Ushers in a new era of the company, accelerates
launch of new Data & Decision Science service line with a
world-class data & analytics platform and team at BST
MultiPlan Corporation (NYSE: MPLN) (“MultiPlan” or the
“Company”), a leading provider of technology and data-enabled cost
management, payment, and revenue integrity solutions to the U.S.
healthcare industry, today announced that it has acquired Benefits
Science LLC (“Benefits Science Technologies” or “BST”), a next
generation data and advanced analytics company that combines modern
data science, including machine learning and artificial
intelligence (“AI”), with deep expertise in healthcare to deliver
solutions that reduce the cost of care and improve health
outcomes.
This acquisition will combine the capabilities of two leaders in
the healthcare arena to provide cutting edge, differentiated
solutions to customers across a full spectrum of healthcare
channels and markets through our new Data & Decision Science
service line. The acquisition unites MultiPlan’s 40+ years of
experience and institutional knowledge in healthcare cost
management and payment accuracy and its rich and expansive claims
data with BST’s cutting-edge analytics and AI capabilities.
Furthermore, the acquisition of BST strengthens MultiPlan’s
foothold in large and fast-growing adjacent markets by unlocking
the value of its significant and expanding claims flows for
in-network commercial, Medicare Advantage and other government
programs, property and casualty, and supplemental insurance
markets.
BST’s Software as a Service (“SaaS”) platform adds best-in-class
data and analytics capabilities that connect with over 160
carriers, plan administrators, and other healthcare stakeholders.
The platform ingests, validates, and stores massive amounts of data
with exceptional accuracy, and applies advanced descriptive,
predictive, and prescriptive analytics to help employers and their
advisors, commercial health plans and government health plans to
optimize decision-making and financial and clinical
performance.
BST was founded in 2012 by a group of MIT-trained experts in
data science, including Dimitris Bertsimas, Ph.D., who is
recognized as an early pioneer in healthcare analytics and who
serves as the company’s chief data scientist. Dr. Bertsimas will
continue with BST post-closing. Today, BST’s machine learning
algorithms and AI software help about 75,000 employers to predict
future risk and manage health plan decisions.
Key products BST brings to MultiPlan’s new Data & Decision
Science service line include:
- Price Transparency – a modern self-service software
platform jointly developed with MultiPlan that provides
prescriptive analytics and applications to help customers benchmark
network performance, optimize network design, and improve
competitive positioning. In less than a second, the solution can
query over 500 billion records of machine-readable payor and
provider pricing data now required by regulation to be made public.
The solution will aggregate this vast contracted rate information
and enrich it with MultiPlan’s extensive proprietary demographic
and affiliate data on 1.3 million contracted providers, pricing
technology, and deep clinical billing expertise.
- BenInsights – a modern software platform for employers
and their consultants that quickly and accurately aggregates a
plan’s data and provides highly flexible financial and clinical
reporting and decision tools through a self-service software
platform. BenInsights also integrates predictive risk modeling and
prescriptive analytics and value-added services, such as benefit
plan design and optimization.
- Risk Analytics & Insights – solutions that
complement existing actuarial-based modeling by applying
interpretable risk models, risk scoring, and prescriptive analytics
for commercial and government health plans. Among other services,
risk scoring can seamlessly attach to MultiPlan’s prepayment claims
flows to help identify emergent risks by individual, group, or
condition, and prescribe financial and clinical program
enhancements across a plan sponsor’s organization.
- Other Market Solutions – a group of software solutions
for supplemental insurance carriers and stop loss carriers,
including digital claiming, digital underwriting, and targeted
selling tools, that help improve plan performance and competitive
positioning.
“This is a tremendous milestone for MultiPlan. This transaction
brings together two leading healthcare technology companies that
share a vision of solving healthcare’s most pressing problems,”
said Dale White, CEO and President of MultiPlan. “BST’s platform,
products and intellectual capital, combined with MultiPlan’s
customer reach and expansive claims data will deliver rich,
actionable data rapidly and prescriptively to health plans and
employers seeking to improve care, avoid cost, and achieve greater
return on investment. I am very excited about the significant
growth opportunities our new Data & Decision Science service
line will generate for MultiPlan.”
“We are excited to join with MultiPlan to drive deployment of
data-driven solutions more broadly to the industry,” added Stephen
Sofoul, CEO and President of BST. “BST was founded on the belief
that data science advancements will increasingly influence
decisions made by employers and other risk bearers. Over the past
decade, we’ve developed a product portfolio driven by advanced
analytics including machine learning algorithms for predicting
future risk and artificial intelligence software for managing
health plan decisions. Combined now with MultiPlan, we are even
better equipped to help our customers improve the quality of care
at a lower overall cost.”
Under the transaction agreement, MultiPlan will pay a
consideration of $160 million, comprised of $140.8 million in cash
and 21.6 million shares of MultiPlan common stock to acquire BST.
Additionally, MultiPlan will establish a long-term incentive and
retention program pursuant to which BST’s management team is
eligible to receive target payments of $66 million over three to
five years, subject to ongoing service to MultiPlan and to
adjustments based on performance relative to annual recurring
revenue targets.
For the full year 2023 on a standalone basis, BST is projected
to generate revenues of approximately $16 million with breakeven
profitability. MultiPlan expects the acquired company to contribute
over $100 million of incremental annual revenues within the next
several years and to approach corporate-level profit margins at
scale.
Advisors BofA Securities, Inc. served as financial
advisor and Kirkland & Ellis LLP and Simpson Thacher &
Bartlett LLP served as legal counsel to MultiPlan for this
transaction. Truist Securities acted as the exclusive financial
advisor and Latham & Watkins LLP served as legal advisory to
BST.
About MultiPlan MultiPlan is committed to delivering
affordability, efficiency and fairness to the US healthcare system
by helping healthcare payors manage the cost of care, improve their
competitiveness and inspire positive change. Leveraging
sophisticated technology, data analytics and a team rich with
industry experience, MultiPlan interprets customers’ needs and
customizes innovative solutions that combine its payment and
revenue integrity, network-based and analytics-based services.
MultiPlan is a trusted partner to over 700 healthcare payors in the
commercial health, government and property and casualty markets.
For more information, visit multiplan.com.
About BST Founded in 2012 in Boston, MA by MIT-trained
data scientists, BST combines world-class technical knowledge and
practical experience to harness powerful data-driven insights for
the healthcare industry. Their experts have extensive industry
experience and unique backgrounds at the intersection of analytics,
healthcare and software development. BST is unique in the market in
its ability to describe what has occurred, predict what’s likely to
occur, and prescribe the next best action designed to mitigate
future risks. For more information, visit
www.benefitsscience.com
Forward Looking StatementsThis press release contains
forward-looking statements. These forward-looking statements can
generally be identified by the use of forward-looking terminology,
including the terms “believes,” “estimates,” “anticipates,”
“expects,” “seeks,” “projects,” “forecasts,” “intends,” “plans,”
“may,” “will” or “should” or, in each case, their negative or other
variations or comparable terminology. These forward-looking
statements include all matters that are not historical facts,
including MultiPlan’s expectations and beliefs with respect to the
acquisition of BST and the impact of such acquisition on MultiPlan.
The forward-looking statements are made pursuant to the Safe Harbor
provisions of the Private Securities Litigation Reform Act of 1995
and speak only as of the date they are made. Any forward-looking
statements that we make herein are not guarantees of future
performance and actual results may differ materially from those in
such forward-looking statements as a result of various factors.
Factors that may impact such forward-looking statements also
include the factors discussed under “Risk Factors” in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2022; and other factors beyond our control. Should one or more of
these risks or uncertainties materialize, or should any of the
assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements.
The Company’s periodic and other filings are accessible on the
SEC’s website at www.sec.gov. We undertake no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230509005328/en/
Investor Relations Luke Montgomery, CFA SVP, Finance
& Investor Relations MultiPlan 866-909-7427
investor@multiplan.com
Shawna Gasik AVP, Investor Relations MultiPlan 866-909-7427
investor@multiplan.com
Media Relations Pamela Walker AVP, Marketing &
Communication MultiPlan 781-895-3118 press@multiplan.com
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