Experian Health has acquired Wave HDC, enriching its portfolio with AI-driven healthcare data solutions. The acquisition aims to enhance patient registration by instantly capturing critical insurance and demographic data at the outset, preventing post-registration updates and reducing claim denials. The integration offers Experian Health’s patient access products a comprehensive boost, streamlining processes for healthcare providers. This move aligns with Experian Health’s mission to simplify healthcare administration and tackle claim denial challenges. Financial specifics of the acquisition were not disclosed.
What You Should Know:
– Experian acquires Wave HDC, a healthcare technology leader that offers AI-enhanced data curation solutions to identify unknown insurance benefits coverage and critical patient demographics at the start of a patient’s healthcare journey.
– The acquisition bolsters the Experian Health business portfolio with more comprehensive and faster healthcare coverage identification and automation capabilities.
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Wave HDC’s AI-Powered Solutions
Wave HDC offers several insurance “curators” including Coordination of Benefits, Eligibility and Medicare Beneficiary Identifiers, and serves hospitals, laboratories, billing companies and physician groups. The acquisition will enhance Experian Health’s leading patient access products to offer an advanced solution that captures all important registration data in real time from the start, as the patient checks in for an appointment. No longer will data need to be chased and updated post-registration. A single inquiry can search for all the essential insurance and patient demographics instantly, avoiding costly rework and delayed reimbursements.
Addressing Claim Denials and Enhancing Patient Registration
Patient registration is long overdue for an upgrade. When the industry fails to capture the right information from the start, a slew of other administrative headaches is created for healthcare providers. Claim denials continue to be a pain point for hospitals and medical practices contributing to more than $200 billion dollars per year in lost revenue. In a 2023 Experian Health survey, 42 percent of respondents said eligibility is a top reason for claim denials, while approximately one third of those surveyed cite patient information inaccuracy.
With rising claim denials along with increasingly complex regulations and constantly changing payer rules, healthcare organizations need innovative healthcare clearinghouses that deliver an accurate picture of a patient’s eligibility, coordination of benefits and insurance coverage quickly and seamlessly at the start of the registration and scheduling journey.
Acquisitions Boosts Experian Health’s Offerings
Wave HDC offers several insurance “curators” including Coordination of Benefits, Eligibility and Medicare Beneficiary Identifiers, and serves hospitals, laboratories, billing companies and physician groups. The acquisition will enhance Experian Health’s leading patient access products to offer an advanced solution that captures all important registration data in real time from the start, as the patient checks in for an appointment. No longer will data need to be chased and updated post-registration. A single inquiry can search for all the essential insurance and patient demographics instantly, avoiding costly rework and delayed reimbursements.
“Our mission is to simplify healthcare, and this move allows us to quickly scale our portfolio with advanced logic and AI-powered technology to help solve one of the biggest administrative problems providers face today, which is claim denials,” said Tom Cox, president of Experian Health. “With our vast clearinghouse data and Wave HDC’s expertise in insurance data capture processes and technology, we now offer the best eligibility and insurance identification products in the market.”
Financial details of the acquisition were not disclosed.
Source: Hit Consultant
