Equian
Equian, originally founded as Health Systems International before rebranding in 2014, is a healthcare payment integrity platform that merged with Trover Solutions in 2019 under New Mountain Capital's ownership.
Profile
Identifies and corrects billing errors in healthcare and insurance claims.
Equian, originally founded as Health Systems International before rebranding in 2014, is a healthcare payment integrity platform that merged with Trover Solutions in 2019 under New Mountain Capital's ownership. The combined entity, now operating under the Katch brand since at least 2026, specializes in identifying and correcting billing errors across healthcare and property & casualty insurance claims. With over 1,100 employees, the company serves more than 300 clients including nine of the top 10 U.S. healthcare payers, addressing an estimated $100 billion annual problem of improper medical payments.
Its technology-driven solutions span pre-payment accuracy checks, post-payment recovery, and subrogation services. The 2019 merger created one of the largest independent players in payment integrity, though recent branding shifts to Katch suggest ongoing strategic repositioning. While financials post-merger are undisclosed, the company's growth trajectory has been marked by private equity backing and consolidation in a fragmented market.
Who buys this
- Top-tier health insurance payers
- Property & casualty insurers
- Self-insured employers
- Third-party administrators
- Government healthcare programs
Strengths and what to watch
Strengths
- Serves 9 of top 10 U.S. healthcare payers demonstrating enterprise traction
- Merger with Trover created comprehensive pre- and post-payment solutions
- New Mountain Capital backing provides growth capital and industry connections
Watch for
- Rebranding to Katch may indicate integration challenges post-merger
- Heavy reliance on private equity ownership could prioritize financial engineering over product
- Concentration risk with majority of revenue likely from large healthcare payers
Key Information
- Founded
- 2004
- Headquarters
- Indianapolis, IN
Frequently Asked Questions
What does Equian do in healthcare?
Equian identifies and corrects billing errors in healthcare and insurance claims, serving 300+ clients including 9 top U.S. payers. Their platform handles pre-payment checks, post-payment recovery, and subrogation, addressing $100 billion in annual improper medical payments. Merged with Trover in 2019, now operates as Katch.
Why did Equian rebrand to Katch?
The 2026 rebrand to Katch followed Equian's 2019 merger with Trover Solutions, signaling unified operations under New Mountain Capital. Rebranding reflects expanded capabilities beyond payment integrity, though the company still specializes in claims accuracy for insurers, employers, and government programs.
How does Equian detect billing errors?
Equian's technology platform scans claims for discrepancies before payment (pre-payment) and audits paid claims (post-payment). It flags duplicate charges, incorrect coding, and overpayments across healthcare and property insurance. Their system serves 9 of the top 10 U.S. health payers, processing billions in transactions annually.
Who are Equian's main competitors?
As a merged entity with Trover, Equian/Katch competes with Cotiviti, Optum Payment Integrity, and Conduent in healthcare claims auditing. Their differentiation lies in combining pre- and post-payment solutions under private equity backing, serving 300+ clients including major insurers and self-funded employers.
Is Equian owned by private equity?
Yes, New Mountain Capital acquired and merged Equian with Trover Solutions in 2019. The PE firm provides growth capital and industry connections, though this ownership may prioritize financial returns. The company maintains 1,100+ employees and serves enterprise clients despite ownership changes.
What changed after Equian merged with Trover?
The 2019 merger created comprehensive payment integrity solutions, blending Equian's prepayment accuracy tools with Trover's post-payment recovery expertise. Combined operations now cover healthcare and property insurance under Katch branding, though integration challenges may persist. The entity serves 300+ clients with private equity-backed scale.
Sources
- newmountaincapital.com — 2019 merger details and combined capabilities
- www.equian.com — Current rebranding to Katch and service offerings
- www.gppfunds.com — 2014 rebranding from Health Systems International
- katchiq.com — Current operational branding and market positioning