The healthcare industry is facing unprecedented challenges, including severe labor shortages. According to a recent study, more than nine in 10 health systems and physician groups are experiencing a workforce shortage in revenue cycle management (RCM), with many of those reporting vacancies in over half of their RCM roles. This is one of the many reasons why there has never been a better time for health systems to think outside the box for solutions, including an RCM partnership. Often, when
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R1 RCM
Capital One Leads $2.3B Financing for R1 RCM
What You Should Know: - Capital One Commercial Bank just announced it served as a joint lead arranger for an amended and restated credit facility for R1 RCM, a leading provider of technology-driven revenue cycle management (RCM) solutions for the healthcare industry. - This $2.3 billion financing will help RI RCM tackle the industry’s labor and reimbursement challenges and help healthcare provider organizations reduce costs, increase revenue, and improve the patient
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Analysis: 2022 Semi-Annual Health IT Market Review
Executive Summary Act III of COVID: Navigating the Crosscurrents of Post-Inflation 2022 ushered in Act III of the market’s latest transitionary period: The Post-Inflation Era. Since 2008, the US economy functioned with remarkably low inflation and interest rates. As the cost of capital went lower and lower during the decade, valuations steadily rose. Between 2010 and 2020, the NASDAQ experienced a 17.1% annual growth rate, with no small share of the growth a result of expanding valuation
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Sutter Health Signs 10-Year Contract with R1 RCM for End-to-End RCM
What You Should Know: - Sutter Health, a not-for-profit integrated health system that provides high-quality care across Northern California has signed a 10-year agreement with R1 RCM to serve as their exclusive provider of enterprise revenue cycle management services. - The parties believe that the partnership will help improve Sutter’s overall financial performance with an estimated $400M in cost savings over the next 10 years, helping Sutter achieve more sustainable labor costs and
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ScionHealth Signs 10-Year End-to-End RCM Partnership with R1 RCM
What You Should Know: - Today, R1 RCM, a leading provider of technology-driven revenue cycle management (RCM) solutions, is announcing a 10-year end-to-end partnership with ScionHealth, a new Louisville-based health system comprising nearly 80 hospitals, to provide exclusive enterprise RCM services to its long-term acute care hospitals. - ScionHealth joins healthcare systems including Ascension, Intermountain Healthcare, LifePoint Health, Penn State Health and more that have chosen R1 to
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Executive Hires: Walgreens Appoints New CEO, Cityblock Health, Innovaccer, Others
Walgreens appoints Rosalind (Roz) Brewer as the company’s Chief Executive Officer, effective on March 15, 2021. Brewer will also join the WBA Board of Directors upon assuming the role. She succeeds Stefano Pessina who, as previously announced, will transition to the role of Executive Chairman of the Board of WBA. Brewer, 58, will become the first Black woman to lead a Fortune 500 company. Former Livongo President, Jennifer Schneider, has joined Cityblock Health’s Board of
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Epic, Galen Healthcare, Chartis Group Named 2020 Overall Best in KLAS Awards
What You Should Know: - Epic was named the top Overall Software Suite for the eleventh consecutive year in the Best in KLAS 2021 Software & Services report, released today, which reports on the top vendors for 2020. Epic was also named the top Overall Physician Practice Vendor. Galen Healthcare Solutions was named the top Overall IT Services Firm. The Chartis Group earned the award of top Overall Healthcare Management Consulting Firm, edging out last year’s winner,
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Intelligent Automation of the Revenue Cycle: How an Integrated Platform Approach Yields Financial Results
Healthcare provider networks are experiencing enormous pressure to manage financial margins and invest in contactless patient experiences. With overall financial losses projected to exceed $323 billion as a result of COVID-19, a projected $200 billion in administrative waste due to revenue cycle inefficiencies, and increasing pressure to meet digital consumerism demands, it is essential for health systems to find ways to streamline processes, maximize their revenue cycles and cut costs. These
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Analysis: August Health IT M&A Activity; Public Company Performance
– Healthcare Growth Partners’ (HGP) summary of Health IT/digital health mergers & acquisition (M&A) activity, and public company performance during the month of August 2020. M&A is back and the velocity of the rebound has outpaced all expectations. The recovery quickly worked its way across the spectrum from large to small-cap, beginning with the larger cap NASDAQ rally of nearly 80% from lows in late March (only to soften in recent days), followed by multi-billion
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Maximizing Telehealth Success: How to Optimize Operations & Revenue Cycle Management
In COVID-19’s wake, providers’ financial recovery will be crucial yet daunting. U.S. hospitals and health systems stand to collectively lose $36.6 billion between March and June 2020 alone. Physician practices also face serious financial challenges as they recoup revenues that declined up to 55 percent and patient volume that decreased 60 percent. Amid these hardships, telehealth has emerged as a widely accepted vehicle for care delivery – providing a way for healthcare organizations to
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