UnitedHealth's Optum takes over Quest Diagnostics' billing processes

UnitedHealth Group's revenue cycle management arm, Optum, has struck a 10-year deal with lab giant Quest Diagnostics, reports Wall Street Journal.

Under terms of the contract, Optum will take over revenue cycle services for Quest, including billing health insurers and consumers, managing collections and processing payments. Optum will absorb 2,400 Quest employees who were formerly responsible for revenue cycle processes.

Quest expects the deal to improve its claims efficiency, processing speed and collection rates, according to the article.

In a related deal, Optum will use Quest exclusively for diagnostic testing and services on behalf of Optum's payer and employer clients, according to the article.

Financial terms of the transaction were not disclosed.

More articles on revenue cycle management issues: 

17 statistics on the current state of US healthcare spending, finances
KPMG ends contract with Broward Health over audit dispute
Illinois' unpaid payer, provider claims stretch past 18 months

 

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months