From R1 RCM announcing it will restate previously issued financial statements, to a look at ThedaCare's approach to tackling claims denials, here are six RCM updates Becker's reported in November:
1. The Healthcare Financial Management Association and RCM company FinThrive partnered to launch a revenue cycle management technology adoption model for health systems.
2. More than 70 percent of hospital and health system financial leaders are actively considering the use of generative AI, with revenue cycle as the most common area where organizations are exploring the deployment of the technology, according to a report from Akasa.
3. Neenah, Wis.-based ThedaCare COO/CFO Mark Thompson told Becker's about the system's team approach to tackling claims denials.
4. Olive AI had big ambitions to change healthcare, as well as 950 hospital clients at one time, but ultimately ran out of time and money. But after raising more than $850 million, being valued at $4 billion and employing as many as 1,400 people, Olive folded in October, selling its remaining assets to two other companies.
5. R1 RCM will restate previously issued financial statements for 2021, 2022 and the first two quarters of 2023. The company said that immediately prior to the scheduled filing of its Form 10-Q for the third quarter 2023, it identified "errors related to the accounting for certain acquiree compensation costs (e.g., transaction bonuses and accelerated equity award vesting) incurred as a result of historical acquisitions."
6. Autonomous coding is the most common area where revenue cycle leaders are planning to invest in automation in the next 12 to 24 months, according to a report from KLAS.