Revenue cycle technology and services company R1 RCM will acquire competitor Cloudmed for $4.1 billion.
R1 has made a handful of acquisitions over the last several years, including VisitPay for $300 million, Cerner’s RevWorks business for $30 million, Intermedix for $460 million, and SCI Solutions for $190 million.
The company made a comeback after several widely reported missteps under its former name Accretive Health – settlement payouts for aggressive patient collection tactics and lapses in data security, followed by delisting of its shares from the New York Stock Exchange – and was renamed to R1 RCM in 2017.
RCM shares trade on the Nasdaq, with a market capitalization of $6.5 billion.
CloudMed Solutions – sold to Revint, then named Cloudmed — was founded by Jason Merck, now EVP of Cloudmed, in 2015.
HIStalk Announcements and Requests
I’ve long wished for IOS-type capability in Chrome to be able to send a web page’s link (nearly always to myself) via Gmail, but somehow I never thought to Google a solution until today, when I found an ancient Chrome extension called Send from Gmail (by Google). It hasn’t been updated since 2013, but it seems to work fine, much easier than copying the web address and composing a new email and pasting it in.
Discuss: a physical line of people waiting for something indicates a failure of technology to meet a need.
January 13 (Thursday) 1 ET. “Cultivating gender equity in STEM.” Sponsor: Intelligent Medical Objects. Presenters: Laura Miller, CEO, TempDev; Amanda Heidemann, MD, CMIO, CMIO Services, LLC; Deidra Jackson, VP of IFP customer success, Bright Health; Sunita Tendulkar, VP of agile portfolio management, IMO. Despites strides that are being made, women make up only 27% of the STEM workforce. This panel discussion will cover mentorship, STEM education, pay gaps, and debunking stereotypes.
Acquisitions, Funding, Business, and Stock
Clinical communications, collaboration, and scheduling technology company PerfectServe acquires AnesthesiaGo, a developer of automated daily case assignment software for anesthesia staff.
Multi-vertical analytics and data services company Qlik files for an IPO, with date, number of shares, and pricing yet to be determined. Thoma Bravo acquired Qlik in 2016 in a $3 billion deal, taking it private after facing pressure from activist hedge fund Elliott Management.
Healthcare collaboration software vendor TigerConnect secures $300 million in funding from Vista Equity Partners, bringing its total raised to $400 million. Competitors Voalte and Vocera were acquired by medical technology vendors in 2019 and 2022, respectively, for $180 million and $3 billion.
Transcarent, the employer health insurance cost management software company led by Glen Tullman, raises $200 million in a Series C funding round that values the company at a reported $1.6 billion. It has raised $300 million in just over a year. Transcarent inked a deal with Walmart last October to offer the retailer’s pharmacy services to its self-insured employer customers.
OR block time management technology vendor Copient Health raises $3.2 million in a Series A funding round. The co-founder and CEO of the Atlanta-based company is industry long-timer Mike Burke, who previously founded Dialog Medical and Clockwise.MD.
ASC revenue cycle management company National Medical Billing Services acquires MdStrategies, which offers medical coding services to ASCs.
Primary care enablement company Aledade acquires Iris Healthcare, which offers advance care planning solutions. It is the first acquisition for Aledade, which was co-founded in 2014 by former National Coordinator Farzad Mostashari, MD, MSc, who serves as the company’s CEO.
- Baptist Health (KY) and Prisma Health (SC) select Well Health’s patient communication software.
- Pullman Regional Hospital (WA) will partner with Providence to replace its Meditech Magic system with Epic by March 2023.
- Grail will use Premier’s PINC AI clinical decision support technology to better identify patients eligible for its Galleri multi-cancer early detection test.
- Meditech will integrate SecureLink’s critical vendor access management software with its systems.
Availity hires Bobbi Coluni (IBM Watson Health) as chief product officer.
Niall Brennan (Health Care Cost Institute), a former CMS chief data officer, joins Clarify Health as chief analytics and privacy officer.
Revenue cycle technology vendor MedEvolve hires Branden Barkema, MBA (North Florida Surgeons) as chief revenue cycle officer.
Kerri-Lynn Morris (Microsoft) joins The SSI Group as CTO.
Announcements and Implementations
Wolters Kluwer Health announces GA of its Ovid Synthesis application suite, which includes Clinical Evidence Manager, its first cloud-based workflow management module.
Pivot Point Consulting’s “Healthcare IT Directions Report” highlights four trends for 2022:
- Healthcare and health IT will be challenged in unknown ways by job resignations.
- Telehealth and remote patient monitoring will cover a wide scope based on patient demand, patient population characteristics, and access enablers / limiters.
- Spending on public health infrastructure will ease data access and reporting while creating career opportunities.
- Deployment of interoperable EHRs to retail sites – such as Walgreens, CVS, and Walmart rolling out Epic – will allow retailers to compete with traditional healthcare providers, with the latter needing to embrace a digital strategy to offer a frictionless patient experience as a differentiator to offset the convenience of retail healthcare.
Healthcare visionary and cardiac surgeon Devi Shetty, MBBS, MS — chairman and executive director of India-based hospital operator Narayana Health — says that 95% of illnesses will soon be treated via telemedicine since healthcare requires only data, with few patients needing hands-on services such as surgery. He also predicts that EHRs will diagnose conditions better than doctors within five years, and that shortly after, doctors will be required to obtain a second opinion from software before initiating treatment.
A non-profit consumer group publishes Upsolve, a free app that allows consumers to file Chapter 7 bankruptcy – often necessitated in the US by medical debt — without an attorney, paying only a $338 federal court filing fee (which the app also applies to have waived). The company’s mission is to destigmatize bankruptcy for consumers as has already happened with businesses, for which it is just a smart financial strategy to avoid paying debt. The group warns, however, that people can file Chapter 7 only once every eight years, so they should consider when to file if they are undergoing long, expensive cycles of chemotherapy.
- Meditech will offer Expanse users access to role-based, interactive online training courses from MedPower.
- Clearwater publishes a new white paper, “Technical Testing and the HIPAA Security Rule: What’s Needed to Protect Your Healthcare Organization.”
- Appriss names Annie Edwards (Luma) chief people officer of its Bamboo Health and Appriss Retail businesses.
- Azara Healthcare will host its annual user conference May 2-4 in Boston.
- Fortified Health Security CEO Dan L. Dodson is elected to the AEHIS Board of Trustees.
- Delaware’s DHSS Division of Substance Use and Mental Health surpasses a milestone of 100,000 referrals through the Delaware Treatment and Referral Network, which is built on Bamboo Health’s OpenBeds platform.
- Frost & Sullivan recognizes About as a patient access and orchestration leader with its 2021 Best Practices Customer Value Leadership Award.
- Divurgent publishes its “2022 IT Trends & Insights Report.”
- Elsevier adds its most advanced 3D full female model to its Complete Anatomy 3D platform.
The following HIStalk sponsors have achieved top rankings in Black Book Market Research’s latest population health tools and solutions report:
- Population health AI tools: Olive AI
- Population health/value-based care consultants: hospitals & health systems: Change Healthcare
- If Vulnerabilities Could Talk: The Year in Risk Analysis (Clearwater)
- A Modern Approach to Patient Activation and Engagement (Actium Health)
- Healthcare Industry Trends 2022 (CereCore)
- A New Approach to Ongoing EHR Training (Optimum Healthcare IT)
- 2021: A Year in Review (ConnectiveRx)
- 6 Trends Shaping Pharmacy Growth and Automation in 2022 (CoverMyMeds)
- Top Healthcare BI Trends of 2021 (Dimensional Insight)
- The Shift to Care-at-Home: Are You Ready? Why You Need to Be (Dina)
- Using personalized healthcare marketing strategies to boost patient retention (Experian Health)