Since the beginning of the COVID-19 pandemic, key elements of hospital operations such as managing inpatient bed capacity, and access to ventilators and PPE have taken center stage. The general public got a crash course on what hospitals need in order to function successfully when disaster hits, and daily news and discussions were centered around ICU bed capacity as cases accelerated across the country. The nightmarish predictions and reality led to the development of creative measures to
Read More
Revenue Cycle Management | News, Analysis, Insights - HIT Consultant
M&A: Olive Acquires AI Prior Authorization Company Verata Health
What You Should Know: - On the heels of $225.5 million dollars in funding and a
$1.5B valuation this week, Olive today announced its acquisition of Verata
Health to create a combined AI prior authorization solution for providers and
payers under the Olive name. - Prior authorization is a $31 billion dollar issue in
healthcare, and one of the top reasons patient care is delayed. Olive is now
able to reduce write-offs by over 40% and cut turnaround times for prior
authorizations by up to
Read More
Healthcare M&A: DAS Health Acquires Randall Technology Services
What You Should Know: - DAS Health Ventures acquires healthcare
and managed IT company Randall Technology Services (RandallTech). - This acquisition adds Allscripts® PM
and EHR solutions to the DAS portfolio of supported products, and DAS Health
has now added additional staff in Texas that will create opportunities for
greater regional support of its entire solutions portfolio. DAS Health Ventures, Inc., an industry leader in health IT and management, announced today it completed
Read More
Hospital Sustainability Demands that Revenue Integrity Move Front and Center
Razor-thin operational margins coupled with substantial and ongoing losses related to COVID-19 are culminating in a perfect storm of bottom-line issues for U.S. hospitals and health systems. A study commissioned by the American Hospital Association (AHA) found that the median hospital margin overall was just 3.5% pre-pandemic, and projected margins will stay in the red for at least half of the nation’s hospitals for the remainder of 2020. The reality is that an increase in
Read More
M&A: Medsphere Systems Corporation Acquires Micro-Office Systems
What You Should Know: - Medsphere acquires Micro-Office Systems (MOS),
developer of systems integration and communication tools. MOS will retain its
name and will serve as a division of Medsphere moving forward. Medsphere Systems
Corporation today announced the acquisition
of Micro-Office Systems (MOS)
in a move that will even further enhance the value and usability of Medsphere’s
affordable healthcare IT solutions and services. With over 30 years of healthcare
Read More
Nuance Sells Off Transcription and EHR-Go-Live Businesses to DeliverHealth
What You Should Know: - Nuance announced that it’s planning to sell two sections of its healthcare business – Health Information Management (HIM) and Electronic Health Record (EHR) Go-Live Services to a new independent company, called DeliverHealth, in early 2021. - Nuance will be a minority shareholder of DeliverHealth
and continue to provide its technology to the company. Nuance
Communications, Inc., today announced the planned sale
of the Health Information Management (HIM)
Read More
AMA Unveils 2 Vaccine-Specific CPT Codes for Coronavirus Immunizations
What You Should Know: - The American Medical Association (AMA) published an
update to the Current Procedural Terminology (CPT®) code set that includes new
vaccine-specific codes to report immunizations for the novel coronavirus
(SARS-CoV-2). - The new Category I CPT codes and long descriptors for the vaccine products 91300 and 91301 for better tracking, reporting, and analysis that supports data-driven planning and allocation. The American Medical Association (AMA) today published an
Read More
How Yale-New Haven Uses IPA in Revenue Cycle to Tackle Inefficiency
As the pandemic heads toward a second year with no further financial stimulus guaranteed, hospitals and health systems are seeking ways to reduce costs and improve revenue cycle performance. Intelligent process automation (IPA) is an emerging solution designed to optimize operations and increase productivity through a combination of process modeling, process automation, and artificial intelligence. IPA in the revenue cycle enables healthcare organizations to shift manual, repetitive work to
Read More
Humana Taps Cohere Health to Modernize Prior Authorizations for Musculoskeletal Treatment
What You Should Know: - Cohere Health partners with health insurer Humana to modernize
the prior authorization process for musculoskeletal treatment across 12 states. - In addition, the company has closed an additional $10M
in funding led by Flare Capital Partners and Define Venture, bringing the
company’s total funding to $20M. Health insurer Humana has signed an agreement with healthcare collaboration company Cohere Health to improve the prior authorization process for
Read More
Impact of COVID-19: 2020 State of Healthcare Performance Improvement Report
What You Should Know: - Nearly three-quarters of hospital leaders are either
moderately (52%) or extremely (22%) concerned about the financial viability of
their organizations without an effective treatment or vaccine for COVID-19,
according to a new report from Kaufman Hall entitled, “2020 State of Healthcare
Performance Improvement Report: The Impact of COVID-19” - One-third of respondents saw operating margin declines
in excess of 100% in the second quarter of 2020 compared with the
Read More
