MediConnect Sold for $348 Million to Verisk Analytics (VRSK)

The news was just reported that MediConnect is selling to Verisk Analytics (VRSK) for $348 million.

MediConnect Global Inc., a home-grown Utah company that provides medical records-retrieval, scanning and storage services, is about to be sold to New Jersey-based Verisk Analytics Inc. for $348.6 million.

The deal is expected to close by the end of the month.

I think we’re going to continue to see a number of companies that weren’t previously in the healthcare space entering the healthcare space through acquisition. Seems like MediConnect is a well connected company in the healthcare space. Here’s more details on MediConnect:

MediConnect has a repository of nearly 10 million medical records that are digitized, indexed and securely hosted online. It counts among its clients four of the five leading health insurers in the country.

I’ve seen a huge influx of scanning companies going after healthcare business as doctors continue to move to EHR software. Scanning the past charts is a popular option once you move to an EHR. I find it interesting that MediConnect scans and stores the charts in the cloud. I’m surprised I haven’t seen more companies doing this same service. Many scan, but then provide the records locally to the clinic instead of storing them in the cloud.

About the author

John Lynn

John Lynn

John Lynn is the Founder of the HealthcareScene.com, a network of leading Healthcare IT resources. The flagship blog, Healthcare IT Today, contains over 13,000 articles with over half of the articles written by John. These EMR and Healthcare IT related articles have been viewed over 20 million times.

John manages Healthcare IT Central, the leading career Health IT job board. He also organizes the first of its kind conference and community focused on healthcare marketing, Healthcare and IT Marketing Conference, and a healthcare IT conference, EXPO.health, focused on practical healthcare IT innovation. John is an advisor to multiple healthcare IT companies. John is highly involved in social media, and in addition to his blogs can be found on Twitter: @techguy.

2 Comments

  • Hi..
    How is the medical record retrival or any processing will be affected post Verisk buying MediConnect.. what are the possible consequences of this buy?

  • rolly,
    I think it’s too early to know for sure. I think the 2 usual consequences depend on how quick the founding team leaves. That will often have a drastic impact on the company. The other question is how much the purchasing company invests in the new company. I’m not sure Verisk’s plans in this regard. Some like to invest and others like to strip the purchased company down to extract as much money as they can.

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