Medvantage’s marquee corporate clients will benefit from Medi Assist’s technical experience, service capabilities, and vision across the health benefits ecosystem, as the company deepens its leadership in the TPA industry with its third acquisition in the last few years.
Medi Assist, India’s leading health insurance Third Party Administrator (TPA), announces the signing of a formal deal to buy out Medvantage Insurance TPA Pvt. Ltd. (formerly UnitedHealthcare Parekh Insurance TPA).
With the merger of two of the most well-known companies in the TPA business, Medi Assist will now serve approximately INR 10,000 crores in health insurance premiums as part of its Corporate portfolio, commanding a market share of about 30% in this segment.
This reinforces Medi Assist’s commitment to meeting the industry’s demand for digital transformation by enabling a paperless environment and fast-tracking issuances (supporting rapid product launches) while providing a nationwide presence and access to insurer-backed healthcare services.
Medi Assist has been a pioneer in this field, developing technology that have greatly reduced claims settlement times, using AI/ML in claims automation/fraud prevention, and deploying mobile applications that ease policyholder access and experience.
The advantage is a specialised corporate-focused TPA that was previously in partnership with UnitedHealth Group (a US multinational managed healthcare and insurance conglomerate ranked fifth on the 2022 Fortune 500 list) until Nimish R. Parekh recently acquired UnitedHealth Group’s minority stake in Medvantage.
“The digital-first service focus at Medi Assist has been the cornerstone of our growth story. We are committed to creating value for all our stakeholders, and the acquisition is a great strategic and cultural fit.”CEO of Medi Assist, Satish Gidugu, said,
Medi Assist previously acquired the Dedicated Healthcare Services (DHS) TPA in 2016 and the Medicare TPA in 2018. Medi Assist adds more corporate clients to its existing portfolio of over 9,000, and will provide its industry-leading technology platform to Medvantage’s customers.
This will also provide Medvantage consumers access to Medi Assist’s cashless hospital network, OPD services, and a host of novel options in the works, such as navigator (for out-of-pocket cost estimation, financing, and so on).
“Medvantage, one of the first and only specialist corporates dedicated on TPA, and Medi Assist have comparable values, knowledge, capabilities, and vision, This purchase positions Medi Assist to provide best-in-class service to Medvantage’s business customers while remaining laser-focused on a member-first agenda.”said Nimish R. Parekh, Chairman of Medvantage.
“Having witnessed the business since its start, the function of a TPA is much more obvious today.” I wish Medi Assist all the best as it transforms the Indian health insurance sector.”Dr. Ramnik Parekh, founder of Medvantage and former president of the Federation of Family Physicians Associations of India, stated,
Over the past years, and especially throughout the Covid pandemic, the role of a TPA in India has become even more relevant, with Policyholders and Insurers demanding best-in-class service.
These robust technology platforms enable access to timely medical care across networks of hospitals, frictionless claim submission, and prompt settlements by insurers.
About Medi Assist Insurance TPA Private Limited:
Medi Assist is India’s largest and leading Digital TPA focused on administering health benefits across employers, retail policyholders, and public health schemes. Medi Assist has a pan-India footprint, works with 29 insurers, and services over 5.4 crore policyholders.
About Medvantage Insurance TPA Private Limited: