Several hospitals and healthcare organizations have announced collaborations with revenue cycle management firms in the previous month. The following is a breakdown of five of the important collaborations.
- Improvement: Annapolis, Md.-based Luminis Health has selected Cedar to help improve the patient billing experience. “We formed Luminis Health to remove barriers to health, make care easier, and ensure that everyone has access to the tools they need to live a healthy life — and in order to be successful in this mission, it’s important to make the financial experience as seamless and accessible as the care experience,” said Kevin Smith, CFO for Luminis Health.
- Partnership: Adventist Health has entered a patient billing partnership with R1 RCM in a move the companies hope will improve consumers’ experience. “With VisitPay, we’re redesigning our financial experience to empower consumer decision-making and inspire a future of health that supports the whole patient — their physical, mental, social, spiritual, and financial needs included,” Adventist Health CFO Todd Hofheins said.
- Revenue cycle: For the third quarter of 2021, revenue cycle company R1 RCM reported a net income of $17 million, more than tripling the $5.2 million recorded in the same quarter last year. “Our third-quarter results demonstrate continued strong execution across our business, thanks to the dedication of our team members,” said Joe Flanagan, president, and CEO of R1 RCM. “We remain very optimistic about our growth prospects and continue to see a healthy progression of new business in our pipeline.”
- Boost: New York City-based Memorial Sloan Kettering Cancer Center will deploy VisitPay to improve patients’ financial experience and boost collections. “We are committed to supporting our patients in all aspects of their cancer care,” said Ankit Chhabra, Memorial Sloan Kettering’s senior vice president of financial operations. “By introducing this patient-first digital engagement platform, we hope to make the financial aspect more seamless and manageable.”
- Engagement: New Hyde Park, N.Y.-based Northwell Health has partnered with financial engagement platform Cedar to improve the financial experience of patients across its 23 hospitals and hundreds of outpatient facilities. “We know that the health journey extends beyond the interaction with the provider and we are excited to work with a local innovator like Cedar to deliver a consumer-centric payment experience in order to best serve our patient population,” Richard Miller, executive vice president, and chief business strategy officer at Northwell Health