Cognizant has sealed the deal and completed its acquisition of Kentucky-based Bolder Healthcare Solutions, a revenue cycle management solutions provider that serves hospitals, physician practices and other specialist healthcare organizations in the United States.
The deal was first announced last month. Financial terms of the deal were not disclosed.
Bolder provides RCM solutions for hospitals, hospital outpatient departments, physician practices, and other providers. The software solutions can help boost collections and reduce days in accounts receivable as they integrate and automate healthcare administrative and medical data to ensure benefit eligibility, accurate billing and collections.
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The acquisition of Bolder Healthcare Solutions will expand Cognizant's range of digital healthcare solutions, enabling it to better address the large provider segment of the U.S. healthcare market as hospitals and practices struggle with cuts to reimbursement and tight operating margins, doubling the need to optimize revenue cycle operations for maximum collections.
Cognizant previously provided RCM solutions. This deal will expand their healthcare consulting, IT and business process services into a wider range of hospitals, hospital outpatient departments, physician practices, and other specialty care providers. It complements Cognizant's existing RCM business which serves over 340,000 providers and adds additional business process expertise and capabilities in healthcare, Cognizant's second largest vertical market. As a result, Cognizant will offer a wider range of business services across the healthcare value chain, according to a Cognizant spokesperson.
"The addition of Bolder Healthcare Solutions to the Cognizant portfolio enables us to offer more services to a broader range of healthcare providers and equip them with a digital foundation for outcome-based models and greater efficiency," said Kaushik Bhaumik, executive vice president and global head of healthcare at Cognizant. "Bolder Healthcare Solutions' impressive capabilities, processes and experts provide the specialized RCM approach care providers need to enhance their financial performance, ensure regulatory compliance and increase focus on quality of patient care."
Cognizant is already a force in the digital solutions world and recently earned recognition by KLAS adaptability, an important metric for providers of solutions for an industry marked by ever-changing regulations, shifting payment models and varying health plans. Cognizant was also lauded for its staffing employees dedicated to managing and meeting state and federal regulations.