Weird that Google can acknowledge its crowdsourced medical advice was wrong, but escape penalties for doing it wantonly at scale.
Morning Headlines 6/4/20
R1 Announces Agreement to Acquire Cerner RevWorks
RCM company R1 will acquire Cerner’s RevWorks RCM outsourcing business in a transaction valued at $30 million.
VA Likely Can’t Debut EHR Until the Fall
Politico reports that congressional sources say the VA likely won’t relaunch roll outs of its new Cerner system until the fall, giving it more time to focus on caring for COVID-19 patients.
Change Healthcare Inc. Reports Fourth Quarter and Full Year Fiscal 2020 Financial Results
Change Healthcare reports Q4 results: revenue up by 1%, adjusted EPS $0.42 vs. $0.37 beating both revenue and earnings expectations.
Not surprising to see Cerner divest of their RevWorks outsourced service offering, for a paltry $30 million, – we already knew of the company’s dramatic pivot toward servicing the public sector with their DOD and VA contracts.
Revenue Cycle solutions had always been quite the struggle for Cerner (I barely lived through a couple go-lives myself) is this a public signal they’re beginning to call it quits on satisfying the patient accounting needs of IDNs, Community Hospitals and Academic medical centers that helped build the company to what it is today?
No.
The new CEO and outside investors have had Cerner on a track to shed low margin business units, such as RevWorks. The Cerner revenue cycle software solutions all remain, an organization just can’t outsource their rev cycle staff and leadership to Cerner RevWorks anymore. They can still do that with companies such as R1 and other RCM organizations. I know they took hits for it, but kudos to Cerner and Adventist Health for gracefully unwinding their RevWorks relationship when it was decided Cerner would no longer offer it.