Cognizant, the Teaneck, N.J.-based consulting and business process outsourcing services company, is being sued for more than $6 billion over its recent acquisition of TriZetto.
The acquisition, announced last September, completed in November, and totaling $2.7 billion, did not sit well with Syntel, a global company with an American headquarters in Troy, Mich. According to the lawsuit, first reported by Reuters, Cognizant and TriZetto mishandled confidential information, broke a contract, and refused to pay Syntel millions owed over “transition rebates.”'
Syntel is seeking $6.1 billion in punitive damages based on Cognizant's net worth and $3.4 million from TriZetto. Syntel is a competitor of Cognizant.
The American Medical Association and the International Health Terminology Standards Development Organisation are working together, through a collaborative agreement, to create better integration between their proprietary code sets in support of interoperability and healthcare data analytics.
Officials from Carequality have stated that there are now more than 150,000 clinicians across 11,000 clinics and 500 hospitals live on its network. These participants are also able to share health data records with one another, regardless of technology vendor.
While stolen financial data still has a higher market value than stolen medical records, as financial data can be monetized faster, there are indications that there is ongoing development of a market for stolen medical data, according to an Intel Security McAfee Labs report.