What You Should Know:
– HealthEdge Software announces the acquisition of The Burgess
Group, LLC (“Burgess”), an innovative payment integrity software company
focused on improving healthcare payment operations for an undisclosed sum.
– The strategic acquisition will boost Health Edge’s position in
the payment integrity market and extends best-in-class claims processing to
include software-driven payment integrity
– Burgess’ product, Burgess
Source®, is the first solution to natively bring together claim payment
automation with business intelligence and enables a unified approach to ensure
payment accuracy.
HealthEdge Software, Inc.® (“HealthEdge”), a provider of the industry’s leading integrated financial, administrative and clinical platform for health insurers, today announced the acquisition of The Burgess Group, LLC (“Burgess”), an Alexandria, VA-based payment integrity software company focused on improving healthcare payment operations through technology. Financial details of the acquisition were not disclosed. TripleTree, LLC served as financial advisor and Debevoise & Plimpton LLP was legal advisor to HealthEdge and Blackstone. Seabrook Partners, LLC served as financial advisor and Vedder Price was legal advisor to Burgess.
Patient Accountability Platform
Founded in 1997, Burgess operates at the intersection
of healthcare, finance and technology. The company helps leading American
health insurers and ACOs set a new standard: Payment Accountability. The
company’s cloud-based platform, Burgess Source, is the only solution that
natively brings together up-to-date regulatory data, claims pricing and
editing, and real-time analytics tools. This unified approach allows clients to
make payments with total confidence, and make business decisions with real
intelligence.
Strategic Fit for HealthEdge to Power Next-Generation
Payor Technology
“The acquisition of Burgess is a great strategic fit for HealthEdge to enter the large, high-growth market of payment integrity, helping address the estimated $1 trillion in wasteful spending in the U.S. healthcare system. This partnership will extend HealthEdge’s best-in-class claims processing to include software-driven payment integrity, actioned before a claim is paid, delivering significant value to health plans beyond what is available in the market today,” said Ram Jagannath, Global Head of Healthcare for Blackstone Growth and Chairman of HealthEdge. “We are excited to invest further in HealthEdge to continue building a market-leading software platform for health insurers.”
HealthEdge provides
mission-critical next-generation Core Administrative Processing Systems
solutions to healthcare payors, enabling them to administer benefits, configure
plans, manage providers, and enroll participants seamlessly and efficiently.
The company’s products offer a modern, simple user interface, greater
flexibility, and a cloud-compliant solution well suited to the increasingly
complex and data-rich healthcare environment.
HealthEdge’s acquisition of Burgess follows the acquisition of a
majority stake in HealthEdge by funds managed by Blackstone (“Blackstone”) in
April 2020.
