Press release from Business Wire
Conifer Health Solutions Acquires Dell's Revenue Cycle Management Business for Hospitals and Healthcare Systems
Monday, November 05, 2012
FRISCO, Texas (Business Wire) -- Conifer Health Solutions, a subsidiary of Tenet Healthcare Corporation (NYSE:THC) and a leader in business process management solutions for healthcare providers, has acquired Dell's Revenue Cycle Solutions line of business for hospitals and healthcare systems. The acquisition will increase the annual patient revenue Conifer manages for its client hospitals to $21 billion. Conifer and Dell anticipate a smooth transition of Dell's 34 revenue cycle management clients and 800 revenue cycle management employees to Conifer over a period of 12 months. Once fully integrated, Conifer expects the business from this acquisition to contribute $85 million in incremental annual revenues to Conifer.
Conifer will leverage Dell's additional technology and processing capabilities to create new cost efficiencies, contribute to the continued development of industry best practices, and drive improved financial performance for client hospitals. Subsequent to this acquisition, Conifer will now process 10 million patient accounts annually, manage $21 billion in annual patient revenue, and through its capitation management business provide technology and health management services to support care management for over three million lives.
“Conifer continues to expand our leadership position in providing business process management solutions for healthcare,” said Stephen Mooney, president and chief executive officer of Conifer Health Solutions. “Over our 34-year history as part of a major healthcare system, and with our Catholic Health Initiatives partnership and now the InforMed and Dell Revenue Cycle acquisitions, we have built an industry leading revenue cycle infrastructure powered by 9,000 employees and significant process and technology innovations that differentiate us from others in the market.”
“Having worked with Conifer and Tenet for many years, we view our combined capabilities as great for the industry and for our shared customers,” said Steve Schuckenbrock, president of Dell Services. “Dell is ranked No. 1 by Gartner in IT Services within the worldwide healthcare sector. While Conifer is acquiring our hospital revenue cycle management business, we plan to leverage our healthcare expertise, proven methodologies and robust delivery model to continue providing IT solutions to Conifer as it grows its client base.”
About Conifer Health
Conifer Health Solutions is a healthcare business process management services provider working to improve operational performance for more than 500 hospitals and healthcare entities so they can better serve their communities, communicate effectively with patients, and support patient financial administration. We have a passion for maximizing financial performance, while at the same time improving the patient experience.
We provide comprehensive operational management for revenue cycle functions including patient access, revenue integrity, and patient financial services. We also offer patient communications solutions to optimize communication between providers and patients, including patient education, outreach, scheduling, medical necessity screening and HCAHPS (Hospital Consumer Assessment of Healthcare Provider and Systems Survey) reporting. In addition to revenue cycle management and patient communications, our service offerings have expanded to support value-based healthcare performance through clinical integration, population health management, and financial risk management solutions.
Conifer Health can now offer our healthcare clients solutions that address the entire continuum of health administration. For more information, call 1-877-CONIFER or visit www.coniferhealth.com.
Conifer Health Solutions, Inc. is a subsidiary of Tenet Healthcare Corporation (NYSE:THC). Some of the statements in this release may constitute forward-looking statements. Such statements are based on our current expectations and could be affected by numerous factors and are subject to various risks and uncertainties, certain of which are discussed in Tenet's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended Dec. 31, 2011, quarterly reports on Form 10-Q, and periodic reports on Form 8-K. Do not rely on any forward-looking statement, as we cannot predict or control many of the factors that ultimately may affect our ability to achieve the results estimated. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.
Conifer Health Solutions
John Hoffmann, 972-335-6104
Corie Pierce, 972-577-3430