Healthland acquires Rycan for revenue cycle
Healthland, which develops IT for rural and community hospitals, has acquired Rycan, a developer of revenue cycle management technology, for an undisclosed sum.
[See also: Healthland acquires American Healthnet]
The acquisition of Marshall, Minn.-based Rycan "is timely considering Medicare cuts, changing payer markets and new payment models that are straining the typical billing and collections efforts for acute and post-acute care organizations,” said Healthland CEO Chris Bauleke in a statement.
Rycan technology, which will be integrated into Healthland’s Centriq software suite, will help Healthland strengthen its revenue cycle offerings to its rural customers and also to the skilled nursing facility customers of American HealthTech, an EHR developer it acquired in 2013.
“We are expanding our ability to help hospitals of all sizes and skilled nursing facilities increase revenue, accelerate reimbursement and add efficiencies,” said Bauleke.
Rycan’s RCM tools help healthcare organizations manage revenue with claims submission and scrubbing capabilities, electronic remittance, denial management and audit management.
Healthland and American HealthTech will also offer Rycan software to estimate patient liability and verify patient eligibility, both key to accelerating reimbursement and reducing the number of denied claims.
"Small, community hospitals and skilled nursing facilities are being seriously challenged to find ways to improve revenue management and cash flow," said Bauleke. "Rycan’s solutions, either independently or integrated with solutions from Healthland and AHT, will provide crucial revenue cycle assistance to providers."
"The cultural fit was very obvious for both companies, but most importantly, our loyal customers will benefit from Healthland’s commitment and ability to invest in the Rycan solutions," said Ryan Ellefson, Rycan founder and retiring CEO, in a statement. "Our current customers will be very well-served, plus the company will thrive with geographic expansion and increased product development."
