From seven revenue cycle management executives weighing in on AI to hospital financial leaders stating denials management requires the most RCM subject matter expertise, here are 10 RCM stories Becker's reported in May:
1. Private equity firm TA Associates signed a definitive agreement to make a significant growth investment in revenue cycle management company Alpha II.
2. Conifer Health Solutions entered into a partnership with Arlington Heights, Ill.-based Northwest Community Healthcare. The agreement extends Conifer's partnership with Evanston, Ill.-based NorthShore University HealthSystem, which acquired the single-hospital system in January 2021.
3. Hospital CFO and revenue cycle leaders surveyed overwhelmingly said denials management requires the most RCM subject matter expertise, according to a report from Akasa.
4. Nearly one-third of inpatient and outpatient claims providers submitted to commercial payers were not paid for more than three months during the first quarter of 2023, according to a May report from public accounting, consulting and technology firm Crowe.
5. Tech-enabled revenue cycle management company Aspirion acquired Firm Revenue Cycle Management.
6. Detroit-based Henry Ford Health tapped an artificial intelligence spinoff from Somerville, Mass.-based Mass General Brigham to automate bedside medical coding. The health system will use the CodaMetrix revenue cycle management platform for its more than 700,000 annual bedside services.
7. Revenue cycle management company MedEvolve agreed to pay $350,000 to settle a HIPAA investigation from the HHS Office for Civil Rights that stemmed from a 2018 data breach that affected 230,572 people.
8. Seven RCM executives shared their thoughts on AI with Becker's.
9. R1 RCM posted revenues of $545.6 million the first quarter of 2023, up $159.9 million — 41.5 percent — over the same period last year.
10. When DuBois-based Pennsylvania Mountains Healthcare Alliance set out to choose a tech platform to manage the system's revenue cycle, the main goal was to find one end-to-end solution that would support PMHA's 13 community hospitals for years to come, Nicole Clawson, vice president of finance and revenue cycle, told Becker's.