Healthcare software company Edifecs acquires Talix in deal to boost value-based care
Edifecs, a healthcare software company based in Bellevue, Wash., Has acquired Talix, a San Francisco-based startup that leverages the language of healthcare data to optimize billing, analysis and management of healthcare data. patients with an emphasis on value-based care. Edifecs announced the deal on Monday. The conditions were not disclosed.
Value-based care is an increasingly popular healthcare model that places less emphasis on fee-for-service in favor of an approach more focused on preventive and primary care. It is also an area of growing interest for Edifecs, which sells enterprise software to more than 350 healthcare companies, including BlueCross BlueShield, Cigna, Humana, GroupHealth and others.
Talix uses natural language processing, a computational approach to examine language in data, to extract healthcare data. The startup provides healthcare plans with a platform to support identifying medical codes for billing, data analysis, and patient care management.
Talix’s platform can also assess a patient’s risk for various conditions, a process called risk adjustment that facilitates billing for value-based case systems.
“The merger of these companies allows Edifecs to offer a more comprehensive risk adjustment solution, from analysis to intervention, to submission,” said Sunny Singh, Founder and Chairman of the Board of Directors of ‘Edifecs, in a statement. “This, in turn, will advance industry-critical value-based care initiatives by directly supporting providers in their increased acceptance of financial risk. “
Singh initially started Edifecs in a garage as a startup that provided technology solutions to integration issues. In 2001, Edifecs entered the healthcare industry as it saw opportunities to help clients with transaction processing and information as healthcare transitioned from paper data to software. Singh was CEO of Edifecs until July, when he handed over the reins of the company of more than 750 employees to Venkat Kavarthapu..
Edifecs services enable data interoperability between systems, unifying clinical and financial information, and more. At the start of the pandemic, the company launched a COVID-19 dashboard to help payers analyze COVID-19 test claim data. Last year he landed a private equity infusion in a deal that was reportedly valued at $ 1.4 billion.
Talix was founded in 2015 within information technology and media company Healthline Networks, to apply natural language processing and machine learning to applications relevant to values-based care. In 2016, it became an independent company led by Dean Stephens, former CEO of Healthline.
“Our combined capabilities will provide a more powerful and comprehensive solution for healthcare plans and providers to reduce labor-intensive manual retrieval of records through an advanced coding platform built into the EHR,” Stephens said in a statement. , referring to the electronic health record.
