Conduent Inc., a company specializing in technology-led business solutions and services, recently announced a deal to sell its Casualty Claims Solutions sector to MedRisk, a managed care organization. The sale price is set at $240 million in cash.
In the early market activity on the Nasdaq exchange, Conduent's shares were increasing by about 7.4%, trading at $3.95 per share.
The sale's price, which is subject to standard adjustments, includes Conduent's workers' compensation and auto casualty bill review services. These encompass the processing of medical bills and clinical services as well as Strataware's bill review software products.
Pending the fulfillment of standard closing conditions and regulatory approvals, the sale should be complete by the third quarter of 2024.
In 2023, this sector of the business, which served roughly 100 clients across various markets, processed approximately 29 million medical bills.
Upon completion of the deal, existing Conduent employees in the Casualty Claims Solutions sector will start working for MedRisk. Conduent will continue to oversee mailroom services for existing casualty claim clients, including MedRisk.
