Cognizant set to acquire revenue cycle management company Bolder Healthcare Solutions
Cognizant has agreed to acquire Bolder Healthcare Solutions, a privately-held provider of revenue cycle management solutions to hospitals, physician practices and other specialist healthcare organizations, the company announced early Monday morning.
RCM solutions have become increasingly popular in recent years. The software typically integrates and automates administrative and medical data to ensure benefit eligibility and accurate billing and collections -- greatly reducing the time between delivery and payment.
Based in Louisville, Kentucky, Bolder has been growing quickly and expanding its market share. It has been enough to catch the attention of Cognizant, which hopes the RCM offerings will further expand its healthcare consulting, IT and business process services into more hospitals, outpatient departments, physician practices and specialty care providers.
Cognizant said it hopes to expand its range of digital solutions across the value chain, and address the large provider segment of the healthcare market.
"As the healthcare industry continues to undergo a significant transformation to a value-based care model, digital RCM services and solutions remove complexity and allow providers to streamline their operations," said Kaushik Bhaumik, executive vice president and global head of healthcare at Cognizant. “RCM solutions help providers focus on the quality of patient care.”
Bolder Healthcare Solutions CEO Michael Shay said in a statement that hospitals and providers “require a specialized RCM approach to maximize cash flow, lower costs, enhance financial performance and ensure new regulatory compliance demands are met.”
The transaction is expected to close in the second quarter of 2018, subject to the usual closing conditions and regulatory reviews. Financial details were not disclosed.