Providence's health tech investment portfolio Tegria said May 20 it acquired Colburn Hill Group, a company that uses robotic process automation for revenue cycle management.
Tegria launched in October 2020 when Renton, Wash.-based Providence combined nine of its health technology investments into one comprehensive digital health portfolio.
Colburn Hill's RCM platform uses algorithms to determine the next best step to resolve denials, either by deploying staff members or automatically resolving them using analytics-driven robotic process automation. The platform has helped healthcare providers fully automate up to 65 percent of those steps, resulting in a 1 percent–2 percent increase in net revenue.
"In helping customers navigate denials management, prior authorization, claim status, account resolution, and more, Colburn Hill brings a unique mix of experience in revenue cycle operations and expertise in technology. The power of this combination makes them a great fit for Tegria," Lincoln Popp, the managing director for Tegria’s RCM solutions group, said in a news release.
Colburn Hill is Tegria's fourth RCM company, joining MediRevv, Acclara and MSM.