From a New York City hospital striking a 10-year agreement with Med–Metrix to R1 RCM allowing its two biggest shareholders to discuss a potential joint buyout of the company, here are seven RCM headlines to know from May:
1. The Brooklyn Hospital Center in New York City entered into a 10-year partnership that will make Med–Metrix its exclusive revenue cycle management services provider.
2. Waystar launched its initial public offering May 28 and with the goal of raising around $1 billion.
3. The final denial rate on inpatient claims increased 51% between 2021 and 2023, according to a May 21 report from Kodiak Solutions.
4. Chicago-based CommonSpirit is taking a harder line with payers and is also strengthening its revenue cycle function, including clinical denials and documentation, underpayment review, patient collections at the service site, outsourcing additional accounts to specialized vendors, and revenue cycle performance with its partners.
5. Dallas-based Tenet Healthcare CEO Saum Sutaria, MD, said during the Bank of America Securities 2024 Health Care Conference Conifer Health Solutions "has been an incredibly valuable asset" to the for-profit system.
6. Revenue cycle management company Alpha II promoted Ashley Womack to CEO. The move came after RCM tech platform Janus Health named Alpha II's former chief executive Todd Doze its CEO.
7. R1 RCM is allowing its two biggest shareholders to discuss a potential joint buyout of the company.