Experian, the Dublin-based credit-score giant, plans to expand its reach in U.S. healthcare payments with an $850 million deal to acquire Passport Health Communications from private equity investors, management and employees.
Passport Health, Franklin, Tenn., sells technology that allows providers to manage payments between patients, commercial payers and government programs through a common user interface.
Experian entered the U.S. healthcare market in 2008 with its acquisition of SearchAmerica, which helps hospitals manage their billings and cash flows. Three years later, the company added Medical Present Value for its presence in physician practices and clinics, as well as its insurance claims capabilities.
“With our newly combined product range, we will offer our clients in the U.S. healthcare industry a competitive one-stop-shop to manage risk and to satisfy their payments requirements,” Experian CEO Don Robert said in a news release.
Following the acquisition, subject to federal antitrust approval, Experian expects to reach nearly 3,000 hospitals and more than 9,000 healthcare providers and hold 4 billion healthcare payment records. The company projects Passport Health will generate $145 million in revenue in 2014, up from $121 million estimated for the year ending Dec. 31. Experian's revenue for its fiscal year that ended March 31 totaled $4.7 billion.
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