CODY® Expands Health Plan Technology and Consulting Capabilities With $7.3 Million Madena™ Acquisition
Merger will combine deep experience of healthcare industry veterans nationwide
TAMPA, Fla., January 27, 2021 (Newswire.com) - CODY®, a Tampa, Florida-based healthcare technology and consulting firm, has acquired Madena™ in a transaction valued at $7.3 million. Madena, a recognized consulting and software leader with an emphasis on enrollment, billing and reconciliation, is best known for its enrollment and reconciliation software, Synchronicity™.
"The combination of our products, services and industry expertise provides health plans serving the Medicare, Medicaid and commercial markets an end-to-end integrated solution previously not available in today's market," said Deb Mabari, CODY's founder and Chief Executive Officer.
CODY® works with more than 60 government-funded, commercial and Affordable Care Act (ACA) health plans to help improve regulatory compliance, manage plan benefit data, and streamline member and provider communications to maximize performance across the enterprise. CodySoft®, CODY's proprietary suite of software, is designed specifically for health plans.
"Driven by the increased scrutiny, escalated enforcement and rising penalties for non-compliance, Managed Care Organizations (MCOs) are in search of better ways to operate more efficiently, mitigate risk, reduce costs and deliver a better experience to serve plan members," said Mabari. "Acquiring Madena enables CODY to further enhance its ability to do all that and more."
Madena, with locations in Englewood, Colorado, and Biddeford, Maine, was established in 2012. The acquisition transaction combines over 50 employees working nationwide to serve health plans across the United States and Puerto Rico.
"Madena was built on bridging the gap between government agencies and plan sponsors to pave the way for organizational success," said Denyse Wise, Madena's former Chief Executive Officer, who now serves as Chief Administrative Officer at CODY. "We look forward to continuing and expanding on that vision with CODY."
"The similarities of culture and vision at Madena are a perfect match for CODY," Mabari said. "We couldn't have asked for a better fit. As we enter this next phase, we look forward to building an even stronger future together, as we broaden our capabilities and expand our offerings to fill a vital need and further support managed care plans."
A leading provider of healthcare technology and consulting services, CODY was founded in 2006 by industry veterans with first-hand experience. CODY works with more than 60 government-funded, commercial and ACA health plans across 45 states and Puerto Rico. CodySoft®, our proprietary suite of software, is designed specifically for health plans to help mitigate compliance risk, manage plan benefit data, streamline member/provider communications and maximize performance across the enterprise. www.codyconsulting.com
Founded in 2012, Madena offers a comprehensive suite of proprietary software, business process outsourcing and consulting services to help Medicare Advantage and Prescription Drug plans enhance revenue and support the enrollment and reconciliation process. Madena was built on bridging the gap between government agencies and plan sponsors to pave the way for organizational success. www.madenasolutions.com
Categories: Healthcare Insurance
Tags: acquisitions, CMS, CMS compliance, health insurance compliance, health plan compliance, health plan compliance consulting, health plan compliance technology, health plan technology, health plans, healthcare compliance, managed care organizations, MCOs