Blue Bell, Pa.-based Portico Systems has acquired Kryptiq's (Hillsboro, Ore.) Choreo Suite of provider contracting solutions for health plans, fortifying Portico's leadership in integrated provider management (IPM), according to a Portico source.
The acquisition expands Portico's customer base from 17 to 33 healthcare customers who serve 30 million members nationally, according to the vendor. Additionally, the Choreo Suite will enable Portico to offer contracting solutions that range from turnkey, stand-alone solutions, to configurable, integrated solutions, the source says.
"On-going innovations in reimbursement methodologies are driving our customers to demand solutions that seamlessly integrate provider contracts with claims system vendors such as TriZetto, DST and EDS," says Murali Karamchedu, who is joining Portico Systems as vice president, healthcare architect. "The synergy between Choreo and Portico allows us to enable these initiatives for our customers."
"Bringing Choreo under the Portico IPM umbrella increases our ability to offer solutions that reduce the administrative, medical and IT costs for both Kryptiq's health plan customers and our existing customers," says Ned Moore, co-founder, CEO and chairman of Portico Systems. "This opportunity is the next step in our growth and it also gives our combined customers additional solutions to continue on their Integrated Provider Management journey. The addition of the proven Choreo Contracting team from Kryptiq will expand our domain expertise to better serve both customer bases and the healthcare market as a whole."
"Kryptiq carefully selected Portico Systems to continue supporting our health plan customers' success," says Luis Machuca, CEO of Kryptiq. "Portico shares our focus on improving healthcare, which will ensure that our health plan customers will have a reliable business partner in the future. Portico's commitment to invest and support the Choreo solutions will ensure that our customers receive high quality solutions in support of their provider network management needs."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio