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

Posted on March 28, 2012 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

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.