US-based TriZetto Group today said it has acquired Baltimore headquartered Tela Sourcing Inc with a Business Process Outsourcing (BPO) centre in Pune and will rename it Trizetto BPO.
"This acquisition will enable TriZetto to provide end-to-end outsourcing services to 65 health plans and Third Party Administrators (TPAs). The service will be extended to TriZetto and non-TriZetto applications which will help customers reduce costs, improve efficiency and normalise long-term operations," the company said in a statement.
Tela Sourcing provides US and India-based outsourcing capabilities to the healthcare industry.
With this acquisition, Tela Sourcing will be renamed as TriZetto BPO, it said.
"This acquisition increases TriZetto's scale and scope to help payers meet the cost challenges brought by healthcare reform. The combination of our on-shore, off-shore and blended-shore models can typically reduce costs by more than 40% in key administrative functions and by more than 20% in total administrative expenses for payer organisations," TriZetto Advantage Services' Executive Vice-President Mike Jenner said.
TriZetto's BPO claims services customers who benefit from highly educated, college-degreed staff with an average of five-years of healthcare industry experience, typically enjoy a procedural accuracy of 99.4% and financial accuracy of 99.6% in their claims operations, Jenner said.
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TriZetto, an 1,850-employee software company targeting the health insurance industry, recently moved its headquarters to Greenwood Village from Newport Beach, Calif.
TriZetto announced its intention to buy Tela Sourcing in August last year.
The company provides healthcare IT software and service solutions that drive administrative efficiency, improve the cost and quality of care and increase payer and provider collaboration and connectivity.
TriZetto's solutions touch half of the US insured population and reach more than 21,000 physician practices representing more than 75,000 practitioners, the statement said.