The acquisition will enable the new entity, to be known as EXL Landa, to expand its capabilities and strengthen its ability to support the healthcare industry by combining technology, operational efficiency and analytics.
Landacorp, a subsidiary of SHPS, Inc, offers CareRadius, a platform designed to integrate a payer's internal and external data to streamline workflows, support collaboration among healthcare professionals and drive health decision making with analytics.
"This acquisition brings us a best-in-class proprietary technology platform, embedded analytics and deep healthcare domain expertise. Equally important are Landacorp's strong relationships with many leading health insurers and its strong culture of client centricity, “said Rohit Kapoor, Vice Chairman and CEO of EXL.
“EXL sees an opening.. by integrating care management technology, clinical outsourcing services and focused analytics,” Kapoor added.
According to research firm NelsonHall, the market for outsourced services to healthcare payers should increase to $15 billion in 2016 from $9 billion in 2011. The sector offers an attractive growth opportunity for EXL, as the industry faces secular cost pressures, regulatory implementation deadlines, potentially surging enrollments, and increasing shortage of analytical staff.
Established in 1999 by former Bank of America executive Vikram Talwar and Rohit Kapoor, EXL operates over 20 delivery centers in India, the Philippines, US, Czech Republic, Romania, Malaysia and Bulgaria, with sales offices in New York, New Jersey and London. The New York-headquartered company provides outsourcing services in decision analytics, financial and risk management, operational and process excellence, re-engineering and integrated transaction processing.
"Healthcare payers are striving to drive down costs by increasing operational efficiency, to improve health outcomes and to enhance the customer experience. These dynamics, along with demographic trends and rapid regulatory changes, are increasing the strategic value of care management systems," said Jay Dunlap, General Manager of Landacorp.
Landacorp, a leading provider of healthcare solutions and technology with more than 50 million members under management on its platforms, has developed services and technology solutions that share vital clinical data with payers, providers, plan participants and accountable care organisations (ACOs). These services and solutions enable collaborative care, provide insights through analytics, improve health and realize cost savings across the healthcare value chain.
Oak Hill Capital, along with Financial Technology Ventures and ExlService management team, had acquired 100 per cent stake in the company from insurance firm Conseco, Inc. (now called CNO Financial Group) in 2002.
(Edited by Prem Udayabhanu)