Gainwell Technologies
Gainwell Technologies is committed to empowering its clients with technology-enabled services to improve health and human services outcomes. The company offers a suite of digital and cloud-based solutions to help agencies navigate modernization journeys effectively while propelling them towards the future of public health.
Veritas Capital announced that it will acquire DXC Technology’s state and local government and healthcare technology businesses under the name Gainwell. The transaction is expected to close in October.
Why Gainwell Technologies?
Gainwell Technologies exists to provide a more effective, efficient and reliable information system that helps its clients achieve better health outcomes for their beneficiaries. Using our innovative digital solutions, we empower them to streamline processes, optimize resource allocation, and deliver value-driven services to vulnerable populations nationwide.
Gainwell provides Medicaid Management Information Systems (MMIS), fiscal agent, program integrity, care management, immunization registry, and eligibility services. The Company also conducts provider recovery reviews. Gainwell serves government agencies in the United States.
IRVING, Texas – Hospital readmission for diabetes patients poses an enormous health risk to millions of Americans and costs the U.S. healthcare system billions of dollars each year. To address this challenge, Gainwell Technologies, a leading provider of healthcare technology solutions, partnered with its state Medicaid client and SMU (Southern Methodist University) to develop a new solution.
Paul Saleh leads the company as president and chief executive officer. He brings extensive financial leadership, strategy, and global operations experience, including CFO roles at DXC Technology and Hewlett Packard Enterprise Services. He will lead the company’s strategic initiatives, finance, controllership, treasury, investor relations and customer contracting after the acquisition with Veritas Capital closes.
How big is Gainwell Technologies?
Gainwell is a leading provider of technology enabled solutions to support the administration and operations of health and human services programs. The company enables successful health outcomes for beneficiaries nationwide.
The company’s Claims, Encounters and Financials solution enables Medicaid fee-for-service and managed care entities to accurately process large volumes of claims. This saves billions of dollars for states and their providers.
This solution identifies and verifies new commercial insurance coverage and loads updated Third Party Liability (TPL) information into the Medicaid Management Information System (MMIS). When it’s time to make payments, claims are rejected until TPL resources are utilized.
In addition, Gainwell conducts provider recovery reviews and direct billing. In addition, the company operates a Third-Party Retroactive Recovery project for the NYS Elderly Pharmaceutical Insurance Coverage (EPIC) program.
The company’s Claims, Encounters, Financials and Immunizations solutions also enable clients to modernize their systems for a more efficient digital future. Gainwell’s comprehensive technological footprint, data analytics and advanced frameworks empower clients to navigate their modernization journeys effectively while propelling them forward into the future of public health.
Is Gainwell a private company?
Gainwell Technologies is a leading health care services company that offers administration and operations of human services programs. Gainwell is committed to empowering individuals and organizations within the public health domain through impactful technologies and solutions. Gainwell’s focus is on transforming modernization journeys into digitally enabled destinations to enable agencies, health plans and MCOs to meet the demands of a changing world.
Founded in 2020, Gainwell is a spinoff of Tysons-based Fortune 500 IT services company DXC Technology. In October of 2020, private equity firm Veritas Capital completed the acquisition of DXC’s U.S. State & Local Health and Human Services business for $5 billion, forming Gainwell Technologies. Gainwell will continue to provide technology-enabled, mission critical solutions for U.S. states and will also acquire HMS Holdings’ capabilities focused on Medicaid management information systems (MMIS), fiscal agent, program integrity, care management, immunization registry and eligibility services, bringing them together with Gainwell and Cotiviti, another Veritas portfolio company. This will strengthen Gainwell’s ability to help its clients transform their technology landscape and serve their beneficiaries in a more efficient, cost-effective manner.
What is the former name of Gainwell Technologies?
Gainwell Technologies was formed in October 2020 after private investment firm Veritas Capital purchased DXC Technology’s U.S. state and local government and healthcare technology business. The company is a spinoff of Reston-based DXC Technology and operates as a standalone organization with more than 7,500 employees. Gainwell Technologies provides Medicaid management information systems, fiscal agent services, program integrity, care management, and immunization registry solutions to state agencies and organizations in the United States.
In addition, Gainwell Technologies offers Third Party Liability (TPL) Match and Recovery Services for the New York Office of the Medicaid Inspector General. This process identifies and loads updated TPL coverage information to the Medicaid Management Information System (MMIS) prior to payments being made by the Medicaid program. Gainwell also directly bills insurance carriers to recover reimbursement for unpaid or overpaid medical benefits.
The acquisition of HMS brings significant additional capabilities to Gainwell and the wider Veritas-backed Cotiviti family of data-driven healthcare solutions. The combination of Gainwell’s state-specific expertise and HMS’s extensive data and analytics capabilities will provide a unique suite of technology and services to help Medicaid programs across the country deliver a better experience for their beneficiaries.
Which company is Gainwell?
Gainwell Technologies is a technology company committed to empowering clients in the public sector. The company offers mission-critical services that deliver safe, healthier outcomes.
As a leader in the healthcare and public sectors, Gainwell’s solutions are designed to help states solve complex challenges. Its innovative digital and data analytics platforms are designed to provide measurable improvements in health, safety, cost efficiency and human wellbeing.
The company’s flagship solution, Gainwell Claims, Encounters and Financials, helps Medicaid fee-for-service and managed care entities process claims quickly and accurately. Additionally, its modern Immunization Solutions empower states with accurate immunization data and compliance with industry standards.
Gainwell’s team of experts and thought leaders is renowned for its ability to solve the most complex problems. This strength is evident in the many achievements it has achieved over the years, including significant market presence and robust financial stability.
What are Gainwell’s values?
Gainwell Technologies is committed to empowering clients to deliver great health and human services outcomes. The company provides mission-critical technology-enabled services for government agencies, healthcare organizations and managed care companies. Its solutions help them modernize their legacy systems and make the transition to digitally enabled destinations.
To meet this goal, Gainwell has partnered with SAP to implement the SAP Enable Now platform to develop intellectual property and new training materials. It also used this solution to create directories and workflows for its business processes and to manage the creation of documentation and support content. This enables efficiencies to serve ongoing training needs and update existing materials.
Gainwell’s EBITDA estimates are below those of Fitch-rated peers, reflecting the complexities associated with the company’s regulatory environment. However, the company has a solid track record and strong client retention, which should sustain its revenue momentum and provide the financial flexibility needed to drive investment into new products and services.
Is Gainwell Technologies publicly traded?
Gainwell Technologies has a strong financial foundation that enables it to provide impactful technology and solutions to the health and human services sector. Its broad technological footprint and advanced frameworks enable clients to navigate modernization journeys effectively and propel them towards a more digital future.
In addition to providing EDI transaction communication and processing services, Gainwell Technologies also performs third party retroactive recovery on encounter claims. Using known TPL liability coverage information maintained in the MMIS third party file, Gainwell seeks reimbursement from the insurer on behalf of the client. This process is performed on both direct billing and provider recovery projects. In addition, Gainwell also conducts a TPL Program Recovery project for the EPIC Program on behalf of NYS.
Veritas Capital, a leading investor in government and healthcare technology businesses, announced that it is acquiring Gainwell Technologies from DXC Technology. The deal is expected to close on October 1, 2020. Paul Saleh, DXC’s executive vice president and chief financial officer, will lead Gainwell as CEO post-closing. He will bring a proven track record and deep understanding of Gainwell’s business to the role.
Who are Gainwell competitors?
Gainwell Technologies provides digital and cloud-enabled solutions to the administration and operations of health and human services programs. Its technology enables successful health outcomes for beneficiaries nationwide. The company serves clients through Medicaid management information systems (MMIS), fiscal agent, program integrity, care management and immunization registry services. Gainwell is headquartered in McLean, Virginia.
Fitch Ratings assigns a ‘BBB+’ rating to Gainwell Technologies LLC and its subsidiaries, based on its strong financial profile and history of steady growth. The company is a leader in its field with significant market share, robust revenue growth and healthy margins. Moreover, the company’s credit profile is largely insulated from cyclical swings.
In addition, Gainwell has an impressive track record of innovation and customer satisfaction. Its products have been widely adopted by government agencies. Lastly, its leadership is highly skilled and committed to its customers. The company also offers competitive salaries and benefits packages. Learn more about Gainwell Technologies by exploring PitchBook’s full profile. Including detailed financial data, analyst recommendations, and peer comparisons. Get access now.
