While their staff grappled with the medical toll of the COVID-19 pandemic, healthcare provider’s financial struggles went largely uncovered. But a 2021 KaufmanHall report revealed that hospital operating margins lag well behind pre-outbreak levels—a gap even the CARES Act assistance couldn’t help bridge. To make matters worse, cash flow has been bogged down in bureaucracy, further highlighting the need for providers to ensure fiscal stability. Yet this recent financial blow is only part of a
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Revenue Cycle Management | News, Analysis, Insights - HIT Consultant
Provider Adoption of Automated Revenue Cycle Operations On The Rise
What You Should Know: - 78 percent of health systems are currently using or are in the process of implementing automation in their revenue cycle operations, according to recent survey results from AKASA, a South San Francisco-based revenue cycle management automation company. The key findings signal automation in healthcare is no longer an emerging trend but is mission-critical for driving efficiency and cost-effectiveness in revenue cycle operations. - According to the
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Geisinger Unveils AI-Backed, Customizable Approach to Medical Billing
What You Should Know: - Today, Geisinger announced a new AI-backed, customizable approach to medical billing where patients have the power to select zero-interest payment plans that that can be paid over a timeline of their choosing. - The new offering in partnership with fintech startup, PayZen marks Geisinger as the first large health system in the country to deploy an AI-backed financing solution to create customized billing solutions that will help patients more easily afford
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M&A: AmerisourceBergen Acquires Fintech Solution FirstView Financial
What You Should Know: - Today, global healthcare company AmerisourceBergen announced it has acquired FirstView Financial (FirstView), a fintech solutions provider that delivers innovative digital payment processing services to support patient affordability and access programs, pharmacy and provider networks, and payors and plan administrators. - The addition of FirstView to AmerisourceBergen’s existing suite of manufacturer services positions the company to meet the increased demand
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Streamline Health Acquires RCM Consulting Firm Avelead for $20M
What You Should Know: - Streamline Health Solutions, Inc., a provider of the eValuator Revenue Integrity Program to help healthcare providers proactively address revenue leakage and compliance exposure, announced the acquisition of Avelead Consulting, LLC (“Avelead”), a provider of solutions and services to improve revenue integrity for healthcare providers. - Financial terms of the acquisition include closing cash and stock consideration valued at $20M, subject to
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Olive Selects AWS as Its Preferred Cloud Provider to Create the Internet of Healthcare
What You Should Know: - Olive, the AI healthcare company, announced today the adoption of Amazon Web Services, Inc. (AWS) as its preferred cloud provider, now leveraging AWS’s computing capabilities to improve healthcare efficiency and reduce costs for patients and organizations. - Olive’s workflow automation solution will run on AWS to connect the disparate systems used by healthcare organizations to help automate and optimize administrative tasks for healthcare providers, freeing them to
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Kareo Acquires RPA-Powered Medical Billing Provider PatientlySpeaking
What You Should Know: - Kareo, a provider of cloud-based clinical and business management software solutions for independent healthcare practices and billing companies, today announced the acquisition of PatientlySpeaking, a process automation technology company for billing companies and medical practices. - Together with Kareo’s intuitive billing platform, PatientlySpeaking provides an integrated data connection for billing companies and medical practices to automate redundant daily tasks
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Olive Enters Clearinghouse Market with Acquisition of Healthcare IP
What You Should Know: - Olive, a healthcare automation company today announced the acquisition of Healthcare IP, an integrated partner of healthcare provider and payer organizations, advocating data transparency and user experience in the revenue cycle. Financial details of the acquisition were not disclosed. - Healthcare IP is a clearinghouse that has been streamlining payment management since 2013 for top hospitals and health systems across the United States to help manage their
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Tegria, Cedar Partner to Humanize the Patient Financial Experience
What You Should Know: - Tegria, a Seattle-based healthcare technology, and services company, and Cedar, a New York City-based healthcare financial technology platform, announced the formation of a strategic partnership. The partnership will bring Cedar's consumer-facing financial engagement platform to Tegria customers and deliver Tegria's robust revenue cycle management expertise to Cedar's extensive client base, enabling a seamless, intuitive, and dependable financial experience for both
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Relatient Merges with Patient Access Platform Radix Health, Raises $100M+
- Today, Relatient, Inc., the leading SaaS-based, patient engagement platform, announced the signing of a definitive agreement to merge with Radix Health, a data-driven platform that helps medical practices and hospital groups optimize scheduling, patient access, and self-scheduling. Financial terms of the merger were not disclosed. - In addition, Relatient has raised $100+ million of additional growth equity capital from its existing investor, Brighton Park Capital, and its affiliates. -
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