RCM Tech Roundup: Price Transparency, Revenue Capture, and More

There's news from revenue cycle technology companies Waystar, 3M HIS, Patientco, MedEvolve, and Turquoise Health.

Over the past few weeks some big players in the revenue cycle tech world have added to their offerings, made acquisitions, and entered into partnerships.

Here are a few:

1. Waystar says it will provide revenue capture solutions to clients of 3M Health Information Systems to improve operational efficiency and compliance and collect appropriate, fuller reimbursement. 3M works with more than 6,000 health systems and hospitals across the country.

Waystar says its revenue capture solutions leverage data from claims processed on its platform, representing 500,000 providers and 40% of the U.S. population. The partnership aims to allow 3M clients to identify possible missing charges, underpayments, and overpayments automatically and before claims are submitted.

In other news Waystar will acquire patient payments, communications, and engagement software Patientco.

2. MedEvolve has launched Patient Financial Engagement Services, a technology-enabled service that offers patient financial counseling services for physician groups along with mobile engagement services and a variety of digital payment options. 

It provides trained counselors who engage with patients via phone, text, and email to help them understand their bills, their financial responsibility and offer payment options, including payment plans and discounts. The service center also takes incoming patient phone calls regarding patient statements on behalf of physician groups.

3. Turquoise Health, a healthcare price transparency and provider-payer contract negotiation platform closed a $5 million seed funding round led by Andreessen Horowitz, with Bessemer Venture Partners, Box Group, a number of individuals.

Turquoise Health "curates" more than 175 million records of hospital rates to provide easy-to-use price transparency information. Its Hospital Rates Database is for engineers and analysts; its Provider Rate Search enables data discovery with predictive search and filters; and the Turquoise website gives consumers free access to explore hospital pricing and medical costs.

Through this funding round, Turquoise will expand its payer-provider platform to enable do-it-yourself service bundling and direct-to-provider contracting.