Connolly iHealth Technologies Changes Name to Cotiviti
New Corporate Name Reflects Strength of Payment Accuracy Provider’s Multi-Product Offering to Deliver Tangible Value to Healthcare and Retail Clients
ATLANTA, Ga. – Connolly iHealth Technologies, a leading payment accuracy provider, today announced that it has changed its corporate brand name to Cotiviti. The new name underscores Cotiviti’s powerful combination of creative problem solving and a collaborative client approach that delivers tangible savings and value to healthcare payers and retailers. Cotiviti leverages industry leading expertise, technology, analytics and innovation across payment accuracy, while delivering its customary high-level of attention to clients to maximize their efficiency and profitability.
“Cotiviti is an investment in the future we share with our clients,” said Doug Williams, Chief Executive Officer of Cotiviti. “It affirms our ability to collaborate with healthcare payers and retailers to deliver solutions that enhance their profitability and operating performance. It also represents our ability to continue to expand, offer opportunities to our employees and deliver meaningful value to our clients – now under one unified corporate brand name. I am proud to be part of the team at Cotiviti, and I am looking forward to continuing to work with my talented colleagues to remain at the forefront of the strong and expanding industries we serve.”
Today’s U.S. healthcare system is focused on providing quality care in the most cost effective manner possible. With the shifting dynamics in healthcare driven by changing regulations and consumer preferences, healthcare reimbursement models are constantly evolving, coding is more rigorous, and accountability mandates are affecting industry participants of all sizes. Amidst this complexity, ensuring the accuracy of provider reimbursements remains a major challenge. In fact, it is estimated that there are approximately $150 billion-$175 billion in inaccurate healthcare payments each year in the United States. 1
Similarly, retailers today compete in an evolving omni-channel marketplace that demands they keep track of multiple suppliers, vendors, marketing channels and points of sale. Retailers must navigate an intricate web of business-to-business relationships and contractual agreements in a competitive environment of intense price pressure and tight margins.
Cotiviti is helping its healthcare and retail clients adapt to their constantly changing worlds by broadening and deepening its base of expertise, analytics and technology to deliver unique insights and business outcomes. Cotiviti helps its clients capture over $3 billion annually through improved payment accuracy, which has a meaningful impact on clients’ bottom lines and helps them better serve their customers.
Cotiviti was formed by the merger of Connolly and iHealth Technologies in May 2014. Connolly was founded in 1979 and iHealth Technologies was created in 2001. Advent International, one of the largest and most experienced global private equity firms, is Cotiviti’s majority shareholder, having first invested in Connolly in July 2012 and taking a significant ownership position in the combined company through the May 2014 merger. Cotiviti currently works with 20 of the top 25 U.S. healthcare payers and nine of the top 10 U.S. retailers.
Cotiviti’s headquarters is located in Atlanta, GA with a broad footprint across the United States. The company also has offices in Canada, the U.K. and India. Cotiviti’s retail business will operate as Connolly, a Division of Cotiviti, while its healthcare business will operate as Cotiviti Healthcare.
Cotiviti is a leading payment accuracy provider that helps healthcare payers and retailers achieve their business objectives by unlocking value from the incongruities it discovers in the complex interactions they have with stakeholders. Cotiviti helps clients capture over $3 billion annually due to improved payment accuracy. Through Cotiviti Healthcare and Connolly, Cotiviti provides services to 20 of the top 25 U.S. healthcare payers and nine of the top 10 U.S. retailers, respectively. More information is available at cotiviti.com
1 Improper payment sizing incorporates national health expenditures and error rates by the type of liable party (e.g. Medicare Advantage, Medicare FFS, Commercial, etc.). National health expenditures are reported by the Centers for Medicare & Medicaid Services. Payment error rates for government programs are published by paymentaccuracy.gov. Payment error rates for non-government programs are estimated by Cotiviti management when unavailable from payment accuracy.gov.