Chicago-based consulting firm Navigant has acquired Cymetrix, a vendor of outsourced revenue cycle management and health information management services to hospitals, for approximately $75 million.
Navigant, which provides a range of advisory services across multiple industries, but whose healthcare practice also offers outsourced revenue cycle management services to larger physician practices, will pay up to an additional $25 million upon achievement of certain performance targets by Cymetrix. Michael Halberda, CEO at Irvine, Calif.-based Cymetrix, will continue to lead the team as part of Navigant Healthcare.
The acquisition gives Navigant a new business line offering outsourced revenue cycle management services to hospitals and health systems, which currently serves more than 200 hospitals and systems. Cymetrix services also include health information management outsourcing to handle transcription and coding among other functions, as well as patient access services such as contacting patients to schedule hospital services and handling pre-admission, registration, insurance verification and admitting.
The combination of Navigant and Cymetrix enables the consultancy to offer advisory and revenue cycle management services across the ambulatory and inpatient sides of a delivery system as hospitals continue to acquire physician practices and develop strategies to succeed in an accountable care environment that demands better population health management, says David Zito, a managing director at Navigant and leader of the healthcare segment.
To gain real efficiencies, delivery systems will need a centralized business function across the enterprise, Zito adds. As cost pressures continue and organizations adopt ICD-10 coding, Navigant plans to offer standardized billing practices and ICD-10 implementation services to the greatest possible extent. The company will build a technology platform that sits on top of disparate inpatient and ambulatory information systems in a delivery system, providing common tools and processes for revenue cycle management.
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