Bolder Healthcare Acquires Avectus And ROI Companies
By Christine Kern, contributing writer
Acquisitions position Bolder well in expanding market
The revenue cycle management marketplace is ripe with opportunity, spurred in large part by the shift towards consumerism in healthcare according to a HIMSS report. This is creating the need for a revolutionary reinvention of the RCM space.
To address the need for such changes, Bolder Healthcare Solutions has announced the purchase of Avectus Healthcare Solutions for an undisclosed amount, adding to the list of RCM partnerships that includes the Mayo Clinic and Optum 360 and Trinity Health and a thenahealth.
Avectus coordinates third party liability accounts and resolves complex workers’ compensation accounts for hospitals and trauma centers. Bolder provides healthcare revenue cycle management services to hospitals and physicians.
Bolder has also acquired The ROI Companies, a provider of healthcare RCM services. ROI provides critical insurance billing and follow-up, self-pay billing, coding, eligibility, consulting, cash acceleration, and collections services to hospitals and physician groups.
Michael Shea, CEO of Bolder Healthcare Solutions, said, “ROI is an outstanding platform from which to achieve our goal of building a leading national provider of a full suite of RCM services. We are excited to have Chris and the ROI team join us as important members of the BHS family.
With the addition of Avectus and ROI, BHS now has over 1,500 employees serving over 500 clients across 47 states. BHS operates from 14 locations including two wholly-owned service centers in Kolkata and Hyderabad, India. Bolder is also investigating additional acquisition candidates in the RCM market.
“We are very pleased to become part of the Bolder Healthcare team. Bolder Healthcare brings us great resources and market experience as we continue building our highly specialized services over the coming years,” said Tim Smith, Avectus founder and CEO.
Revenue cycle management uses technology to keep track of the claims process so providers can follow the process and address any issues to allow for a steady revenue stream. Some of the main challenges providers face in terms of RCM include: adoption of ICD-10, increasing co-payments for services, consumer-driven health plans and high deductible, consumer-directed health and insurance plans with new parties involved in claims processing, according to HIMSS.
The shift to consumerism in healthcare means that the problem of collection consumer payments for providers is immense and growing. According to HIMSS, the CMS predicted that out-of-pocket expenditures for insured individuals will grow to $420 billion in 2015, an increase from $250 billion in 2007, an increase of 68 percent.