That’s why I’m proud to announce today that HealthDataInsights (founded by Victor Chaltiel), where GRP Partners was a 30% owner, has been acquired for $400 million.
1. Solving bigger problems
HealthDataInsights (HDI) is a company that helps to recover money for the government or private insurers who have been incorrectly billed or fraudulently charged. This is important because at the US federal level Medicare is billed about $500 billion (yes, that’s half a trillion!) / year and it estimates that up to 9% of its billings are over-billed or fraud. That’s $45 billion just in federal billings. HDI also focused on state Medicaid programs as well as private insurers.
Just how effective has HDI been at recoveries? At the federal level HDI is responsible for auditing 22% of the US territory yet has been responsible for 41% of all US refunds or a whopping $658 million between the original pilot program and the current program.
So when I talk about solving big problems – 2/3rd of a billion dollars to taxpayers is high on my list. The longer-term potential of this is enormous, which is why the company was acquired by HMS Holdings. They are excellent at what they do.
The science of finding recoveries is based on computer-based algorithms that flag high-potential errors and trained technicians that then review these claims. My partner & mentor Yves Sisteron (You can get to know Yves in this YouTube video) has been active at HDI for years (as has our CFO, Dana Kibler).