HealthDataInsights

About HealthDataInsights

In 1985, long before 'big data' was a common term, HealthDataInsights (HDI) was founded in Las Vegas. The company focused on a complex and growing problem: the immense and often inefficient paper trail of healthcare payments. Their business was to provide technology-driven services to identify fraud, waste, and overpayments in healthcare claims, primarily for government payers like Medicare and Medicaid. For two decades, the company grew steadily. A pivotal moment came in 2005 when HDI took on institutional funding, raising $13.2 million in a Series A round from investors including Upfront Ventures and Ticonderoga Capital. This capital injection allowed the company, led by co-founder and CEO Andrea Benko, to further develop its technology and scale its operations. HDI specialized in recouping claim overpayments made to various healthcare providers. The company’s journey culminated in a significant financial event. In November 2011, HMS Holdings announced it would acquire HealthDataInsights for $400 million. At the time, with the government estimating that 9% of the nearly half-trillion dollars in Medicare and Medicaid claims were fraudulent, HDI's expertise was highly valuable. The acquisition marked a successful exit for its founders and investors, integrating HDI's specialized capabilities into the broader portfolio of HMS, a major player in healthcare cost containment.