On October 14, Cloudmed announced its acquisition of Eligibill, a leading provider of insurance discovery services for hospitals and healthcare systems. The Eligibill acquisition is yet another in a series of investments that have been made by Cloudmed this year.
Cloudmed is a healthcare technology company focused on revenue capture and data-driven insights for healthcare providers through its CloudmedAI Platform™. Cloudmed partners with over 3,100 healthcare providers in the United States and recovers over $1.5 billion of underpaid or unidentified revenue for its clients annually.
This acquisition grows Cloudmed’s scale in the revenue cycle management (RCM) space, and Eligibill CEO Robert Thickens spoke on the importance of this deal, stating “Healthcare providers need comprehensive technology and revenue cycle expertise now more than ever.” He continued, “Eligibill’s ability to quickly integrate with commercial and government payers, combined with end-to-end data integration, automation and analytics powered by CloudmedAI, ensures that health systems capture full reimbursement faster and more efficiently for the care they provide.”
In July 2021, Cloudmed acquired another RCM provider, Managed Care Revenue Consulting Group. But Cloudmed is not the only company making moves in this space. So far in 2021, we have seen 41 deals in the RCM space (including 18 in the third quarter) as well nearly $316.78 million in announced prices, and this activity doesn’t appear to be slowing down.
