Experian announces it has acquired 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.
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.”
“This is a unique opportunity to join Experian Health to reach more healthcare organizations with our leading capabilities, especially during an operationally challenging time for providers,” said Jordan Levitt, president and chief executive officer, Wave HDC. “We believe this integration will have a powerful impact for the healthcare industry, improving financial solvency and efficiencies for providers through more accurate medical billing, resulting in potentially more reimbursement, faster.”
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 dollarsi 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. To learn more about how providers can benefit from these enhanced offerings from Experian Health, read our Global News Blog.