expands Discovery's growing Data Mining expertise and capabilities. Discovery assumes ownership of Consova's payment integrity assets, including:
- A team of seasoned medical claims analysts with a proven track record of accuracy in overpayment findings and recoveries
- A robust set of unique, proprietary algorithms and process automation that combs through data in medical claims to select those that are most likely billed, coded, or submitted in error
- A marquis list of top-10 health plan clients
With this latest acquisition, Discovery advances its position as a leading payment integrity solution provider. This acquisition represents an additional step in Discovery's strategy of leveraging technology and advanced analytics to offer a full suite of payment integrity solutions for health plans.
"We are excited to welcome the Consova team and clients to the Discovery family. The combination of Discovery and Consova deepens our data mining and analytics expertise while expanding our growing client footprint," commented Jason E. Brown, CEO of Discovery Health Partners. "We are thrilled to now be able to offer our vastly expanded expertise to clients, enabling them to recover significantly more claims overpayments."
"Our payment integrity solutions have found a great new home with Discovery," added Vino Ramayah, Consova's CEO and Chairman. "Given Discovery's demonstrated ability to grow their solution portfolio and customer base, we know that the data mining analytics and staff Consova has built will flourish and allow Discovery to rapidly grow their footprint in the health plan marketplace."
Discovery has maintained an exceptional growth record over the last several years; the company recently received the prestigious Inc. 5000 Fastest Growing Companies award for the seventh year in a row. Only a very small fraction of the companies that apply for the list makes the list more than once, and only 1.26 percent of those companies have made the list seven times. Read the news here.
Comprehensive solutions for a growing industry problem
The estimated cost of waste in the US health care system ranges from $760 billion to $935 billion, accounting for approximately 25% of total health care spending, and the projected potential savings from interventions that reduce waste, excluding savings from administrative complexity, ranged from $191 billion to $286 billion, representing a potential 25% reduction in the total cost of waste. Implementation of effective measures to eliminate waste represents an opportunity reduce the continued increases in US health care expenditures.1 Healthcare claims processing is as profoundly complex as ever and is only made more difficult by numerous EMR vendors and compliance issues.
Through proven data mining practices, Discovery tackles this industry issue by identifying and recovering overpayments caused by inaccurate contract pricing, improper billing and coding, and misapplied reimbursement methodologies. The combination of expert auditing and coding staff, advanced analytics, and a best-in-class ReThink payment integrity platform enables Discovery to rein in wasteful spending and recover lost healthcare dollars for health plans.
About Consova
Founded by seasoned healthcare executives and powered by the Global Healthcare Technology powerhouse Cereus Health Group, Consova knows what it takes to contain healthcare costs. The company's goal is to improve clients' financial performance without diminishing the level of benefits that is offered to employees and members. For more information, go to http://www.consova.com.
About Discovery Health Partners
Discovery Health Partners' mission is to deliver unique, actionable analytic insights and technology-powered solutions to help healthcare payers improve payment integrity, increase revenue optimization, and maximize efficiencies. Serving more than 80 health plans across the U.S., including many of the 10 largest U.S. health plans, Discovery has been recognized consistently for its growth—earning a spot on the Inc. 5000 list seven years in a row and the Crain's Fast 50 three times. For more information on Discovery Health Partners, go to http://www.DiscoveryHealthPartners.com.
1. Waste in the US Health Care System: Estimated Costs and Potential for Savings | JAMA Network (October 2019)
SOURCE Discovery Health Partners
Share this article