The global medical billing outsourcing market size is projected to reach USD 19.7 billion by 2026 expanding at a compound annual growth rate (CAGR) of 11.8%, according to a Grand View research report. The report reveals that revenue cycle management (RCM) is one of the most complex components of healthcare IT business driven by challenges in rising healthcare costs, market consolidation, an explosion in clinical documentation, and value-based care initiatives.Key Market Drivers for Global
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Glens Falls Hospital Reaches Settlement with Cerner over $38M Billing Problems
Glens Falls Hospital has reached a settlement with Cerner over $38M in losses suffered when Cerner’s billing system malfunctioned in 2017 after going live in November 2016, according to The Post-Star. Glens Falls Hospital President and CEO Dianne Shugrue announced the settlement in an ad in The Post-Star. Shugrue did not provide financial details about the settlement with Cerner or when the settlement was reached.“As is customary in resolving business disputes, the terms are confidential. It was
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CentralReach Acquires Managed Billing Provider Bronco Billing
CentralReach, a provider of practice management software for ABA clinicians and educators, has recently acquired Bronco Billing, giving customers access to a team of billing experts to expedite the billing process and maximize revenue. The acquisition is an expansion of the existing partnership between Bronco Billing and CentralReach allowing customers to improve their billing process through auto-generated claims, receivables collections, payments, and denial re-submissions, so they can spend
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Why Healthcare Marketers Should Care about the Patient Financial Experience
What comes to mind when you think of health system marketing? For most people, it’s dynamic content on the organization’s latest clinical advancements, philanthropic efforts, wellness management and relationship-building efforts within the community it serves. It’s also understanding patients and their motivations, using consumer research and analysis, focus groups, surveys, and other tools. You probably don’t think about the healthcare billing experience.It’s understandable. Frank discussions
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R1 Expands Physician Practice Footprint with CarePoint Health and Holston Medical Group
Hatred of billing and payment processes is a time-honored tradition in healthcare. Two of the biggest reasons it’s so frustrating as a patient are the lack of transparency and digital elements that we expect out of any typical consumer experience. R1, a provider of technology-enabled revenue cycle management (RCM) services is working to change this, announcing today its continued expansion into the physician practice market with the addition of CarePoint Health, one of the largest privately-held
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Cedar Unveils Next Evolution of Patient Payment Platform to Optimize Revenue Cycle
Cedar, a patient payment and engagement platform, announced the next evolution of its flagship solution, Cedar Pay. The enhancements now allow providers to offer a truly unified patient billing experience and simple checkout options.Healthcare executives still struggle to help patients understand and pay healthcare bills, with 50 percent of provider executives reporting the need to improve the patient billing and payment experience, according to a recent Cedar study. The next evolution of
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Fellow Health Partners Acquires Medical Billing Company Physicians Management, Inc.
Fellow Health Partners, Inc., a New York-based medical business solutions company, today announced its acquisition of Physicians Management, Inc., a long-established medical billing company based in Rochelle Park, New Jersey. Fellow Health Partners expects to continue its rapid growth by combining acquisition of well-respected medical billing companies with its superior technical and customer services for hospitals, medical practices, and ambulatory surgery centers.“Physicians Management has
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Patientco Lands $28M to Reimagine the Patient Financial Experience
Patientco latest Series B funding fuels expansion of patient billing and payments technology platform focused on creating a smarter patient financial experiencePatientco, an Atlanta, GA-based next-generation patient billing and payments technology company has raised $28 million in Series B funding led by private equity firm Accel-KKR. The round also included participation from BlueCross BlueShield Venture Partners / Sandbox Advantage Fund. Patientco plans to use the funding to accelerate expand
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The Patient Experience and…Revenue Cycle Operations? The Two Are More Interlinked than You Might Think.
Think back to the last time you read a negative review about a restaurant. After reading the review, you probably dismissed the restaurant and considered other places to eat.Now, imagine you’re a patient considering options for an outpatient procedure and you came upon negative reviews about a provider. Chances are, you probably skipped that provider and opted for a consult with someone else. As providers, how can we fix this? Now, more than ever, patient satisfaction matters, especially given
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DrChrono EHR Integrates with Collectly to Automate Billing & Collections for Practices
DrChrono Inc., the company enabling the medical practice of the future, today announced a new partnership withCollectly, a fellow Y Combinator company that streamlines the billing and collection process for healthcare companies.Collectly digitizes paper bills and works with practices to send patient billing statements and collection notices electronically via text or email. Within the message is a link for patients to go straight to a patient portal to see their statement and instantly make a
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