IKS Health, a technology-backed care enablement platform that offers administrative, clinical and operational support, announced it acquired tech-enabled medical-coding, clinical-documentation and revenue-support company AQuity Solutions for $200 million.
IKS’ platform includes technology and services for clinical support, revenue optimization, digital health and value-based care. The company said the acquisition will allow it to scale its AI solutions with guidance from Reinforced Learning Through Human Feedback (RLHF), thanks to AQuity’s datasets.
The combined company will operate under the name IKS Health. It will have an annual revenue of more than $330 million and a global workforce of more than 14,000 employees, including 1,500 clinicians, 350 medical coders, technology experts, clinical documentation specialists and revenue integrity specialists.
“We’re excited to join forces with a like-minded industry leader in IKS,” Kashyap Joshi, CEO of AQuity, said in a statement. “Our award-winning solutions have been recognized by KLAS and Black Book as market leading, highlighting our ability to drive superior outcomes for our clients. By combining our capabilities, we will accelerate our commitment to delivering meaningful, pragmatic, and proven solutions for the entire continuum of care, so that patients have a better experience and practices, groups, and hospitals can thrive.”
THE LARGER TREND
Earlier this year, IKS announced a partnership with AI-enabled medical documentation startup Abridge to build and deploy AI technology to reduce the administrative burden for healthcare professionals.
The company also announced it was making a strategic investment in Milwaukee-based healthcare-payments and revenue-cycle management startup Sift Healthcare to speed up its move into reactive revenue-cycle management.
Other companies offering AI-enabled administrative assistance solutions include Seattle-based Outbound AI, a company offering AI-powered virtual agents that perform administrative tasks, and Element5, which provides software for post-acute care facilities to help automate administrative tasks.