STENY BROOK, NY and DENVER† June 30, 2022 /PRNewswire/ — Softheon, a leading cloud-based eligibility, enrollment and billing provider for health plans and government agencies, has acquired NextHealth Technologies, an AI-based SaaS-based healthcare analytics platform† With the acquisition, Softheon will be better able to help health plans sell and deliver efficient, high-quality care through synergies across the companies’ respective products and solutions. Health plans can save tens or even hundreds of millions of dollars in medical and operational costs thanks to Softheon’s growing line of solutions.
The acquisition significantly increases Softheon’s talent density, improving go-to-market strategies, engineering processes and leadership. The overall speed and capabilities of NextHealth’s AI solutions will increase due to Softheon’s good technology.
Softheon CEO, Eugene Sayanwill continue to run the company. Eric Grossmanthe founder of NextHealth, has become the combined organization’s Chief Commercial Officer, supporting Sayan’s vision and the company’s growth goals.
Sayan shared: “Artificial intelligence in healthcare is here and we see the incredible impact it can have on members and carriers alike. Our goal was to make healthcare more affordable, accessible and more abundant, and we see AI as a clear path forward. acquisition is a testament to Softheon’s commitment to helping health plans address some of their biggest challenges, such as public health and the movement toward consumerism in healthcare.”
Founded in 2013, NextHealth Technologies provides a cloud-based platform that uses rigorous methodologies and standardized processes to enable health plan customers to identify impacted populations, measure which clinical initiatives work best for whom, and make data-driven decisions across the board. integrate workflow. time to get the highest ROI from their analytics investments.
“We are excited to be part of Softheon’s continued growth and expansion,” Grossman shared, “This is an incredible opportunity for our respective teams. NextHealth’s technical and service personnel will continue to build and support cutting-edge AI applications for airline populations with the support and resources of a larger company. We see a bright future for our health plan partners as we leverage these tools to deliver significant value and reduce costs.”
Softheon’s purchase of NextHealth is expected to provide economies of scale and operational leverage for the combined company. NextHealth investors, Norwest Venture Partners and TT Capital Partners, will become investors in Softheon and are excited about the prospects of the transaction.
“Together, NextHealth and Softheon can provide better care at lower medical and administrative costs while furthering the adoption of AI in healthcare.” said Casper de ClercqGeneral Partner at Norwest Venture Partners.
“The NextHealth acquisition will enhance Softheon’s AI capabilities for health plans,” said Ryan Englishpartner at TT Capital Partners, “Members’ shopping and claims enrollment data creates opportunities for proprietary methodologies to shape member behavior and create value for plans.”
Softheon has continued to grow and expand, with more than 20 million enrollments since the inception of the Affordable Care Act, through public and private exchange technology. The acquisition comes after the company introduced its first foray into AI by creating a machine learning algorithm that predicts which members are at risk of losing their insurance coverage, as noted in Bloomberg’s Law†
About Softheon
Founded in 2000, Softheon’s Software-as-a-Service (SaaS) and Business Process-as-a-Service (BPaaS) solutions solve complex challenges for health plans and government agencies. Currently, Softheon’s solutions serve 8 government agencies and more than 90 health plans. Publishers and consumers using Medicaid, Medicare, and the ACA Marketplace benefit from Softheon’s innovative technology that reduces administrative overhead and improves the user experience. Softheon is a registered agent, broker and seller that facilitates the enrollment, administration and renewal of health insurance policies.
About NextHealth Technologies
NextHealth Technologies, located in Denver, is an AI-powered analytics platform that quickly optimizes the effectiveness of health plan cost, quality, and service improvement initiatives, resulting in significantly lower costs and better outcomes. The cloud-based solution uses scientifically rigorous methodologies and standardized processes, enabling and promoting a measurement culture. The platform is HITRUST certified, scalable and deployed with expert services to ensure customer adoption and success. Know what works™ and make it better.
CONTACT:
Mitchell Forney
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SOURCE Softheon