Cerner Corporation CERN recently announced its intention to align its research and development resources with the solutions that caregivers around the world need most – through its latest offering – Cerner RevElate. The company’s patient accounting product, Cerner RevElate, demonstrates its investment in facilitating patient accounting capabilities and optimizing technology enterprise-wide.
For investors, Cerner plans to gradually increase its current patient accounting client base to Cerner RevElate. Additionally, the company will strive to prepare clients while creating a personalized resource and implementation timeline to ease the transition.
With the latest offering, Cerner is expected to consolidate its position in the area of comprehensive revenue cycle management (“RCM”).
Importance of the announcement
Currently, the healthcare sector is undergoing rapid consolidation. The Cerner RevElate is expected to offer the flexibility to combine data from many healthcare settings, including newly acquired and integrated facilities that may reside on different healthcare IT systems.
Cerner RevElate is also likely to minimize complexity by managing data and workflows that scale to large healthcare systems and influence clinical, billing and payment workflows. There are also plans to preserve and advance the clinical capabilities of Cerner Millennium and add scalable business capabilities to Soarian Patient Accounting software.
Management believes that in the age of digital and data transformation, Cerner’s latest offering is likely to result in a very comprehensive and deliberate review of its technology architecture and product portfolio, which is supposed to bring maximum value to health systems.
According to a report by MarketsandMarkets, the global RCM market is expected to reach $ 90.43 billion in 2022, up from $ 45.59 billion in 2016, with a CAGR of 12.1%. Factors such as declining reimbursements in the healthcare industry, regulatory mandates for the adoption of EHRs (electronic health records) / EMRs (electronic medical records), and loss of revenue due to billing errors are expected. stimulate the market.
Given the market potential, the new offering is likely to provide a significant boost to Cerner’s business globally.
In recent times, Cerner has witnessed some notable developments across its business.
In July, the company reported strong results for the second quarter of 2021, where it saw strong increases in both revenue and adjusted earnings per share.
That same month, Cerner announced the expansion of its two-decade relationship with Baystate Health by introducing a digital healthcare platform to integrate healthcare delivery and funding systems for a more consumer-centric approach to healthcare. patients.
In April, the company announced the acquisition of Kantar Health, a division of the Kantar Group. Following the completion of the buyout, Kantar Health’s life sciences expertise would be combined with Cerner’s collection of real-world data and technology. This should accelerate innovation in life science research and improve patient outcomes around the world.
Comparison with peers
In October, Cerner’s peer Allscripts Healthcare Solutions‘MDRX business unit, Veradigm, has entered into a collaboration with CareMetx. Under the terms of the new agreement, CareMetx is expected to combine its solutions and services directly into the Veradigm AccelRx specialty drug platform.
Another name recognized in RCM services, NextGen Healthcare, Inc. NXGN, announced that its RCM services were successfully optimized by Coastal Orthopedics (Coastal) for billing and reporting purposes, in September.
Another renowned peer of Cerner, Health Catalyst, Inc. HCAT launched in September the Health Catalyst Research Offering for healthcare providers, biopharmaceutical companies and clinical research organizations. The new offering will help healthcare systems to safely convert and maximize their existing clinical databases, freeing up access to mutually beneficial research and industry partnerships.
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