Teaneck-based Cognizant announced it has agreed to acquire Bolder Healthcare Solutions, a privately-held provider of revenue cycle management (RCM) solutions to hospitals, physician practices and other specialist healthcare organizations in the United States. The transaction is expected to close in the second quarter of 2018, subject to satisfaction of the closing conditions, including regulatory reviews. Financial details were not disclosed.
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 delivery of service to payment received. Louisville, Kentucky-based Bolder Healthcare Solutions is one of the fastest growing RCM companies, serving many of the largest U.S. health systems. Their RCM offerings will further expand Cognizant’s leading healthcare consulting, IT and business process services into more hospitals, hospital outpatient departments, physician practices, and other specialty care providers.
Cognizant has continuously enhanced its expertise and capabilities to help healthcare providers and payers digitally innovate and transform for the future, including making acquisitions related to business process services and software systems. Bolder Healthcare Solutions will enable Cognizant to expand its range of digital solutions across the healthcare value chain and address the large provider segment of the U.S. healthcare market.
“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,” said Kaushik Bhaumik, executive vice president and global head of Healthcare at Cognizant. “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.”
Michael Shea, CEO of Bolder Healthcare Solutions, said, “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.”
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