News 10/18/23
Top News
Waystar announces that it filed IPO documents in August that reportedly value the company at up to $8 billion.
Waystar says it booked $196 million in sales for the quarter ending June 30 versus $173 million for the same quarter last year.
The revenue cycle management company was formed in 2017 with the merger of Navicure and ZirMed. Waystar has since acquired Connance, HealthPay24, Patientco, PARO, Digitize,AI, and ESolutions.
Webinars
October 25 (Wednesday) 2 ET. “Q&A: What’s new with the NSA? A No Surprises Act update.” Sponsor: Waystar. Presenters: Joseph Mercer, JD, managing director, Marwood Group; Heather Kawamoto, VP of product strategy, Waystar. The No Surprises Act created a lot of change, and those changes are still coming. A panel of revenue cycle experts answer frequently asked questions and offer a concise update on the NSA, including legislative developments, FAQs, and tips for navigating changes.
October 25 (Wednesday) 2 ET. “AMA: The Power of Data Completeness.” Sponsor: Particle Health. Presenters: Jason Prestinario, MSME, CEO, Particle Health; Carolyn Ward, MD, director of clinical strategy, Particle Health. Is your healthcare organization looking to drive profitability and scale quickly? Our experts will explore how comprehensive clinical data can revolutionize the health tech landscape. This engaging discussion will cover trending topics such as leveraging AI and data innovation to enhance patient care and outcomes, real-world examples of organizations leading the charge in data-driven healthcare, overcoming challenges in data completeness and interoperability, and visionary perspectives on the future of care delivery.
Previous webinars are on our YouTube channel. Contact Lorre to present or promote your own.
Acquisitions, Funding, Business, and Stock
The loss of a legacy customer and associated $4.5 million in annual revenue prompts RCM vendor Streamline Health Solutions to move forward with a corporate restructuring plan that includes a 24% reduction in its workforce and the promotion of Benjamin Stilwill to CEO. Former CEO Wyche “Tee” Green will transition to executive chairman. STRM shares have lost 40% of their value in the past 12 months versus the Nasdaq’s 31% gain, closing Tuesday at $0.30 and valuing the company at $18 million.
Aspirus Health will acquire St. Luke’s in signing a definitive agreement that has been unanimously approved by the boards of both health systems. The agreement calls for Aspirus to implement Epic and its other standard systems at St. Luke’s within 24 months of closing, which is expected in the spring of 2024. St. Luke’s went live on Meditech Expanse in mid-2019. The combined organization will operate 19 hospitals and 130 outpatient locations with 14,000 employees.
Drug chain Rite Aid files for Chapter 11 bankruptcy and hires a new CEO as it struggles with slowing sales, debt, and a Department of Justice opioid lawsuit.
Sales
- AdventHealth will use tech-enabled clinical support from Wellvana to improve access and outcomes within its network of primary care clinics in Florida.
People
Samir Shah, MD (Envision Healthcare) joins Qure.ai as chief medical officer.
Cordea Consulting names Travis Earlywine (Lowes) regional VP of sales.
Announcements and Implementations
Highmark Health (PA) will implement Google’s new Vertex AI Search technology across its enterprise. It is initially using the generative AI tool as a part of an automated, post-visit medical documentation workflow pilot project.
King’s Daughters Medical Center (MS) implements BridgeHead Software’s HealthStore clinical data repository as a part of decommissioning its legacy Meditech Magic EHR. KDMC went live on Meditech Expanse last December.
Guelph General Hospital in Ontario goes live with Sectra’s cloud-based enterprise imaging technology.
Government and Politics
The VA will establish four AI centers to test and apply new AI solutions at partner VA medical centers. The centers support the VA’s recently announced AI strategy, which includes using AI to improve care outcomes and experiences for veterans.
Privacy and Security
Mt. Graham Regional Medical Center (AZ) works to restore computer systems after a September 27 ransomware attack.
University of Vermont Medical Center President and COO Stephen Leffler, MD tells lawmakers at a joint subcommittee hearing in Washington, DC that more federal grants should be made available to help health systems purchase stronger cybersecurity software. Leffler also shared the details of the hospital’s recovery from a 2020 ransomware attack, which led to 28 days of downtime and $65 million in costs.
Other
Epic employees complain on Reddit that the company has announced that it will no longer allow them to work from home during heavy snow days. Some of them note that Epic’s new hires often have never driven in snow and therefore are prone to creating automotive mayhem.
Sponsor Updates
- Healthwise posts a case study of how Duke Health used its health education to increase the success rate of its smoking cessation program.
- Availity offers RevSpring’s staff-assisted payment and merchant services as part of its Availity Essentials multi-payer platform.
- AvaSure will host its 2023 Symposium October 25-26 in Grand Rapids, MI.
- Inovalon’s Claims Management Pro solution is offered on the PointClickCare Marketplace.
- Baker Tilly publishes a new case study, “Handled with care: UT Health San Antonio’s Oracle HCM journey towards one cloud.”
- Nordic publishes another episode of its In Network podcast, “Designing for Health: Bre Loughlin.”
- Bamboo Health publishes a new case study, “Revolutionizing Nevada’s Behavioral Health Referrals: A Leap Forward for 988 Suicide Prevention and Crisis Lifeline Services.”
- Censinet releases a new Risk Never Sleeps Podcast featuring cybersecurity expert Frank Riccardi.
Blog Posts
- Navigating the Challenges of Transcription: Finding a Solution that is Accurate, Timely & Secure (AdvancedMD)
- From Pain to Progress: Streamlining LIS Upgrades with JTG Consulting Group (JTG Consulting Group)
- Coding and Documentation Synergies: The Power of CAC and CDI Integration (AGS Health)
- How to create a trusted and consistent data foundation for healthcare (Arcadia)
- Building a Pan-European Paediatric Data Collaboration Network (Aridhia)
- Leveraging High-Quality Clinical Data to Safeguard HEDIS Quality Bonus (Availity)
- Why Injury Prevention Technology Used by Athletes is so Effective in the Workplace (Bardavon)
- Copay Adjustment Programs: What Brand and Hub Teams Need to Know (ConnectiveRx)
Contacts
Mr. H, Lorre, Jenn, Dr. Jayne.
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