Staying healthy is top-of-mind for individuals everywhere, especially with the newly announced omicron variant spreading around the world. That said, it’s imperative healthcare workers are able to deliver patients the care they need, something that becomes more challenging when medical providers are underpaid. Fortunately, Cloudmed works to recover lost revenue for healthcare providers, and it just announced its acquisition of Boston-based par8o to build out its solution.
Known for its revenue intelligence product, Cloudmed uses APIs, machine learning and robotic process automation to navigate healthcare claims and data systems, finding ways for hospitals and healthcare providers to recover earnings across their entire revenue cycle. The company is enhancing its AI-based platform’s capabilities with the addition of par8o, a healthtech company that specializes in patient referral management.
Par8o’s machine learning-powered tech captures prescriptions from referrals for savings from 340B, the federal program that offers financial help to healthcare facilities in underserved communities to help manage the rising costs of prescription drugs.
“Every dollar matters for healthcare providers looking to stabilize and strengthen their finances so they can provide better services to patients and maintain their ability to innovate toward a healthier future,” Patrick O’Neil, a Cloudmed spokesperson, told Built In over email. “Par8o is a leader in the 340B space with a tremendous customer orientation and very impressive technology. We’re excited to invest in another scalable, advanced technology solution that helps healthcare providers improve reimbursement and recover more revenue.”
Cloudmed currently partners with more than 3,100 healthcare providers in the U.S. and recovers an annual average of over $1.5 billion of underpaid or unidentified revenue, according to the company.
The acquisition equips Cloudmed with the ability to search for savings opportunities within healthcare providers’ 340B program by analyzing prescriptions, including referrals among community-based providers, O’Neil said.
This is Cloudmed’s second acquisition in just two months. The Atlanta-based company acquired Wisconsin-based Eligibill, a company that offers hospitals insurance discovery and clearinghouse services, in October.
With a nationwide workforce of 1,600 strong, Cloudmed is “aggressively” hiring to expand its team. The company lists open tech positions for architects, DevOps engineers and developers, as well as business roles for product managers, analysts and consultants.