Biddeford healthcare technology business sells for $7.3 million

Liz Gotthelf, Publisher•

BIDDEFORD — Medena, healthcare technology company with headquarters
in Biddeford and Colorado, was sold for $7.3 million.

CODY, a Tampa, Florida based healthcare technology and consulting firm, recently acquired Madena in a $7.3 million transaction, according to a press release from CODY.

Madena was founded in 2012 and offers clients proprietary software, business process outsourcing and consulting services to help Medicare Advantage and Prescription Drug plans enhance revenue and support the enrollment and reconciliation process.

"Madena was built on bridging the gap between government agencies and plan sponsors to pave the way for organizational success," said Denyse Wise, Madena's former Chief Executive Officer, who now serves as Chief Administrative Officer at CODY, in a written statement. "We look forward to continuing and expanding on that vision with
CODY."

CODY was founded in 2006 and works with more than 60 government-funded, commercial and ACA health plans across 45 states and Puerto Rico. CodySoft, the company’s proprietary software, is designed specifically for health plans to help mitigate compliance risk, manage plan benefit data, streamline member and provider communications, and maximize performance across the enterprise.

"Driven by the increased scrutiny, escalated enforcement and rising penalties for non-compliance, Managed Care Organizations are in search of better ways to operate more efficiently, mitigate risk, reduce costs and deliver a better experience to serve plan members,” said Deb Mabari, CODY's founder and Chief Executive Officer in a written statement. "Acquiring Madena enables CODY to further enhance its ability to do all that and more."

Publisher Liz Gotthelf can be reached at
[email protected].