Workers Compensation - Conduent

Conduent Completes Sale of Its Casualty Claims Solutions Business to MedRisk

Wed, 04 Sep 2024 12:30:00 GMT

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Sale aligns with Conduent's strategy to streamline its portfolio, focusing on core capabilities and advancing synergistic growth.

FLORHAM PARK, N.J. -- Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, today announced that it has completed the sale of its Casualty Claims Solutions Business to MedRisk , the nation’s largest managed care organization dedicated to the physical rehabilitation of workers’ compensation patients. The transaction was initially announced on May 3, 2024.

“This completed divestiture is the third in our portfolio optimization plan, allowing us to further improve our balance sheet and advance our capital allocation strategy,” said Cliff Skelton, President and Chief Executive Officer at Conduent. “Our priority now is to ensure a seamless transition for our teammates and our clients.”

MedRisk is acquiring Conduent’s workers’ compensation and auto casualty bill review solutions and services, inclusive of the Strataware portfolio of products and technology.

Conduent will continue to provide mailroom services for casualty claim clients and will now serve MedRisk as one of its clients.

Additional details of the transaction are outlined in Conduent’s 8-K filed with the U.S. Securities and Exchange Commission (SEC) today.

About Conduent

Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com .

Forward-Looking Statements

This press release, any exhibits or attachments to this release, and other public statements we make may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” "plan," “intend,” “will,” “aim,” “should,” “could,” “forecast,” “target,” “may,” "continue to," “endeavor,” "if,” “growing,” “projected,” “potential,” “likely,” "see," "ahead," "further," "going forward," "on the horizon," “strategy,” and similar expressions (including the negative and plural forms of such words and phrases), as they relate to us, are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact included in this press release or any attachment to this press release are forward-looking statements, including, but not limited to, statements regarding the sale of Conduent’s Casualty Claims Solutions business to MedRisk, such as Conduent’s focus on continuing to provide a seamless transition for team members and clients while advancing its goals for deployable capital and Conduent’s strategy to streamline its portfolio, focus on core capabilities and advance synergistic growth, as well as to streamline its business portfolio, enhance its focus on core capabilities and increase agility. These statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, many of which are outside of our control, that could cause actual results to differ materially from those expected or implied by such forward-looking statements contained in this press release, any exhibits to this press release and other public statements we make.

Important factors and uncertainties that could cause our actual results to differ materially from those in our forward-looking statements include, but are not limited to: Conduent’s ability to realize the benefits anticipated from the sale of its Casualty Claims Solutions Business; unexpected cost, liabilities or delays in connection with the transaction; the significant transaction costs associated with the transaction; negative effects of the consummation of the transaction on the market price of our common stock or operating results, including as a result of changes in key customer, supplier, employee or other business relationships; the risk of litigation or regulatory actions; our inability to retain and hire key personnel; the risk that certain contractual restrictions contained in the definitive transaction agreement could adversely affect our ability to pursue business opportunities or strategic transactions; and other factors that are set forth in the “Risk Factors” and other sections of our Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission. Any forward-looking statements made by us in this release speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether because of new information, subsequent events or otherwise, except as required by law.

Note: To receive RSS news feeds, visit www.news.conduent.com . For open commentary, industry perspectives and views, visit http://twitter.com/Conduent , http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent .

Trademarks

Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

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Conduent Announces Agreement to Sell its Casualty Claims Solutions Business to MedRisk

Fri, 03 May 2024 12:50:00 GMT

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Transaction expected to close the third quarter of 2024

FLORHAM PARK, N.J. -- Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, today announced an agreement to sell its Casualty Claims Solutions business to MedRisk, the nation’s largest managed care organization dedicated to the physical rehabilitation of workers’ compensation patients.

The sale, for $240 million in cash, subject to customary adjustments, consists of Conduent’s workers’ compensation and auto casualty bill review solutions and services that includes the processing of medical bills and clinical services, and its portfolio of Strataware bill review software products. In 2023, the business, with approximately 100 clients across multiple markets, processed approximately 29 million medical bills.

As part of this transaction, current Conduent employees in the Casualty Claims Solutions business will join MedRisk. Conduent will continue to provide mailroom services for current casualty claims clients including MedRisk. The transaction is expected to close in the third quarter of 2024, subject to the satisfaction of customary closing conditions and regulatory approvals.

“This transaction is an additional example of the significant progress we have made in our strategy to streamline our portfolio while increasing our focus on core capabilities to fuel Conduent’s growth,” said Cliff Skelton, Conduent President and CEO. “MedRisk is well-established in the workers’ compensation industry, and we are confident in a seamless transition for our associates and clients.”

About Conduent

About MedRisk

Based in King of Prussia, Pennsylvania, MedRisk is the nation’s largest managed care organization dedicated to the physical rehabilitation of workers’ compensation patients. For more information, please visit www.medrisknet.com or call 800-225-9675.

Note: To receive RSS news feeds, visit www.news.conduent.com . For open commentary, industry perspectives and views, visit http://twitter.com/Conduent, http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent.

Trademarks

Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

Forward-Looking Statements

This press release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” "plan," “intend,” “will,” “aim,” “should,” “could,” “forecast,” “target,” “may,” "continue to," “endeavor,” "if,” “growing,” “projected,” “potential,” “likely,” "see," "ahead," "further," "going forward," "on the horizon," and similar expressions (including the negative and plural forms of such words and phrases), as they relate to us, are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact included in this press release are forward-looking statements, including, but not limited to, all statements regarding the sale of Conduent’s Casualty Claims Solutions business, including that such transaction will be consummated and the timing of such consummation, expectations regarding our strategy to streamline our portfolio while increasing our focus on core capabilities to fuel Conduent’s growth, expectations regarding continued efforts to be strategic regarding the allocation of capital and any future portfolio rationalization efforts, and our confidence in a seamless transition for our associates and clients. These statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, many of which are outside of our control, that could cause actual results to differ materially from those expected or implied by such forward-looking statements contained in this press release, any exhibits to this press release and other public statements we make. Important factors and uncertainties that could cause actual results to differ materially from those in our forward-looking statements include, but are not limited to: Conduent’s ability to realize the benefits anticipated from the sale of its Casualty Claims Solutions business, including as a result of a delay or failure to obtain certain required regulatory approvals or the failure of any other condition to the closing of the transaction such that the closing of the transaction is delayed or does not occur; unexpected costs, liabilities or delays in connection with the proposed transaction; the significant transaction costs associated with the proposed transaction; negative effects of the announcement, pendency or consummation of the transaction on the market price of our common stock or operating results, including as a result of changes in key customer, supplier, employee or other business relationships; the risk of litigation or regulatory actions; our inability to retain and hire key personnel; the risk that certain contractual restrictions contained in the definitive transaction agreement during the pendency of the proposed transaction could adversely affect our ability to pursue business opportunities or strategic transactions; and other factors that are set forth in the “Risk Factors” and other sections of our Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission. Any forward-looking statements made by us in this press release speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether because of new information, subsequent events or otherwise, except as required by law.

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Conduent Redesigns BenefitWallet® App to Support COVID-19 Related Government Changes to Health Accounts

Wed, 27 May 2020 12:45:00 GMT

FLORHAM PARK, N.J., May 27, 2020 -- Conduent Incorporated (Nasdaq: CNDT) today announced the launch of its newly designed BenefitWallet^® mobile app which provides a more seamless and streamlined experience for BenefitWallet’s approximately one million members. The enhanced app comes at a time when rules around Health Savings Account (HSA), Flexible Spending Account (FSA) and Health Reimbursement Arrangement (HRA) accounts are impacted by COVID-19 related IRS and legislative changes.

Available for Apple and Android devices, the BenefitWallet app gives members easy access to HSA, FSA and HRA balances, the ability to pay providers or reimburse themselves for eligible health care expenses, and more. For example, FSA members can use their mobile phone to take a picture of a receipt for an eligible over-the-counter (OTC) medical product and quickly submit it for reimbursement. In fact, OTC medical products purchased without prescriptions as early as January 1, 2020, can now be submitted for reimbursement as a result of changes through the CARES Act.

“With a new look and a more intuitive interface, the redesigned BenefitWallet app allows members to easily take advantage of government changes for HSA, FSA and HRA accounts,” said Todd Berkley, Vice President and Portfolio Leader, BenefitWallet, at Conduent. “It’s now even easier for members to access their health dollars when they need it during employment and in retirement.”

COVID-19 microsite
Conduent has also launched a COVID-19 microsite to help members stay informed about changes impacting their BenefitWallet health accounts. Available at www.mybenefitwalletsite.com/covid19, the one-stop microsite provides quick and easy access to information such as legislative changes related to the COVID-19 health crisis, how-to-guides for common transactions on the BenefitWallet member portal and mobile app, and frequently asked questions (FAQs).

“We encourage BenefitWallet members to take advantage of our resources designed to empower them with information and insights to make the decision that suits their needs,” added Berkley. “BenefitWallet is available to help members pay for any eligible health care expenses incurred.”

BenefitWallet offers a personalized and simplified approach to help members manage their health care costs and accumulate wealth with tax-advantaged health accounts. BenefitWallet integrates the member experience across the continuum of health care engagement, funding, saving and payment. BenefitWallet is one of the nation’s top health account administrators, managing nearly $2.7 billion in assets in approximately one million active HSA accounts for employer customers of all sizes.

For more BenefitWallet member information, check out the BenefitWallet app or visit the member portal at mybenefitwallet.com. For employers interested in offering BenefitWallet, visit www.conduent.com.

About Conduent
Conduent delivers mission-critical services and solutions on behalf of businesses and governments – creating exceptional outcomes for its clients and the millions of people who count on them. Through people, process and technology, Conduent solutions and services automate workflows, improve efficiencies, reduce costs and enable revenue growth. It’s why most Fortune 100 companies and over 500 government entities depend on Conduent every day to manage their essential interactions and move their operations forward.

Conduent’s differentiated services and solutions improve experiences for millions of people every day, including two-thirds of all insured patients in the U.S., 11 million employees who use its HR Services, and nearly nine million people who travel through toll systems daily. Conduent’s solutions deliver exceptional outcomes for its clients including $17 billion in savings from medical bill review of workers compensation claims, up to 40% efficiency increase in HR operations, and up to 40% improvement in processing costs, while driving higher end-user satisfaction. Learn more at www.conduent.com.

Note: To receive RSS news feeds, visit www.news.conduent.com. For open commentary, industry perspectives and views, visit http://twitter.com/Conduent, http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent.

Conduent is a trademark of Conduent Incorporated in the United States and/or other countries.

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Conduent Presents the Future of Bill Review Technology at the National Workers’ Compensation & Disability Conference

Wed, 06 Dec 2017 14:00:00 GMT

FLORHAM PARK, N.J.– Medical bill review has transformed the way workers’ compensation claims are paid, but there are still roadblocks in traditional, paper-heavy and time-consuming workflows.

Demonstrating how claims payers and administrators can overcome these roadblocks and use technology to increase savings, Conduent Incorporated, (NYSE: CNDT), the world’s largest provider of diversified business services, will showcase its medical bill review technology at the National Workers’ Compensation and Disability Conference & Expo, Dec. 6 – 8 in Las Vegas.

Solutions on display in the Conduent booth (#4307) include:

Strataware +Pay Integrated Provider Payment Solution: An in-pilot solution that combines customer service with innovative technology to reduce expenses and streamline workflows.
Injury and Loss Reporting Solution: A new omnichannel solution that enables fast, complete reporting of multiple claims types without the need for separate reporting applications. The solution offers multi-line claims organizations a new approach for improving both loss response and customer service.
Strataware Comp Validator: A new software feature for medical bill review that increases auto-adjudication of medical bills and improves cost containment. Available as an add-on for Conduent’s bill review software, the solution lets adjusters and bill reviewers check to see that the ICD diagnosis code matches the services provided for the injury associated with the claim.

In addition to the booth activity, Brent MacLean, senior director, Service Delivery, Conduent, Workers Compensation Services, will present “Game Changer. Creating a New Blueprint for Medical Bill Review, an Entrenched Process” in the Expo Hall at booth 4112 on Wednesday, Dec. 6 at 4 p.m. PT. MacLean will discuss how claims payers can fix common reoccurring problems via effective workflow design.

“We strive to deliver the highest savings and efficiency to our customers,” said Robbie Willett, general manager, Conduent, Workers Compensation Services. “At this year’s conference and expo we look forward to showcasing and discussing technology and techniques that can deliver improved outcomes in compliance, return to work and savings.”

Conduent Workers Compensation Services provides medical cost and care management services through industry-leading technology, clinical services and actionable analytics. The company’s Strataware® Medical Cost Containment platform processes 40 percent of the medical bills for U.S. workers’ compensation claims.

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About Conduent
Conduent (NYSE: CNDT) is the world’s largest provider of diversified business services with leading capabilities in transaction processing, automation and analytics. The company’s global workforce is dedicated to helping its large and diverse client base deliver quality services to the people they serve. These clients include 76 of the Fortune 100 companies and over 500 government entities.

Conduent’s differentiated offerings touch millions of lives every day, including two-thirds of all insured patients in the U.S. and nearly nine million people who travel through toll systems daily. Whether it’s digital payments, claims processing, benefit administration, automated tolling, customer care or distributed learning - Conduent manages and modernizes these interactions to create value for both its clients and their constituents. Learn more at www.conduent.com.

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