Cognizant to Acquire Bolder Healthcare Solutions to Expand Revenue Cycle Management Services for Providers
TEANECK, N.J., March 12, 2018 /PRNewswire/ -- Cognizant (Nasdaq: CTSH) today announced it has agreed to acquire Bolder Healthcare Solutions, a privately-held provider of revenue cycle management (RCM) solutions to hospitals, physician practices and other specialist healthcare organizations in the United States. The transaction is expected to close in the second quarter of 2018, subject to satisfaction of the closing conditions, including regulatory reviews. Financial details were not disclosed.
RCM software and processes integrate and automate healthcare administrative and medical data to ensure benefit eligibility and accurate billing and collections, greatly reducing the time between delivery of service to payment received. Louisville, Kentucky-based Bolder Healthcare Solutions is one of the fastest growing RCM companies, serving many of the largest U.S. health systems. Their RCM offerings will further expand Cognizant's leading healthcare consulting, IT and business process services into more hospitals, hospital outpatient departments, physician practices, and other specialty care providers.
Cognizant has continuously enhanced its expertise and capabilities to help healthcare providers and payers digitally innovate and transform for the future, including making acquisitions related to business process services and software systems. Bolder Healthcare Solutions will enable Cognizant to expand its range of digital solutions across the healthcare value chain and address the large provider segment of the U.S. healthcare market.
"As the healthcare industry continues to undergo significant transformation to a value-based care model, digital RCM services and solutions remove complexity and allow providers to streamline their operations," said Kaushik Bhaumik, Executive Vice President and Global Head of Healthcare at Cognizant. "High-quality RCM solutions help providers achieve efficient management of their business, while placing more of their focus on the quality of patient care. When combined with Cognizant's broad set of offerings for payers and providers, Bolder Healthcare Solutions' capabilities and experts will open new market opportunities as we enable more payers and providers to embrace outcome-based models and innovate with data analytics, cognitive computing and robotic process automation for more efficient management of their businesses and ultimately better patient outcomes."
Michael Shea, CEO of Bolder Healthcare Solutions, said, "Hospital and physician providers require a specialized RCM approach to maximize cash flow, lower costs, enhance financial performance and ensure new regulatory compliance demands are met. By joining forces with Cognizant, we will have many new tools that will be a catalyst for future growth. The increased capabilities will allow Bolder to continue to be on the cutting edge of provider RCM and this forward looking combination will create new opportunities for Cognizant in the hospital provider, specialty physician, and other professional markets. We are bringing together an impressive level of expertise, best-in-class processes and technologies to help providers meet the many challenges they face."
About Bolder Healthcare Solutions
Bolder Healthcare Solutions (BHS) offers a growing suite of best of breed healthcare revenue cycle management services to the Hospital and Physician marketplace. BHS was formed through a co-investment partnership between The Edgewater Funds and JZ Capital Partners in coordination with Michael Shea, CEO. BHS currently has 2,400 specialists serving 1,400+ clients locations nationwide.
Cognizant (Nasdaq-100:CTSH) is one of the world's leading professional services companies, transforming clients' business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquartered in the U.S., Cognizant is ranked 205 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how Cognizant helps clients lead with digital at www.cognizant.com or follow us @Cognizant.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to the anticipated closing of the acquisition of Bolder Healthcare Solutions by Cognizant and expectations regarding the impact of such acquisition on the business and prospects of Cognizant and Bolder Healthcare Solutions. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, changes in the regulatory environment, including with respect to immigration and taxes, and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
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Company Codes: NASDAQ-NMS:CTSH