Firstsource Solutions Limited (NSE: FSL, BSE:532809), a global provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, announced today that the firm has acquired PatientMatters, a Healthcare Revenue Cycle Management (RCM) solutions provider.
PatientMatters unifies disparate registration, bill estimation, and financial services with intelligent workflows and eligibility services, improving revenue realization for hospitals.
The acquisition complements Firstsource's Provider Business on two dimensions: strengthening presence in large markets like Texas and New York and adding new capabilities of pre-authorization and patient bill estimation at the front-end of the RCM cycle.
Powered by its digital-first, digital now strategy, Firstsource helps the nation's leading healthcare providers and health plans reimagine their operations with digitally enabled business process solutions.
The acquisition integrates PatientMatters' InteliPass with Firstsource's proprietary patient engagement solutions MFocus(sm) and MGagement(sm), equipping providers with a comprehensive platform-based solution that simplifies the end-to-end patient financial experience.
"The Healthcare space in the US is ripe for digital disruption - a trend further accelerated by the pandemic. Firstsource already has a large presence in the US healthcare market, helping providers and health plans streamline their operations with intelligent automation and emerging technologies for enhanced competitiveness. This strategic acquisition magnifies our strong patient-centric revenue management capabilities and creates adjacent areas for growth for us. We welcome the PatientMatters team to the Firstsource family and look forward to serving the combined client base," said Dr Sanjiv Goenka, Chairman, Firstsource Solutions and RP-Sanjiv Goenka Group.
In tandem with the acquisition, Firstsource plans to consolidate its healthcare provider brands MedAssist and PatientMatters, under its enterprise umbrella. The move reflects the unified value proposition offered across all Firstsource solutions and services and reinforces the company's brand as a global BPM leader.
"The integrated brand strategy under the Firstsource name will create a seamless orgzation with unparalleled service capabilities and geographic reach. While we've built a strong reputation under the MedAssist brand over the past three decades, we believe that Firstsource's distinct track record of successes worldwide will help us create a deeper impact in the marketplace. Both Firstsource and PatientMatters share a singular mission - to help healthcare orgzations enhance the patient financial experience with innovative, digital-first solutions. PatientMatters' portfolios of offerings further amplify our RCM solutions, empowering patients to take control of their finances and Providers to optimize their revenues," commented Vipul Khanna, MD and Chief Executive Officer, Firstsource Solutions.
"PatientMatters is excited to be part of the Firstsource brand. Firstsource is a market leader in healthcare RCM solutions with extensive reach and a global presence. We believe our strong eligibility services and intelligent financial management workflows will support Firstsource's strategy of putting clients at the heart of its operations and accelerating success," added David Shelton, CEO of PatientMatters.
A Century Equity Partners portfolio company, PatientMatters is headquartered in Orlando, Florida with operations across the US.
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( With inputs from ANI )
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