Genpact Acquires Healthcare Business Services Company JAWOOD
Adds Healthcare Payer Industry Domain Expertise
Strengthens Capabilities in Addressing New Healthcare Regulations
NEW YORK, Feb. 6, 2013 /PRNewswire/ -- Genpact Limited (NYSE: G), a global leader in business process management and technology services, today announces that it has acquired JAWOOD, a leading provider of business services to the healthcare payer industry. The transaction also includes Genpact's purchase of India-based Felix Software, a key subcontracted service provider to JAWOOD.
This acquisition adds to Genpact's deep domain expertise and strengthens the company's solutions and services offerings in the healthcare payer market. Genpact already provides business process management (BPM) and analytics services in areas such as claims management, membership management, provider management, clinical services, and finance and accounting. The healthcare payer industry is seeing enormous growth due to extensive secular and regulatory changes including transition from ICD9 to ICD10, creation of health insurance exchanges, the development of alternative risk and payment models including Accountable Care, and compliance with the new U.S Patient Protection and Affordable Care Act. This transaction will enable Genpact to build out strong industry solutions combining process, analytics and technology.
Headquartered in Bingham Farms, Michigan, JAWOOD provides consulting and technology services including strategy, planning, execution, implementation, test data creation and testing tools to healthcare payers. Since 1989, JAWOOD has been providing solutions to its clients, including large marquee healthcare organizations across the country.
"The addition of JAWOOD significantly expands Genpact's services for the healthcare payer market which is a strategic industry and growth area for us," said Tiger Tyagarajan, president and CEO, Genpact. "Under healthcare reform, with millions more people eligible for insurance and the creation of the new insurance 'exchanges,' the demand for solutions in the healthcare payer industry is expected to continue growing rapidly. Genpact's scale, process excellence, analytical insights, and technology services – combined with JAWOOD's expertise in systems and business processes unique to payers – will allow us to help many more large healthcare payer organizations make their operations more effective, and thus address the many sweeping regulatory changes that will be implemented this year and beyond."
"Given the imminent changes to the healthcare industry, it is even more imperative now for healthcare payers to ensure that their core business processes are running at optimal efficiency and that their business systems have the ability to adapt easily as regulatory changes are implemented," said Mohit Thukral, senior vice president and global lead, Financial Services, Insurance and Healthcare, Genpact. "We welcome the talented JAWOOD team to the Genpact family, and look forward to establishing the Greater Detroit area as Genpact's healthcare payer services hub."
JAWOOD's specialized expertise includes claims processing, benefit configuration and management, testing, and a custom platform designed for BCBS-affiliated companies. JAWOOD also provides proprietary IP, software and solutions for ICD-10 compliance.
"JAWOOD has been able to grow successfully in the last 20-plus years by creating niche capabilities for healthcare payers, and this transaction will allow us to grow even more and build additional capabilities and scale," said Lynn Mustazza, president and CEO, JAWOOD.
"With Genpact's expertise in business process management, operational excellence, and analytics, we will be able to compete even more effectively and profitably in a very dynamic market," said Blaine Mallat, senior vice president and COO, JAWOOD.
As part of the transaction, the more than 420 combined JAWOOD and Felix Software employees will become Genpact employees and be integrated into Genpact's healthcare and IT services businesses.
Harris Williams & Co. acted as the exclusive financial advisor to JAWOOD for this transaction.
Genpact, a global leader in business process management and technology services, leverages the power of smarter processes, smarter analytics and smarter technology to help its clients drive intelligence across their enterprise. Genpact's Smart Enterprise Processes (SEPSM) framework, its unique science of process combined with deep domain expertise in multiple industry verticals, leads to superior business outcomes. Genpact's Smart Decision Services deliver valuable business insights to its clients through targeted analytics, reengineering expertise, and advanced risk management. Making technology more intelligent by embedding it with process and data insights, Genpact also offers a wide range of technology services. Driven by a passion for process innovation and operational excellence built on its Lean and Six Sigma DNA and the legacy of serving GE for more than 15 years, the company's 60,500+ professionals around the globe deliver services to its more than 600 clients from a network of 74 delivery centers across 20 countries supporting more than 30 languages.
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SOURCE Genpact Limited