Connolly iHealth Technologies, a national payment accuracy provider for the health care industry with a 200-employee office in Wilton, recently changed its corporate name to Cotiviti.
Amid a plague of inaccurate health care payments each year ”” Cotiviti places the number between $150 billion and $175 billion ”” the company said it helps its clients capture more than $3 billion via improved payment accuracy.
The new name reflects what the company termed a “powerful combination of creative problem solving and a collaborative client approach” with an eye on the bottom line.
“Cotiviti is an investment in the future we share with our clients,” CEO Doug Williams said. “It affirms our ability to collaborate with health care payers and retailers to deliver solutions that enhance their profitability and operating performance. It also represents our ability to continue to expand, offer opportunities to our employees and deliver meaningful value to our clients, now under one unified corporate brand name.”
Company officials said, “With the shifting dynamics in health care driven by changing regulations and consumer preferences, health care reimbursement models are constantly evolving, coding is more rigorous and accountability mandates are affecting industry participants of all sizes. Amidst this complexity, ensuring the accuracy of provider reimbursements remains a major challenge.”
Cotiviti said there are approximately $150 billion to $175 billion in inaccurate health care payments each year in the U.S. and said it helps its clients capture more than $3 billion of those inaccurate payments annually through improved payment accuracy.
The company said it is helping its health care and retail clients adapt to their changing worlds “by broadening and deepening its base of expertise, analytics and technology to deliver unique insights and business outcomes.”
Georgia-based Cotiviti was formed by the merger of Connolly and iHealth Technologies in May 2014. Connolly dates to 1979 and iHealth Technologies was created in 2001. Advent International, a global private equity firm, is Cotiviti”™s majority shareholder, having first invested in Connolly in July 2012 and taking a significant ownership position in the combined company through the May 2014 merger.
Cotiviti currently works with 20 of the top 25 U.S. health care payers and nine of the top 10 U.S. retailers. The company also has offices in Canada, the U.K. and India.
Cotiviti”™s retail business will operate as Connolly, a division of Cotiviti, while its health care business will operate as Cotiviti Healthcare.
