Centene will acquire analytics company Apixio, the insurer announced Monday.
The deal is set to close by the end of the year, pending regulatory approvals. Once the acquisition is finalized, Apixio will continue to operate independently under Centene's Health Care Enterprises group, the companies said.
Apixio's platform includes a suite of tools that mine and analyze disparate and unstructured data sources, such as physicians' notes and medical charts, to adapt into algorithms that generate actionable insights.
"Centene is committed to accelerating innovation, modernization and digitization across the enterprise and solidify its position as a technology company focused on healthcare. Apixio's capabilities are closely aligned with our plans to digitize the administration of healthcare and to leverage comprehensive data to help improve the lives of our members," said Michael Neidorff, Centene CEO, in a statement.
"Apixio's technology will complement existing data analytics products including Interpreta, creating a differentiated platform to broaden support for value-based healthcare payment and delivery with actionable intelligence," he said.
Apixio's platform is deployed by both payers and providers. While it will continue to operate independently, Apixio will benefit from Centene's scale, the companies said.
"We are very excited about this transaction. With Centene, we will be able to accelerate the use of our AI technology to improve the way that healthcare is measured, administered, and delivered, and to help enable new discoveries," said Darren Schulte, M.D., CEO of Apixio, in a statement.
Financial terms of the deal were not disclosed.