A woman is charged $22,000 for stitches and scar repair after being bitten by a dog. A man gets hit with a $30,000 bill for ACL reconstruction surgery. People around the country receive Covid-19 test bills ranging from a few dollars to more than $1,000—and to make things worse, they aren’t supposed to receive a bill, anyway. Surprise billing in healthcare is a nightmare, and it happens all the time. It takes a severe emotional toll, as well as a monetary one. Nearly 30 million Americans
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Revenue Cycle Management | News, Analysis, Insights - HIT Consultant
8 Key Healthcare Revenue Cycle Benchmarks to Increase Productivity
What You Should Know: - AKASA™, an automation company for healthcare revenue cycle management, released a report titled, “New Productivity Benchmarks For The Healthcare Revenue Cycle" that includes the first-ever publication of the average time it takes health system staff to complete critical tasks within revenue cycle operations based on AKASA’s proprietary data. - These revenue cycle management benchmarks are some of the first for the revenue cycle industry and accurately forecast how
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Healthcare Automation Most Urgent Need to Improve Patient Care, Report Finds
What You Should Know: Half of the healthcare administrative staff report seeing an increase in the amount of manual data entry in the past 12 months — and 92% of clinicians agree that too much time spent on administrative tasks is a major contributor to healthcare worker burnout. This and other findings are revealed in the new Internet of Healthcare Report, produced by independent research firm Wakefield Research on behalf of Olive. The report uncovers how 1,700 patients, healthcare
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Edifecs Acquires Talix to Expand Risk Adjustment Solution
What You Should Know: - Edifecs, a global health IT provider announced it is acquiring Talix, a SaaS IT company, to expand Edifecs’ reach in the encounter management and risk adjustment space. Financial details of the acquisition were not disclosed. - The integration of Edifecs’ and Talix’s technologies will create an expanded risk adjustment solution with critical workflows and insights that improve efficiencies and directly support payer and provider collaboration. Talix
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Zelis Acquires Healthcare Transparency Leader Sapphire Digital
What You Should Know: - Bain-backed digital health payments company, Zelis today announced the acquisition of Sapphire Digital, a healthcare consumer-centered pricing and navigation software company serving more than 100M members. Financial details of the acquisition were not disclosed. - Sapphire’s platform offers tools for provider search and selection, quality ratings and reviews, pricing data, cost calculators, and more to help consumers find the lowest cost and highest quality care
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TransUnion Explores Sale of TransUnion Healthcare, Sources Say
What You Should Know: - Credit reporting agency TransUnion is currently evaluating the sale of its revenue cycle management subsidiary, TransUnion Healthcare, PE Hub first reports. - Sources report TransUnion Healthcare at an initial valuation of $1.9B to $2.2B with approximately $100M of earnings before interest, taxes, depreciation, and amortization (EBITDA). - TransUnion Healthcare makes mutual trust possible between patients, providers, and payers by helping them navigate payment
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How Digitizing AP Can Pay Dividends to Healthcare Organizations
Innovations in telehealth and other forms of remote care have dominated the tech focus of many healthcare organizations over the last year. But behind the scenes, business process automation has also been a big area of attention as CFOs look for new ways to reduce costs without impacting patient care. According to a Deloitte 2020 survey, cost reduction was an increased strategic priority for 83% of healthcare CFOs. One of those cost reduction areas is Accounts Payable (AP). Recent
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Cooper University, Nuance Expand Dragon Ambient eXperience Deployment to 475 Physicians
What You Should Know: - Nuance Communications and Cooper University Health Care announced a strategic collaboration to expand Cooper’s deployment of the Nuance Dragon Ambient Experience (DAX) to 475 physicians based on previous deployment success. This ambient clinical intelligence solution will expand upon Cooper’s ability to enhance patient experiences, expand access to care, and advance care quality through a renewed focus on physician-patient conversation and clinical documentation
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Olive Launches In-House Venture Studio for Digital Health Startups
Olive Launches In-House Venture Studio for Digital Health Startups What You Should Know: - Olive, the $4B healthcare automation company, today announced Olive Ventures, a new in-house venture studio that works hand-in-hand with early-stage entrepreneurs to create digital health companies through Olive’s platform. - Olive Ventures offers visionaries a secure, compliant tech environment (i.e. Olive’s tech stack) that’s designed to rapidly validate, deploy, distribute and
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Delta Variant Raises New Uncertainties for Hospitals Nationwide
What You Should Know: - In May, U.S. hospitals, health systems, and physician groups were beginning to recover from COVID-19’s impact on their operations, but the dramatic spread of the Delta variant and an increase in COVID-19 cases and hospitalizations caused new setbacks, according to two reports from Kaufman Hall. - Hospitals and health systems experienced setbacks in July as the variant drove dramatic spikes in new COVID-19 cases and hospitalizations. Margins and volumes both fell
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