Claritev and Burjeel Holdings Finalize Strategic Collaboration, Marks Claritev's Expansion into the Middle East
This agreement follows the previous announcement of a memorandum of understanding signed last month.
Claritev Corporation ("Claritev") (NYSE:CTEV) and Claims Care Revenue Cycle Management LLC ("Claims Care" or "CCRCM"), a division of Burjeel Holdings (ADX: BURJEEL), are pleased to announce the formalization of their strategic relationship, following the signing of a memorandum of understanding ("MoU") announced last month. This collaboration aims to revolutionize revenue cycle management ("RCM") in the Middle East and North Africa ("MENA") region by bringing the power of Claritev's advanced claims analytics and AI-driven solutions together with Claims Care's extensive regional expertise.
With data and technology playing a critical role in advancing global healthcare, both companies are well-positioned in their respective markets and recognize the need for industry collaboration to deliver solutions that increase healthcare transparency, affordability and quality while reducing the cost of care. The collaboration aims to streamline the reimbursement process, reduce unnecessary denials and bring global workforce efficiencies to targeted business operations. Building on the initial MoU, the relationship will focus on collaborating and delivering new, innovative RCM solutions that integrate Claritev's world-class technology in Advanced Code Editing and Decision Science with Claims Care's deep market knowledge and operational RCM capabilities. Claritev expects to start generating regional revenues during 2025.
Key Highlights of the Partnership:
- Accelerated Product Development: Claritev and Claims Care will collaborate on a comprehensive product roadmap to deliver state-of-the-art RCM solutions, tailored to the needs of the MENA market.
- Operational Synergies: The relationship will involve the transition of certain of Claritev's offshore business processes to Claims Care, fostering deeper operational synergies and market alignment.
- Enhanced Healthcare Delivery: By combining strengths, Claritev and Claims Care aim to drive greater efficiency and value across financial processes, promoting affordable and high-quality healthcare services.
- Strategic Market Expansion: This is the beginning of a long-term effort to expand Claritev's offerings to the MENA region and support stakeholders as they navigate a rapidly evolving healthcare environment.
"Burjeel Holdings is committed to advancing healthcare delivery in the region, and this partnership with Claritev increases access to affordable healthcare in MENA," said John Sunil, Group CEO, Burjeel Holdings. "We believe in the power of collaboration to drive healthcare innovation, and this milestone positions us to deliver unparalleled solutions in healthcare services."
"We are thrilled to partner with Burjeel and CCRCM a leader in the MENA region's RCM sector, to combine state-of-the-art technology and services to enhance care, improve healthcare standards, and introduce innovative new solutions to the marketplace," said Travis Dalton, Chairman, CEO and President of Claritev. "Together, we will leverage our strengths to enhance the healthcare ecosystem, delivering value to providers and payors and prioritizing what matters most – high-quality care for all patients."
About Claritev
Claritev, formerly known as MultiPlan, is a healthcare technology, data and insights company focused on delivering affordability, transparency and quality to the U.S. healthcare system. Led by a team of deeply experienced associates, data scientists, and innovators, Claritev provides cutting-edge solutions and services fueled by over 40 years of claims processing data. Claritev leverages world-class technology and AI to power a robust enterprise platform that delivers meaningful insights to drive affordability and price transparency, and optimizes networks and benefits design in healthcare. By developing purpose-build solutions that support all key stakeholders – including payors, employers, patients, providers, and third parties – Claritev is dedicated to making healthcare more accessible and affordable for all.
Claritev serves more than 700 healthcare payors, over 100,000 employers, 60 million consumers, and 1.4 million contracted providers. For more information, visit claritev.com.
About Claims Care Revenue Cycle Management LLC
Established in 2016, Claims Care Revenue Cycle Management (Claims Care) is one of the largest independent revenue cycle management providers in the MENA region. Operating under Burjeel Holdings—a leading superspecialty healthcare services provider in the MENA region and listed on the Abu Dhabi Securities Exchange (ADX)—Claims Care has 1,000 employees across four international locations and operates highly automated, complex billing and claims management systems. Leveraging AI-based coding, resubmission, paperless authorization, analytical dashboards, and RPA-assisted eligibility verification, Claims Care manages over 3.5 million records, 5.4 million claims, and 1500+ key contracts. Comprehensive solutions span from patient registration to reimbursement. Additional offerings include medical transcription, business and revenue intelligence analytics, and quality assurance audits. Through partnerships with leading insurers, Claims Care is committed to streamlining administrative workflows and strengthening the delivery of patient-centered care across the region.
Forward Looking Statements
This press release includes statements that express Claritev's management's opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements". These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "seeks," "projects," "forecasts," "intends," "plans," "may," "will," or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release, including, but not limited to, statements relating to Claritev's strategy, prospects and business in the Middle East and North Africa region and 2025 anticipated revenue in such region. Such forward-looking statements are based on available current market information and Claritev's management's expectations, beliefs and forecasts concerning future events impacting the business. Although Claritev believes that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that these forward-looking statements involve a number of risks, uncertainties (some of which are beyond Claritev's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These factors include: loss of Claritev's clients, particularly its largest clients; Claritev's ability to achieve the goals of its strategic plans and recognize the anticipated strategic, operational, growth and efficiency benefits when expected; Claritev's ability to enter new lines of business and broaden the scope of its services; the loss of key members of Claritev's management team or inability to maintain sufficient qualified personnel; Claritev's ability to continue to attract, motivate and retain a large number of skilled employees, and adapt to the effects of inflationary pressure on wages; trends in the healthcare system in the U.S. and the Middle East and North Africa region, including recent trends of unknown duration of reduced healthcare utilization and increased patient financial responsibility for services; effects of competition; effects of pricing pressure; the inability of Claritev's clients to pay for Claritev's services; changes in Claritev's industry and in industry standards and technology; adverse outcomes related to litigation or governmental proceedings; interruptions or security breaches of Claritev's information technology systems and other cybersecurity attacks; Claritev's ability to maintain the licenses or right of use for the software Claritev uses; Claritev's ability to protect proprietary information, processes and applications; Claritev's inability to expand Claritev's network infrastructure; inability to preserve or increase Claritev's existing market share or the size of Claritev's preferred provider organization networks; decreases in discounts from providers; pressure to limit access to preferred provider networks; changes in Claritev's regulatory environment, including healthcare law and regulations in the U.S. and the Middle East and North Africa region; the expansion of privacy and security laws; heightened enforcement activity by government agencies; Claritev's ability to obtain additional financing; Claritev's ability to pay interest and principal on Claritev's notes and other indebtedness; lowering or withdrawal of Claritev's credit ratings; changes in accounting principles or the incurrence of impairment charges; the possibility that Claritev may be adversely affected by other political, economic, business, and/or competitive factors, both in the U.S. and the Middle East and North Africa region; other factors disclosed in Claritev's Securities and Exchange Commission ("SEC") filings; and other factors beyond Claritev's control. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
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