With UnitedHealth Group's purchase of Change Healthcare now complete, TPG Capital has finalized its acquisition of ClaimsXten for $2.2 billion.
ClaimsXten is Change's first-pass claims editing product that "deploys automated rulesets to improve payment accuracy, reduce appeals and drive administrative savings."
"We are pleased to complete our acquisition of ClaimsXten and look forward to working with the team to grow the newly established company," a TPG spokesperson told Becker's.
In April, UnitedHealth committed to selling ClaimsXten to the venture capital firm to resolve concerns of anticompetitive behavior amid a Justice Department challenge of the merger between Optum and Change Healthcare.
U.S. District Judge Carl Nichols ruled in favor of the merger Sept. 19 and directed UnitedHealth to divest in the claims-editing business.
According to Mr. Nichols, Change's senior vice president and general manager for network and finance management, Carolyn Wukitch, will serve as CEO of ClaimsXten after the sale.
The company will continue to employ about 375 other individuals, including 70 clinical employees, 60 for software and engineering, and 200 on the customer side.