Conduent, a technology-led business services firm based in Florham Park, announced on Friday that it is selling its casualty claims solutions business to MedRisk for $240 million. MedRisk is a managed care organization that specializes in the physical rehabilitation of workers’ compensation patients. As part of the deal, current Conduent employees working in the casualty claims solutions business will transition to MedRisk. Conduent will continue to provide mailroom services for existing casualty claims clients, including MedRisk.
The transaction is expected to be finalized in the third quarter pending the satisfaction of customary closing conditions and regulatory approvals. The sale includes Conduent’s workers’ compensation and auto casualty bill review solutions, services for processing medical bills and clinical services, and its portfolio of Strataware bill review software products. In 2023, the business processed approximately 29 million medical bills for around 100 clients across various markets.
Conduent CEO and president, Cliff Skelton, stated that this sale is part of the company’s strategy to streamline its portfolio and focus on core capabilities to drive growth. He expressed confidence in a smooth transition for both Conduent associates and clients. MedRisk’s established presence in the workers’ compensation industry makes them a suitable buyer for Conduent’s casualty claims solutions business.