Rakesh Jhunjhunwala-backed IKS Health Acquires AQuity Solutions Post the merger, IKS Health's annual revenues will cross USD 330 million and will have a workforce of over 14,000 people, including 1,500 clinicians and over 350 technology experts, medical coders, revenue integrity specialists, and clinical documentation specialists
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IKS Health (Inventurus Knowledge Solutions Limited), a health-tech company, announced its acquisition of AQuity Solutions, a 40-year-old US-based tech-enabled clinical documentation services company.
The deal was signed for USD 200 million and will make AQuity Solutions a wholly-owned subsidiary of IKS Health. The combined company will operate as IKS Health.
"U.S.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 K. Gupta, Founder and CEO, IKS Health.
Over 17 years, IKS Health has been operating in segments such as administrative, clinical, and operational burdens. It's global workforce supports large health systems across the United States. Rakesh Jhunjhunwala backed them in 2007 with an angel funding of INR 25 crore.
"We're excited to join forces with a like-minded industry leader in IKS," said Kashyap Joshi, CEO, AQuity. Post the merger, IKS Health's annual revenues will cross USD 330 million and will have a workforce of over 14,000 people, including 1,500 clinicians and over 350 technology experts, medical coders, revenue integrity specialists, and clinical documentation specialists.
"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. The coming together of IKS and AQuity allows us to enable Clinicians with their chores across the continuum of care," shares Gupta.
"Our award-winning solutions have been recognized by KLAS and Black Book as market leading, highlighting our ability to drive superior outcomes for our clients. 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," adds Joshi.
The future plans of the combined company includes helping providers to realize financial value through revenue growth, cost reduction, and bottom-line improvements. This acquisition further advances IKS Health's Care Enablement Platform. which comprises of technology and service offerings in span Revenue Optimization, Clinical Support, Value-based care, and Digital Health solutions.
"AQuity's rich datasets will enable IKS to rapidly mature and scale its proprietary AI solutions with critical expertise and guidance from Reinforced Learning Through Human Feedback (RLHF)," read the official statement.
Previously, IKS have made strategic technology investments in Abridge, a Generative AI platform to reduce administrative burden and Shift Healthcare, a predictive analytics solution for revenue cycle management.
