The company, which is used by more than 1,000 hospitals and health systems, is focusing on offering end-to-end revenue cycle management.
nThrive is changing its name to FinThrive as part of a rebrand to further commit to end-to-end revenue cycle management for hospitals and health systems.
The software-as-a-service platform, which is already used by more than 1,000 hospitals and health systems, announced that the name change is reflective of its aim to offer a more efficient approach to the administrative process.
"For healthcare to realize its true potential, revenue cycle management software needs a new vision," said Hemant Goel, president and CEO of nThrive. "The future of the healthcare economy requires a connected and holistic approach."
"We are challenging the status quo and envisioning a better way to optimize healthcare revenue and the patient experience," continued Goel.
nThrive's rebrand comes on the heels of its acquisition of TransUnion Healthcare, the healthcare data and analytics business of TransUnion. By combining its claims and contract management, front-end capabilities, and workflow for acute and ambulatory providers with TransUnion's social determinants of health data and insurance discovery, nThrive wants to offer complete end-to-end revenue cycle management solutions.
nThrive also signed an agreement to acquire PELITAS, a leading provider of healthcare patient access, digital patient intake, and front-end revenue cycle management software solutions.
Automation has the potential to play a larger role in revenue cycle management for hospitals and health systems, with the benefits apparent from both an efficiency and cost-savings perspective.
With this, utilizing revenue cycle management software is becoming more of the norm for organizations.
As Elizabeth Woodcock, medical practice and revenue cycle management expert, previously mentioned to HealthLeaders, by automating time-consuming processes such as intake, consent management, payments, and scheduling—and turning those tasks over to patients—medical practices and health systems can also alleviate their hiring challenges and boost staff efficiency without adding new employees.
Automating tasks within the revenue cycle can also help ease employee burnout and increase retention by opening up staff time to concentrate on higher-value tasks, including focusing on the patient experience.
Jay Asser is the contributing editor for strategy at HealthLeaders.