TAMPA — Health care technology and consulting firm Cody has acquired a software firm, Madena, to help it expand its services and offerings. The acquisition is valued at $7.3 million, according to a statement.
Madena is best known for its enrollment and reconciliation software, Synchronicity, the release states, while Cody works with more than 60 government-funded, commercial and Affordable Care Act health plans. Cody’s proprietary suite of software, CodySoft, is designed specifically for health plans, the release adds, and helps improve regulatory compliance, manage plan benefit data and streamline member and provider communications.
“The combination of our products, services and industry expertise provides health plans serving the Medicare, Medicaid and commercial markets an end-to-end integrated solution previously not available in today’s market,” Cody CEO and Founder Deb Mabari says in a statement.
“Driven by the increased scrutiny, escalated enforcement and rising penalties for non-compliance, Managed Care Organizations (MCOs) are in search of better ways to operate more efficiently, mitigate risk, reduce costs and deliver a better experience to serve plan members,” adds Mabari. “Acquiring Madena enables Cody to further enhance its ability to do all that and more.”
Madena, with locations in Englewood, Colo. and Biddeford, Maine, was established in 2012. The acquisition transaction combines over 50 employees working nationwide to serve health plans across the United States and Puerto Rico.
“Madena was built on bridging the gap between government agencies and plan sponsors to pave the way for organizational success,” says Denyse Wise, Madena’s former CEO who now serves as Chief Administrative Officer at Cody. “We look forward to continuing and expanding on that vision with Cody.”
“The similarities of culture and vision at Madena are a perfect match for CODY,” Mabari says in the release. “We couldn’t have asked for a better fit. As we enter this next phase, we look forward to building an even stronger future together, as we broaden our capabilities and expand our offerings to fill a vital need and further support managed care plans.”
Cody was founded in 2006.