What You Should Know: - U.S. hospitals, health systems, and physician practices continue to face historically high operating expenses that increased patient volumes and revenues could not counteract, leading to negative margins for the sixth straight month in 2022, according to data from Kaufman Hall’s National Hospital Flash Report and Physician Flash Report. - The median Kaufman Hall year-to-date operating margin index for hospitals was -0.09% through June, for a sixth
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Cedar Nabs $102M to Modernize Patient Financial Experience
What You Should Know: - Cedar raises $102M to fuel the next phase of Cedar’s vision of evolving from a patient financial engagement solution to a comprehensive healthcare consumer engagement platform. - Cedar combines healthcare, tech, and design to create a seamless financial experience for every patient. From pre-visit registration to post-visit billing, Cedar personalizes the care journey to take each patient to payment with ease. - The company also announced it has partnered with
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R1 Acquires Cerner RevWorks to Extend Revenue Cycle Capabilities
R1 RCM Inc., a provider
of technology-enabled revenue cycle management services to healthcare providers,
today announced that it will acquire
Cerner RevWorks services
business and commercial, non-federal client relationships. R1’s electronic health record-agnostic
revenue cycle
platform seamlessly complements a healthcare organization’s infrastructure,
quickly driving transformative improvements to net patient revenue and cash
flows while reducing operating costs. Integration
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Hospital Execs Believe Their EMRs Will Fail to Meet Their Future Needs, Report Finds
What You Need to Know: - New Sage Growth Partners report reveals more than a quarter (27 percent) of respondents believe their EMR will fail to meet their future needs. COOs are the most pessimistic (67 percent) followed by CEOs (37 percent), and CFOs (34 percent). - Hospital Technology Forecast 2020 market survey report reveals hospital leaders’ top health IT investment priorities, challenges, and opportunities. - 35 percent of hospital executives say if they could go back in time,
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R1 Expands Revenue Cycle Management Offering to More Medical Groups
- R1 announced an expansion of its revenue cycle management services, making them available to large independent practices and hospital-owned groups.- Now groups beyond hospitals and health systems will be able to use R1’s industry-leading RCM tools designed to enable the best quality clinical care and financial expectation setting for even more patients.- This new slate of provider organizations and patients will also benefit from R1’s recent acquisition of SCI, offering access to the broadest
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R1 RCM Acquires Patient Engagement Company SCI Solutions for $190M in Cash
- R1 RCM announced the expansion of its tech platform capabilities through the acquisition of SCI Solutions, Inc (SCI). This acquisition enables healthcare providers to automate ordering, scheduling and authorization processes. - SCI’s capabilities integrated into R1’s revenue cycle solution will offer the broadest and deepest tech-enabled patient intake solution available. R1 RCM Inc, a provider of technology-enabled revenue cycle management (RCM) services to healthcare providers,
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RUSH Taps R1 for End-to-End Revenue Cycle Management, Value-Based Care Innovation Lab
- R1 RCM and Rush University Medical Center (RUSH) announce a new end-to-end revenue cycle management partnership to achieve revenue cycle performance excellence and accelerate innovation in healthcare. - The two will also collaborate to launch an innovation lab that will focus on delivering value-based care, incorporating advanced analytics to help to educate other healthcare institutions and preparing the healthcare workforce of the future. Rush University System for Health (RUSH) has
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New Year, New Codes: Best Practices for Keeping Your Chargemaster Up-To-Date
While Q4 is busy for every industry, it is especially taxing for those in the healthcare space. In addition to the quarterly update of HCPCS codes, Q4 brings the release of next year’s Current Procedural Terminology (CPT) and HCPCS codes and also sees the release of the final rules for the prospective payment systems.
On top of the work going on behind the scenes, the end of the year is a notoriously busy time for hospitals as patients make a mad dash to complete their final visits for the year.
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Tenet to Spin Off RCM Provider Conifer Health as Separate, Public Company
Tenet Healthcare Corporation has announced its intention to pursue a tax-free spin-off of its revenue cycle management business unit Conifer Health as a separate, independent publicly-traded company. The company expects to complete the spin-off by the end of the second quarter of 2021. This announcement is the culmination of the Conifer strategic review process announced in December 2017.Spin-Off ProcessThe separation process will include a thorough review of the necessary executive leadership
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Revenue Leakage: 3 Methods to Revive Your Charge Integrity Program
Many consider a strong charge integrity program the cornerstone and heartbeat of the revenue cycle. Without an effective charge integrity program, health care providers run the risk of revenue leakage.
According to the Healthcare Financial Management Association, “one percent of net patient revenue is lost due to charge capture errors,” which can add up to multi-millions of dollars for health care organizations. Most providers have not considered or quantified the potential dollars lost when
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