VestaCare Inc., a provider of automated medical claim processing services to third-party administrators (TPAs), Payors and PPOs, announced an agreement to acquire the data conversion business of ScanDirect, based in Schenectady, N.Y.
ScanDirect provides mailroom, claims transcription and document management services. VestaCare provides a suite of automated medical claim processing services. The transaction will reportedly allow VestaCare to expand its services to customers in 22 states and process more than two million transactions per month. Both companies are privately held.
VestaCare uses proprietary software to analyze and process medical claims for Payors. The company’s processing technology has reportedly enabled many TPAs and employers to achieve an automated claims processing rate of 90 percent and an auto-adjudication rate of 50% to 75%.
By automating many claims processes formally done by local staff, VestaCare reportedly increases claim payment reliability, shortens turn-around to three to five days, while lowering overall processing
VestaCare was created in 1999 when its founders reached agreement with MedPlus Inc. to spin off a body of software technology known as LegacyWorks into a transaction-based, business process automation
services company for healthcare Payors.
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