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.