Dive Brief: Providence St. Joseph Health has acquired Lumedic, a blockchain-enabled revenue cycle management platform based in Seattle, for an undisclosed sum. Lumedic's next-generation platform uses distributed ledger technology, smart contracts and machine learning with the aim of selling to providers and payers looking to increase efficiencies and reduce costs. The deal makes Providence St. Joseph the first integrated provider-payer system with a scalable blockchain tool for RCM, the nonprofit system said Monday at HIMSS 2019 in Orlando, Florida. Dive Insight: RCM is an important area to providers, and a number of vendors are seeking to capitalize on it. In a Connance survey, 70% of providers claimed it took more than a month to collect from patients. A 2017 Advisory Board analysis found the average 350-bed hospital lost up to $22 million due to revenue cycle issues. Respondents in a recent Billing Tree survey ranked collecting on patient bills the No. 1 payment … [Read more...] about Providence St. Joseph snaps up blockchain-powered RCM platform Lumedic
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Providence St. Joseph launches for-profit population health management company
Dive Brief: Providence St. Joseph Health on Monday announced a new for-profit population health management company called Ayin Health Solutions. The health system is the third largest non-profit system in the country, including 51 hospitals across seven states. Providence St. Joseph said Ayin will provide expertise and tools for payers, providers, employers and government departments looking to cut costs, improve care and transition into population health. Ayin will provide capabilities like a pharmacy benefits management program that partners pharmacists and physicians in a coordinated care model and a risk evaluation tool. Dive Insight: Providence St. Joseph is the latest in a growing trend toward population health management. Another example is Intermountain Healthcare, which is investing $12 million in hopes of improving social determinants of health (SDOH) issues in Utah. The Utah Alliance for the Determinants of Health is working with SelectHealth … [Read more...] about Providence St. Joseph launches for-profit population health management company
Twisting the trend, Providence St. Joseph snags another tech exec
Dive Brief: Providence St. Joseph has a new CIO in Microsoft artificial intelligence and commerce executive B.J. Moore. Moore, who spent nearly 20 years at Microsoft, will start at the Renton, Washington-based health system in late January. Moore is the third Silicon Valley exec to head to the health system in recent years. He'll join Chief Digital Officer Aaron Martin, who left Amazon for Providence in 2014, and Chief Financial Officer Venkat Bhamidipati, who worked with Moore at Microsoft until heading to the health system last year. Moore will report to Bhamidipati. The healthcare industry's executive talent pipeline has been completely rerouted by Silicon Valley, with tech behemoths like Amazon and Google continuing to snag execs from health systems and payers alike. Providence St. Joseph, which has been ramping up its digital health efforts, has made a point of reversing that trend by scooping up tech talent like Moore. Dive Insight: Hospitals and payers have … [Read more...] about Twisting the trend, Providence St. Joseph snags another tech exec
KentuckyOne in negotiations for sale of major Louisville facilities; selling St. Joseph Martin to Appalachian Regional Healthcare
KentuckyOne Health could be getting close to selling several hospitals in Louisville and one in Eastern Kentucky to different investors. KentuckyOne announced Dec. 19 that it had signed a letter of intent with Appalachian Regional Healthcare to negotiate the sale of Saint Joseph Martin, a 25-bed critical-access hospital in Floyd County. "We are pleased to be talking with this organization to guide the future of care for this unique community,” Kathy Stumbo, president of St. Joseph Martin, said in a news release. “ARH knows this community and has the experience and insight to continue improvements and investments to support patients, physicians, employees and all in this region.” ARH is a not-for-profit health system that serves Eastern Kentucky and southern West Virginia. It operates 11 hospitals and several other health facilities. It is the largest provider of care and the single largest employer in southeastern Kentucky and the third largest private employer in … [Read more...] about KentuckyOne in negotiations for sale of major Louisville facilities; selling St. Joseph Martin to Appalachian Regional Healthcare
Wildflower buys Providence St. Joseph women’s health platform
Brief Dive Brief: Mobile health software company Wildflower Health acquired the Circle Women’s Health Platform, mobile health technology created by Providence St. Joseph Health. Hospital clinicians created Circle, which is integrated in the system’s EMR and includes content, tools and trackers. It also includes an app with information for parents and offers resources focused on children’s health resources, including breastfeeding and teenager issues. PSJH also signed an enterprise-wide commercial deal with Wildflower, as well as Providence Ventures participating in Wildflower’s Series C financing. Dive Insight: Providence St. Joseph is not unique with an internal arm testing and potentially commercializing new products. UPMC, Mayo Clinic and other big systems also house similar units. The mobile-based software is aimed at female patients and their families, including reminders about immunizations, doctor visits and preventive health. … [Read more...] about Wildflower buys Providence St. Joseph women’s health platform