What You Should Know:
- Healthcare automation company Olive today announced it will shut down its business after selling its Clearinghouse and Patient Access business units to Waystar and its Prior Authorization business unit to Humata Health. Olive sold off its utilization management solution and business unit to Availity and business intelligence solution to BurstIQ earlier this year.
- Founded in 2012, Olive is a developer of an artificial intelligence workforce, automated
Read More
Revenue Cycle Management | News, Analysis, Insights - HIT Consultant
Automation Fills Gaps Left by Revenue Cycle Talent Shortage
Healthcare providers are feeling the industry’s talent shortage in their administrative functions as well as clinical areas. One case in point: revenue cycle management. In a recent study, 63% of healthcare providers reported an inability to fill key revenue management roles. Reduced revenues and cash reserves are almost inevitable when providers don’t have sufficient staff to follow up on claims, manage appeals and help patients understand their financial responsibilities and
Read More
Autonomous Coding Highly Trusted by Healthcare Finance Pros, But Not Well Understood
What You Should Know:
- Autonomous coding enjoys a high level of trust among healthcare finance professionals who use or plan to use the technology, according to new survey from the Healthcare Financial Management Association (HFMA) on behalf of AGS Health.
- The survey reveals 45 percent of healthcare financial professionals indicate autonomous coding often works well and 16 percent place their complete trust in it. However, despite its emergence as a powerful tool for streamlining and
Read More
Abridge Raises $30M for Generative AI Scribe to Tackle Clinician Burnout
What You Should Know:
- Abridge, a company leading the way in generative AI for healthcare raises $30M in Series B funding led by Spark Capital, along with several leading healthcare innovators, including Mayo Clinic, Kaiser Permanente Ventures, CVS Health Ventures, UC Investments, Lifepoint Health, SCAN Health Plan, and the American College of Cardiology.
- Abridge’s generative AI scribe automatically converts a patient-clinician conversation into a structured clinical note draft in
Read More
Why Avoiding Costly Coding Mistakes Is More Critical Than Ever
In May 2022, a California doctor was sentenced to nearly eight years in prison for his involvement in a $12 million Medicare fraud scheme. His crime: performing unnecessary vein ablation procedures on patients, and using incorrect billing codes to receive larger reimbursements. He received $4.5 million in reimbursements from Medicare over a three-year period.
Compared to this example, most instances of “upcoding” and “overcoding” are not as malevolent or expensive. But even an
Read More
Health M&A: Financial Distress Driving Q3 Healthcare Deals
What You Should Know:
- More than one-third of hospital and health system transactions announced in Q3 2023 involved a party that cited financial distress as a transaction driver, according to Kaufman Hall’s latest mergers and acquisitions (M&A) report. The reports reveal third quarter M&A activity remained high with 18 announced transactions resulting in $8.2B in total transacted revenue.
- Kaufman Hall experts say transaction activity is regaining momentum as hospitals,
Read More
M&A: WellSky’s Acquires Corridor to Expand Medical Coding & RCM Services
What You Should Know:
- WellSky, a health and community care technology company, announced it has acquired Corridor, an end-to-end tech-enabled services platform for the post-acute care industry, from HealthEdge Investment Partners. Financial detials of the acquisition were not disclosed.
- By adding Corridor to its portfolio, WellSky will expand its medical coding and revenue cycle management (RCM) offerings to help care providers increase efficiency and improve performance
Read More
Rev Cycle M&A: Access Healthcare Acquires Envera Health
What You Should Know:
- Access Healthcare, a provider of revenue cycle management (RCM) and healthcare services, announced the acquisition of Envera Health, a market leader in patient engagement services.
- This acquisition, a testament to Access Healthcare’s focus on providing innovative and superior revenue cycle solutions, broadens its service portfolio to include enhanced patient engagement capabilities.
Acquisition Stregthens Access Healthcare’s RCM Services
By
Read More
Automation Fills Gaps Left by Revenue Cycle Talent Shortage
Healthcare providers are feeling the industry’s talent shortage in their administrative functions as well as clinical areas. One case in point: revenue cycle management. In a recent study, 63% of healthcare providers reported an inability to fill key revenue management roles. Reduced revenues and cash reserves are almost inevitable when providers don’t have sufficient staff to follow up on claims, manage appeals and help patients understand their financial responsibilities and
Read More
Expectation vs. Reality: Improving the Patient Payment Experience
If you’ve ever worked behind the scenes at a provider organization, you likely gained a deep understanding of what makes medical practices tick, giving you the ability to make fairly accurate assumptions about how patients will probably behave in different scenarios. However, when it comes to the patient payment experience, inevitably some patients respond differently than expected.
Seasoned healthcare workers have likely experienced a number of common misconceptions about patients’
Read More
