Cognizant acquires Bolder Healthcare Solutions for an undisclosed figure
Serving payers, healthcare providers, local governments and the pharmaceutical benefit management sector, global leader Cognizant is set to acquire Bolder Healthcare Solutions.
A privately-held provider of revenue cycle management (RCM) to hospitals, physician practices and other specialist healthcare organisations in the US, Bolder Healthcare will support Cognizant’s bid to improve efficiencies and enhance the quality of patient care for the future.
Throughout the years, Cognizant has continuously enhanced its expertise and capabilities to support healthcare providers and payers to undergo essential digital transformations and has undertook in a number of acquisitions related to business process services and software systems.
"As the healthcare industry continues to undergo significant transformation to a value-based care model, digital RCM services and solutions remove complexity and allow providers to streamline their operations," explained Kaushik Bhaumik, Executive Vice President and Global Head of Healthcare at Cognizant.
Situated in Louisville, Kentucky, Bolder Healthcare has become one of the fastest growing RCM companies within the US health system. Its RCM software and processes integrate and automate healthcare administrative and medical data to ensure benefit eligibility and accurate billing and collections, greatly reducing the time between deliveries of service to payment received.
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The company will therefore enable Cognizant to expand its range of digital solutions and consulting, IT and business process services into more hospitals, hospital outpatient departments, physician practices, and other specialty care providers. It will also work to support healthcare value chain and address the large provider segment of the US healthcare market.
"High-quality RCM solutions help providers achieve efficient management of their business, while placing more of their focus on the quality of patient care. When combined with Cognizant's broad set of offerings for payers and providers, Bolder Healthcare Solutions' capabilities and experts will open new market opportunities as we enable more payers and providers to embrace outcome-based models and innovate with data analytics, cognitive computing and robotic process automation for more efficient management of their businesses and ultimately better patient outcomes," added Bhaumik.
Michael Shea, CEO of Bolder Healthcare Solutions, commented, "Hospital and physician providers require a specialized RCM approach to maximize cash flow, lower costs, enhance financial performance and ensure new regulatory compliance demands are met. By joining forces with Cognizant, we will have many new tools that will be a catalyst for future growth.
The increased capabilities will allow Bolder to continue to be on the cutting edge of provider RCM and this forward looking combination will create new opportunities for Cognizant in the hospital provider, specialty physician, and other professional markets. We are bringing together an impressive level of expertise, best-in-class processes and technologies to help providers meet the many challenges they face.
The transaction is expected to close in the second quarter of 2018.
Walmart, the next health tech giant - a timeline
Retail giant Walmart has been building its healthcare division for a number of years, but its recent acquisition of a telehealth firm and the slow down of its clinic expansion suggest its focus has now shifted to health tech. We look at key moments in Walmart's history in healthcare.
Walmart announces plans to provide "full primary care services" by 2020. The plans include opening clinics in underserved, urban areas, where the chain has many existing stores.
A series of “Healthcare Begins Here” events launch at Walmart stores, where consumers are given information on leading healthy lives, as well as free blood pressure, blood glucose and vision screenings, and access to vaccinations.
As part of the organisation's commitment to pursue a more data-centric approach to worker safety, Walmart partners with StrongArm, manufacturers of safety wearables. Staff begin wearing FUSE, a small sensor worn between their shoulder blades that detects injury risk. Within a year, ergonomic injuries decreased by 65%.
Walmart opens its first health centre in Dallas. The 10,000 square-foot "super centre" offers primary care, X-rays and ECG, counselling, dental, optical, hearing and community health services. Prices are affordable regardless of health insurance status.
The same year a partnership with Doctor on Demand is announced, a telehealth company offering mental health services. As part of the agreement Walmart employees are able to access these services for free.
The first health and wellness clinic opens in Springdale, Arkansas, providing primary care, dental care, vision and hearing services as well as behavioural health, fitness and wellness education classes.
Walmart acquires CareZone’s medication management technology. CareZone's app reminds users to take their medication and provides refill reminders. The acquisition complements Walmart's existing pharmacy service.
The Wall Street Journal reports that Walmart is in talks with Verizon to implement 5G wireless service in select sites, to help boost digital health services.
As part of its COVID-19 response, drive-thru testing is offered at hundreds of Walmart Neighborhood Market drive-thru pharmacy sites, free of charge through Humana .
The retail giant teams up with the Department of Veterans Affairs to offer telehealth services to veterans at stores in Wisconsin, Michigan and Iowa.
Walmart Mexico signs a deal with Jack Nathan Medical Corp, a Canadian tech-focused healthcare provider. This will see 153 new medical clinics open within stores across Mexico, taking the total in the country to 203.
Walmart announces it is acquiring MeMD, a multi-speciality telehealth provider. The acquisition will enable Walmart Health to provide access to virtual care across the US. At the same time it is reported that plans to open further clinics are deliberately slowing down.
"Today people expect omnichannel access to care, and adding telehealth to our Walmart Health care strategies allows us to provide in-person and digital care across our multiple assets and solutions" Dr. Cheryl Pegus, executive vice president for Health & Wellness said of the announcement.