From R1 RCM naming a new CEO and president to health systems selecting partners to handle services, here are 11 revenue cycle management stories Becker's reported in November:
1. R1 RCM President Lee Rivas will take over the role of CEO on Jan. 1, when current CEO Joseph Flanagan steps down from the position. R1 RCM Chief Operating Officer John Sparby will step into the role of president.
2. Two other RCM companies named new executives in November. Advantum Health named Tammy Taylor CEO and Chris Taft CFO. Versalus Health named Jay Ahlmer president.
3. Many hospitals and health systems are facing their toughest financial year in decades as they simultaneously address revenue and expense issues, with rising costs, payer denials and takebacks costing them billions of dollars, according to research published by Crowe Revenue Cycle Analytics.
4. R1 RCM saw a net loss of $29.5 million in the third quarter of 2022, down from net income of $17 million over the same period last year, according to its third quarter financial report.
5. When the COVID-19 pandemic hit, Nashville, Tenn.-based Vanderbilt Health's revenue cycle team was in a better position than most to stay on top of claims thanks to a shift toward a more data-driven approach, according to the Healthcare Financial Management Association.
6. Franklin, Tenn.-based Williamson Medical Center is partnering with health tech company EvidenceCare to develop two decision support tools within its Meditech EHR system. That includes developing AdmissionCare, which aims to reduce the time and money required to fix mistakes later by the revenue cycle and utilization management teams.
7. The Justice Department plans to appeal a September court ruling that cleared the path for UnitedHealth Group to move forward with its $7.8 billion acquisition of Change Healthcare.
8. Winchester, Va.-based Valley Health System selected Ensemble Health Partners to optimize its revenue cycle operations.
9. Cornerstone Specialty Hospitals West Monroe (La.) tapped CareCloud to handle its revenue cycle management services.
10. Ontario, Calif.-based Prime Healthcare promoted Sunitha Reddy to chief revenue officer.
11. Greensboro, N.C.-based Cone Health named Jason Nelms vice president of revenue cycle.