Fort Wayne, Ind.-based Parkview Health has completed its acquisition of Brentwood, Tenn.-based Ovation Healthcare, a shared services company that partners with more than 500 healthcare organizations across 48 states, according to a Nov. 9 news release shared with Becker’s.
Parkview signed an agreement to acquire the company in mid-October.
Ovation offers leadership advisory, spend management, revenue cycle management and technology services to healthcare organizations ranging from large health systems to critical access hospitals.
The acquisition aims to use shared services like revenue cycle management and information services to help lower administrative overhead and direct maximum resources to clinical care. It brings Parkview’s operational depth to a network spanning 48 states, addressing critical rural healthcare resource gaps and helping give community hospitals shared scale and infrastructure needed to remain open and solvent, the release said.
The acquisition also builds on Parkview’s track record of reducing commercial reimbursement rates by more than $1.1 billion over the past five years and statewide cost reduction targets to lower commercial rates.
For Indiana and Ohio patients, Parkview’s billing practices, financial assistance policies and patient care delivery remain unchanged, the release said.
“Completing this transaction enables us to deploy proven operational solutions at a national scale,” Rick Henvey, CEO of Parkview Health, said in the release. “Across rural America, community providers are confronting severe economic pressures and resource constraints that threaten local healthcare access. By uniting our operating capabilities with Ovation’s expansive platform, we are delivering the shared infrastructure community hospitals require to stay open, while creating administrative efficiencies that reinforce our commitment to lower costs for the patients and families we serve locally.”
