Veritas Capital is seeking an initial public offering of more than $15 billion for Cotiviti Corp, said people with knowledge of the matter.

The unnamed sources say the private equity firm is working with Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. on a listing for the private healthcare information and analytics company this year. A final decision on pursuing an IPO, however, has not yet been made and options to sell or keep the company are still on the table for Veritas, reports Bloomberg News.

Cotiviti ensures payments to doctors and hospitals are correct and in doing so, has helped save its clients $5.7 billion in annual medical costs, according to its website. It sells its services to payers such as commercial health insurers and the government.

The company went private in 2018 after Veritas-backed Verscend Technologies bought it for $4.9 billion. The newly merged business was named Cotiviti.

“We expect that the two companies’ complementary data sets, analytical capabilities, and industry expertise will accelerate forward momentum for the new Cotiviti through smarter, faster solutions that address rising costs, eliminate waste, and speed quality improvement for the healthcare industry overall,” said Ramzi Musallam, CEO and managing partner of Veritas Capital, at the time.

Veritas also bought GE Healthcare’s software unit that year for $1 billion.

IPOs have shot up this year among healthcare and software companies, with a record of more than $217 billion raised on U.S. exchanges, according to Bloomberg. Special purpose acquisition companies make up more than half of the total, but six health services-related companies have raised $4.9 billion of the total and are up an average of 34% from the offer prices in their IPOs.

Veritas told HCB News that it was "not commenting beyond the Bloomberg article."

Goldman Sachs, JPMorgan and Morgan Stanley also declined to comment for Bloomberg News, and Cotiviti did not respond to its request.

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