Change Healthcare

Corporate brand

Change Healthcare is a healthcare technology and payment-services brand serving providers, insurers, pharmacies, and other participants in the United States healthcare system.

Last updated August 31, 2026

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Overview

Change Healthcare is a healthcare technology company whose business has centered on the administrative and financial infrastructure connecting healthcare providers, insurers, pharmacies, and patients. Its services have included revenue-cycle management, electronic claims and payment processing, healthcare information exchange, payment integrity, eligibility and enrollment support, analytics, and tools intended to improve patient engagement. The company’s best-known operating footprint is in the United States, although the wider organization has maintained locations or operations in several other countries. The Change Healthcare name has been used across a business assembled from several healthcare information-technology and services companies. The directly named Change Healthcare business was established in Brentwood, Tennessee, in 2007 by Christopher Parks and Robert Hendrick, initially with MedBill Manager. In 2010 it introduced the Change Healthcare Engagement Platform, reflecting an early focus on digital communication and interaction between healthcare organizations and consumers. Howard McLure, formerly president of CVS Caremark, became chairman and chief executive in 2011, while Doug Ghertner joined as president. Ghertner became chief executive in 2012, with McLure moving to executive chairman. A major part of the company’s later identity came from the combination of the original Change Healthcare business with the much larger Emdeon healthcare transaction and administrative-services platform. Emdeon had roots in businesses acquired by WebMD Corporation and was taken private by Blackstone in 2011. Emdeon purchased Change Healthcare for $135 million in 2014 and adopted the Change Healthcare name in 2015. In 2016, McKesson and Change Healthcare combined substantially all of Change Healthcare’s operations with most of McKesson’s information-technology unit. McKesson held approximately 70 percent of the resulting company, while existing Change Healthcare shareholders retained the balance. The company became publicly traded on the Nasdaq in June 2019 under the symbol CHNG. It offered shares at $13 each and raised more than $640 million, according to the cited reference material. In January 2021, UnitedHealth Group’s Optum Insight agreed to acquire Change Healthcare in a transaction valued at approximately $13 billion, including assumed debt. Regulatory scrutiny delayed completion, but the acquisition closed on October 3, 2022. Change Healthcare consequently became part of Optum, UnitedHealth Group’s health-services and technology subsidiary, rather than remaining an independent listed company. Change Healthcare’s positioning has been that of a large-scale, behind-the-scenes infrastructure provider rather than a consumer-facing healthcare brand. Its systems process or support claims, payments, eligibility checks, pharmacy transactions, revenue collection, audits, and other administrative functions. This role made the company strategically important but also exposed the healthcare sector to concentration and operational-continuity risks. That exposure became clear on February 21, 2024, when Change Healthcare suffered a ransomware attack attributed by UnitedHealth Group to the ALPHV/BlackCat criminal group. The incident disrupted electronic claims and payment processing across the healthcare system. Providers reported severe cash-flow problems, pharmacies experienced transaction and coupon disruptions, and government agencies opened investigations into privacy and civil-rights implications. UnitedHealth Group provided billions of dollars in advance funding and other assistance while services were progressively restored. The event generated congressional testimony, litigation, regulatory scrutiny, and broader debate about cybersecurity and the concentration of healthcare payment infrastructure.

History

Change Healthcare was founded in Brentwood, Tennessee, in 2007 by Christopher Parks and Robert Hendrick together with MedBill Manager. The early company concentrated on healthcare administration and digital engagement. In January 2010 it introduced the Change Healthcare Engagement Platform. Howard McLure, a former CVS Caremark president, became chairman and chief executive in April 2011, and Doug Ghertner joined as president in July of that year. Ghertner became president and chief executive in September 2012, while McLure assumed the executive-chairman role. The business raised institutional financing during its early expansion. A December 2011 round included Mitsui, Sandbox Industries, Blue Cross Blue Shield Venture Partners, and West Health Investment Fund. A Series D round in July 2013 was led by HLM Investment Partners and included Noro-Moseley Partners. The company was also recognized by Modern Healthcare in 2013 in its list of highly regarded healthcare workplaces. The brand’s later scale and capabilities were strongly influenced by Emdeon. Emdeon had developed from businesses associated with WebMD Corporation, which had acquired Dakota Imaging and ViPS. The company changed its name from WebMD Corporation to Emdeon in 2005 to distinguish it from the separately traded WebMD subsidiary. From 2009 through 2014, Emdeon expanded through acquisitions covering healthcare fraud investigation, information management, consulting, denial and recovery services, HIPAA-compliant electronic data interchange, government eligibility and enrollment, payment integrity, claims cost management, Medicaid pharmacy services, and healthcare technology. Blackstone took Emdeon private in August 2011 in a transaction valued at approximately $3 billion. Emdeon acquired Change Healthcare in November 2014 for $135 million, and the combined organization adopted the Change Healthcare name in November 2015. In 2016, McKesson and Change Healthcare created a new healthcare technology company by combining substantially all of Change Healthcare’s business with most of McKesson’s information-technology unit. McKesson retained approximately 70 percent ownership, and the remaining equity was held by Change Healthcare’s former shareholders. The company continued expanding its portfolio. It acquired Admin Source Communication in December 2014 and Altegra Health in August 2015. In December 2018, it acquired intellectual property, other assets, and employees from healthcare-technology startup PokitDok. In October 2018, reports indicated that the company was preparing for a public offering. The IPO took place on June 27, 2019, when Change Healthcare began trading on Nasdaq under CHNG. UnitedHealth Group’s Optum Insight agreed in January 2021 to acquire Change Healthcare for a transaction value reported at approximately $13 billion, including assumed debt of about $5 billion. The transaction faced regulatory scrutiny and closed on October 3, 2022. Change Healthcare thereafter operated within Optum, a UnitedHealth Group subsidiary, while retaining its brand and healthcare-technology identity. In 2022, Change Healthcare and Luma Health partnered on a patient-engagement service designed to improve communication and access. The company’s operational importance became especially visible in February 2024, when a ransomware attack took major systems offline. Claims, payments, pharmacy transactions, and other healthcare-administration processes were disrupted. UnitedHealth Group said the attacker was associated with ALPHV/BlackCat. Subsequent testimony stated that the attackers had entered through a Citrix remote-access portal without multifactor authentication, moved through the environment, extracted data, and deployed ransomware. The incident prompted emergency funding programs, government intervention, congressional hearings, civil-rights and privacy scrutiny, and extensive litigation. UnitedHealth Group reported more than $2 billion in provider assistance by March 18, 2024, and more than $6 billion by April 16, 2024. In December 2024, the Judicial Panel on Multidistrict Litigation consolidated related class actions in the United States District Court for the District of Minnesota. The litigation included separate tracks for individuals whose information was compromised and healthcare providers claiming losses from service disruption.

2024
Ransomware attack disrupts healthcare payments
[1]Change Healthcareen.wikipedia.org
A cyberattack takes major Change Healthcare systems offline and causes widespread claims, payment, pharmacy, and provider-cash-flow disruption.
2022
Optum acquisition closes
[1]Change Healthcareen.wikipedia.org
Optum Insight completes its acquisition of Change Healthcare after regulatory delays.
2019
Initial public offering
[1]Change Healthcareen.wikipedia.org
Change Healthcare begins trading on Nasdaq under CHNG after pricing its offering at $13 per share.
2016
McKesson and Change Healthcare combine technology operations
[1]Change Healthcareen.wikipedia.org
The companies create a healthcare technology business combining substantially all of Change Healthcare’s operations with most of McKesson’s information-technology unit.
2015
Emdeon adopts the Change Healthcare name
[1]Change Healthcareen.wikipedia.org
The combined business is rebranded as Change Healthcare.
2014
Emdeon acquires Change Healthcare
[1]Change Healthcareen.wikipedia.org
Emdeon purchases Change Healthcare for $135 million.
2010
Engagement Platform launches
[1]Change Healthcareen.wikipedia.org
The company introduces the Change Healthcare Engagement Platform.
2007
Change Healthcare is established
[1]Change Healthcareen.wikipedia.org
Christopher Parks and Robert Hendrick establish the company in Brentwood, Tennessee, initially with MedBill Manager.

Products and positioning

Business-to-business healthcare infrastructure and technology provider focused on administrative automation, revenue-cycle efficiency, claims and payment connectivity, payment integrity, analytics, and patient engagement.

Patient engagement technology · 2010
Change Healthcare Engagement Platform
Introduced in 2010, the Engagement Platform was designed to support digital communication and interaction between healthcare organizations and the people they serve. It represents Change Healthcare’s long-standing interest in combining administrative healthcare data with tools for outreach, access, and engagement.
Healthcare payments infrastructure
Claims and payment processing network
Change Healthcare operates technology connecting providers, payers, pharmacies, and other participants for electronic claims submission, adjudication support, remittance, and payment transactions. The network became a critical part of the U.S. healthcare administrative system and was the principal source of disruption during the 2024 cyberattack.
Healthcare administration
Revenue-cycle management services
These services help healthcare providers manage billing, accounts receivable, claims workflows, denials, payment posting, and related administrative processes. The objective is to improve collection efficiency and reduce the operational burden associated with reimbursement.
Payer services
Payment integrity and audit services
The company’s payment-integrity capabilities include healthcare audits, recovery work, fraud-related investigation, claims review, and cost-containment tools for commercial and government payers. These capabilities were expanded through acquisitions associated with Emdeon and Change Healthcare.
Healthcare information exchange
Eligibility, enrollment, and electronic data interchange services
Change Healthcare provides connectivity and administrative technology for eligibility verification, enrollment, benefits information, and HIPAA-compliant electronic data interchange. These services allow healthcare organizations and payers to exchange standardized transaction data.
Patient engagement · 2022
Patient engagement service with Luma Health
Announced in 2022, the partnership with Luma Health introduced a patient-engagement service intended to improve healthcare communication and access. The offering extended the company’s administrative technology portfolio toward consumer-facing coordination and outreach.

Controversies

2024
Change Healthcare ransomware and data breach
On February 21, 2024, a ransomware attack disabled important Change Healthcare systems and interrupted electronic claims, payments, pharmacy transactions, and other healthcare-administration services. UnitedHealth Group later attributed the incident to a criminal actor associated with ALPHV/BlackCat. Congressional testimony stated that the attackers accessed a Citrix remote-access portal without multifactor authentication, remained in the environment for several days, extracted approximately six terabytes of data, and then deployed ransomware. The incident prompted investigations, emergency provider funding, congressional hearings, and multidistrict litigation.
Source
2022
U.S. sues to block UnitedHealth–Change Healthcare deal
The U.S. Department of Justice sued to block UnitedHealth Group’s proposed purchase of Change Healthcare, alleging that the deal would hurt competition in health insurance and technology markets used by insurers.
Source

2024
Emergency response to the ransomware disruptionOther
Background
The February 2024 cyberattack created severe cash-flow problems for providers and interrupted claims, payments, and pharmacy transactions.
Action taken
Optum launched a Temporary Funding Assistance Program, while UnitedHealth Group advanced emergency funds and worked to restore payment and pharmacy services.
Aftermath
The response drew criticism from the American Hospital Association over program terms, while government agencies, Congress, and courts pursued investigations and litigation.
Provider assistance advanced. More than $2 billion by March 18, 2024; more than $6 billion by April 16, 2024 (2024)
- American Hospital Association — The association criticized the temporary funding program’s repayment and modification terms and said subsequent government flexibility measures were inadequate.
Source
2021
Optum Insight agrees to acquire Change HealthcareM&A
Background
UnitedHealth Group’s Optum Insight proposed acquiring Change Healthcare to combine Change’s healthcare information and payment technologies with Optum’s service operations.
Action taken
Optum Insight agreed to a transaction valued at approximately $13 billion, including assumed debt.
Aftermath
Regulatory review delayed closing until October 3, 2022, when Change Healthcare became part of Optum and ceased operating as an independent public company.
Transaction value. Approximately $13 billion, including approximately $5 billion of assumed debt (Announced January 2021; closed October 3, 2022)
Source
2019
Change Healthcare launches its public company phaseOther
Background
After preparations reported in 2018, Change Healthcare pursued a public offering to raise capital and provide a public market for its equity.
Action taken
The company priced its initial public offering at $13 per share and began trading on Nasdaq under CHNG.
Aftermath
The company operated as a publicly traded healthcare technology provider until its acquisition by Optum.
IPO proceeds. More than $640 million (June 27, 2019)
Source
2016
McKesson and Change Healthcare form a combined companyM&A
Background
The parties sought to combine Change Healthcare’s healthcare technology operations with most of McKesson’s information-technology unit.
Action taken
They created a new company retaining the Change Healthcare name, with McKesson holding approximately 70 percent and former Change Healthcare shareholders holding the remainder.
Aftermath
The combination substantially increased the company’s scale across healthcare information technology and administrative services.
Source
2014
Emdeon acquires Change HealthcareM&A
Background
Emdeon sought to expand its healthcare administrative and technology platform through the acquisition of Change Healthcare.
Action taken
Emdeon completed the purchase of Change Healthcare for $135 million.
Aftermath
The combined business later adopted the Change Healthcare name, bringing the original Change Healthcare brand into a much larger healthcare technology organization.
Acquisition price. $135 million (November 2014)
Source

Recent events

2022.02.24
Reported2022.02.24
US Justice Department sues to block UnitedHealth–Change Healthcare acquisition[3]U.S. sues to block UnitedHealth–Change Healthcare dealmedcitynews.com
The Department of Justice filed a lawsuit against UnitedHealth Group to block its planned acquisition of Change Healthcare, alleging that the merger would harm competition in commercial health markets and healthcare technology markets.
2022.02.24
Reported2022.02.24
U.S. sues to block UnitedHealth–Change Healthcare deal[2]U.S. sues to block UnitedHealth–Change Healthcare dealkvia.com
The U.S. Department of Justice sued to block UnitedHealth Group’s proposed purchase of Change Healthcare, alleging that the deal would hurt competition in health insurance and technology markets used by insurers.
Unconfirmed
Change Healthcare launches InterQual 2021 update[4]Change Healthcare推出InterQual 2021更新版digitalmedianet.com
Change Healthcare unveiled InterQual 2021, an updated clinical decision-support solution with four new Medicare criteria modules and content updates, including guidance on COVID-19 care, social determinants of health, and telehealth.
2020.08.21
Reported2020.08.21
Change Healthcare announces acquisition of Nucleus.io[5]Change Healthcare宣布收购Nucleus.ioitnonline.com
Change Healthcare announced that it had acquired Nucleus.io, whose cloud-native medical imaging technology would complement Change Healthcare’s imaging platform.
2020.08.19
Reported2020.08.19
Change Healthcare acquires Nucleus.io[6]Change Healthcare 收购 Nucleus.ioprweb.com
NucleusHealth announced that Change Healthcare acquired Nucleus.io, a cloud-native imaging and workflow technology platform.
Unconfirmed
Change Healthcare launches Connected Consumer Health suite[7]Change Healthcare推出Connected Consumer Health套件digitalmedianet.com
Change Healthcare unveiled its Connected Consumer Health suite, a consumer and financial engagement platform for healthcare providers developed in collaboration with Adobe and Microsoft.
Unconfirmed
Change Healthcare unveils InterQual 2020[8]Change Healthcare推出InterQual 2020digitalmedianet.com
Change Healthcare unveiled InterQual 2020, an edition of its clinical decision support solution that includes COVID-19 criteria and enhanced medical review automation.
Unconfirmed
Change Healthcare launches COVID-19 analytics service[9]Change Healthcare推出COVID-19分析服务digitalmedianet.com
Change Healthcare introduced Market Insights: COVID-19 Analytic Data Sets, an online research environment for qualified public and private healthcare organizations using de-identified claims data.
2020.05.04
Reported2020.05.04
Kaufman Hall acquires Change Healthcare's Connected Analytics[10]Kaufman Hall收购Change Healthcare的Connected Analytics业务itnonline.com
Kaufman Hall announced that it had acquired Change Healthcare's Analytics Explorer, Performance Manager and other data solutions, collectively called Connected Analytics, and combined them with Kaufman Hall Software.

Sources14 sources

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