8.13.2020 | A critical adjacency in payment integrity software to further strengthen our value proposition to healthcare payors
Burlington, Ma., and Alexandria, Va. – HealthEdge Software, Inc.® (“HealthEdge”), provider of the industry’s leading integrated financial, administrative and clinical platform for health insurers, HealthRules® Payor, today announced it has completed the acquisition of The Burgess Group, LLC (“Burgess”), an innovative payment integrity software company focused on improving healthcare payment operations through technology. Health plan customers will now benefit from claims cost savings via the Burgess Source® platform’s ability to identify and reduce wasteful spending in the U.S. healthcare system, leading the way to on-time, accurate payments for millions of their covered lives.
“We are really excited about the future of HealthEdge,” said Steve Krupa, CEO of HealthEdge. “Our company’s growth and maturation, coupled with strategic and capital support from our investors, have enabled us to take a significant step toward creating a fully automated cloud-based transactional system for health plans by partnering with Greg Burgess and his team.”
“The Burgess Group team is hitting the ground running with HealthEdge,” said Greg Burgess, Founder and President. “Driving solutions in the payment integrity arena has been our heart and soul for nearly 25 years. Together with HealthEdge, we will maximize efficiencies through our collective experience and ultimately create win-win scenarios for health plans, patients and participating providers.”
The Burgess acquisition follows the purchase of a majority stake in HealthEdge by funds managed by Blackstone in April 2020.
Ram Jagannath, Global Head of Healthcare for Blackstone Growth and Chairman of HealthEdge said, “We are excited to back HealthEdge as a leading next-generation payor software company and we see HealthEdge as a platform for further strategic acquisitions. HealthEdge’s acquisition of Burgess provides a critical adjacency in payment integrity software to further strengthen our value proposition to health plan customers.”
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. Terms of the transaction were not disclosed.
HealthEdge provides modern, disruptive healthcare IT solutions that health insurers use to leverage new business models, improve outcomes, drastically reduce administrative costs, and connect everyone in the healthcare delivery cycle. Its next-generation enterprise solution suite, HealthRules, is built on modern, patented technology and is delivered to customers via the HealthEdge Cloud or onsite deployment. An award-winning company, HealthEdge empowers health insurers to capitalize on the innovations, challenges and opportunities that await in the new healthcare economy. For more information, visit www.healthedge.com.
About The Burgess Group
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. The company is headquartered in Alexandria, VA, with an office in West Hartford, CT, and online at www.burgessgroup.com.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $538 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, growth equity, opportunistic, non-investment grade credit, real assets, and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
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