IKS Health, a company that provides administrative, clinical, operational and revenue tech solutions, acquired AQuity Solutions for $200 million to broaden its services from ambulatory care providers to hospitals.
AQuity offers tech-enabled clinical documentation, medical coding and revenue integrity solutions for healthcare. The combined company, which will operate as IKS Health, will have annual revenues of more than $330 million and an expanded workforce of more than 14,000 employees serving over 150,000 clinicians in many of the largest hospitals, health systems and specialty groups in the U.S., according to the company.
The team consists of 350 technology experts, medical coders, revenue integrity specialists and clinical documentation specialists.
IKS Health executives said the acquisition enhances the company's care enablement platform, consisting of technology and service offerings that span revenue optimization, clinical support, value-based care and digital health solutions.
Specifically, AQuity's data sets enable IKS to rapidly mature and scale its proprietary AI solutions with critical expertise and guidance from reinforced learning through human feedback. The deal follows recent strategic technology investments in Abridge, a generative AI platform to reduce administrative burden, and Sift Healthcare, a predictive analytics solution for revenue cycle management.
IKS's cloud-based platform integrates with all electronic health record solutions and enterprise practice management systems, the company said.
"Healthcare is in crisis, one that is deepening from all sides. Financial instability, large-scale staffing challenges, and the precarious health status of so many Americans all call for deeper, more comprehensive solutions that address these root issues," said Sachin Gupta, founder and CEO of IKS Health, in a statement. "Delivering better, safer care is everyone's top priority—but too often, the 'chores' of healthcare get in the way of that core purpose. To help turn the tide amidst this state of crisis, we firmly believe that revitalizing the clinician-patient relationship and helping our partners thrive financially are both fundamental."
As margin pressures increase, IKS also helps healthcare enterprises meet the moment with advanced, proactive solutions that reduce costs and increase top-line growth, according to the company.
AQuity, based in Cary, North Carolina, and operating for 40 years, employs over 7,000 clinical documentation specialists throughout the U.S., India, Australia, Canada and the U.K. for physician office services, provider documentation solutions, coding and revenue cycle management.
"We're excited to join forces with a like-minded industry leader in IKS," said Kashyap Joshi, CEO of AQuity, in a statement. "By combining our capabilities, we will accelerate our commitment to delivering meaningful, pragmatic, and proven solutions for the entire continuum of care, so that patients have a better experience and practices, groups, and hospitals can thrive."