Providence St. Joseph Health acquires revenue cycle platform: 4 things to know

Renton, Wash.-based Providence St. Joseph Health has acquired Seattle-based healthcare technology company Lumedic.

Four things to know:

1. Providence St. Joseph Health is a national, nonprofit Catholic health system. Lumedic uses blockchain technology to help healthcare organizations improve revenue cycle management processes.

2. Through the acquisition, Providence St. Joseph will develop a scalable blockchain platform to improve claims processing and interoperability between providers and payers, according to a news release.

3. "Providence St. Joseph Health has a long history of innovation, and this is an opportunity to ease the transition to patient-driven interoperability while improving operations and diversifying revenue streams," said Mike Butler, Providence St. Joseph Health president of operations and strategy. "The Lumedic platform will reduce administrative burden and enable resources to shift to improved patient care, more patient-centric billing experiences and lower costs."

4. Providence St. Joseph Health is acquiring Lumedic's assets and team as part of the deal. A newly formed company will maintain Lumedic's brand and operating vision. Lumedic and Providence St. Joseph also will work to explore partnerships with providers, payers and others in  healthcare.

 

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