Tampa-based Imagenet acquired California data consulting firm Analytica Consulting, expanding the health care operations company’s data analytics and artificial intelligence capabilities.
The transaction closed Aug. 21, and the companies did not disclose financial terms. Imagenet said the acquisition is meant to add analytics and AI to the administrative work it already performs for health care payers, including claims adjudication, member communications, contact centers and digital mailrooms.
Imagenet uses automated systems to classify and extract information from claims and other documents, validate the data and route work through insurers’ existing systems. The company says it has processed more than 1 billion documents and that its claims adjudication workflows achieve greater than 98% accuracy.
Analytica adds data engineering, analytics, data science, visualization, governance and AI capabilities to the information Imagenet already processes for clients, while continuing to serve its own customers after the acquisition.
“Healthcare organizations are generating tremendous amounts of operational data, but the real opportunity is turning that data into actionable intelligence,” Imagenet Chief Executive Greg Carnes said. “Analytica Consulting brings deep expertise in data engineering, analytics and AI that complements the work we are already doing across Imagenet.”
Founded in 2015, Analytica helps organizations build data systems, streamline reporting and analyze information, with clients spanning government, health care, life sciences, manufacturing, education and other industries.
For Imagenet, which has worked with health care payers for more than 25 years, the acquisition extends a business that already uses AI and automation to process information into one that can do more with the resulting data. The companies said they plan to build those capabilities around clients’ existing technology rather than require them to replace their core systems.