What You Should Know: Epic, Nordic, Impact Advisors and The Chartis Group won the 2023 Overall Best in KLAS® awards. Epic was named the top Overall Software Suite for the thirteenth straight year in 2023 Best in KLAS – Software & Services report, released, which reports on the top vendors for 2022. Epic was also named the top Overall Physician Practice Vendor. Epic won thirteen other Best in KLAS awards in various market segments. - Impact Advisors tied with Nordic to be a
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Debunking 3 Common Myths About Healthcare Revenue Cycle Partnerships
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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5 Tips for Building Your Revenue Cycle Metrics Constellation
If you scan a bright, clear night sky, you will likely pick out familiar shapes. Depending on your creativity, you might see Ursa Major and Minor or perhaps only the Big Dipper and its little brother. But those stars are not only entertaining, they also are important points of navigation used by ancient sailors, the Apollo missions, and even the Mars Rover. Just as sailors might choose the North Star to guide them, CFOs and healthcare revenue cycle leaders often seek a simple,
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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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R1 Acquires Revenue Cycle Company Cloudmed for $4.1B
What You Should Know: - R1, a leading provider of technology-driven solutions that reduce friction in healthcare, has just acquired CloudMed, a leader in Revenue Intelligence™ for healthcare providers in a $4.1B cash deal. - Upon closing of the transaction, current R1 shareholders will own approximately 70% of the combined company on a fully diluted basis and Cloudmed equity holders will own approximately 30%. Cloudmed equity holders will enter into an 18-month lockup agreement, subject to
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Mednax Taps R1 for Enterprise Revenue Cycle Management Services
What You Should Know: - R1 RCM Inc., a leading provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers, and Mednax, Inc., a national medical group specializing in prenatal, neonatal and pediatric services, have entered into an agreement that will make R1 the primary provider of enterprise revenue cycle management services for Mednax. - The agreement is expected to bolster the overall patient experience and optimize
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R1 Acquires Patient Financial Engagement Platform VisitPay for $300M
What You Should Know: - Today R1 announced they will acquire patient financial engagement company VisitPay for $300 million in cash, leading the charge in overhauling the patient experience in the area with the most pain points - from surprise billing to price transparency. The acquisition marks R1’s third acquisition in the last year, transitioning the organization from a revenue cycle management services leader to a leading technology company. - VisitPay’s cloud-based platform is used by
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