In a move that delivers technology advances to both community hospitals and skilled nursing facilities, healthcare technology provider Healthland has acquired Rycan, a healthcare revenue cycle solutions firm based in Minnesota. Rycan will continue its focus and expansion within large health systems and their stand-alone client base, in addition to strengthening revenue cycle offerings across the continuum of care for rural hospital customers of Healthland and skilled nursing facility customers of American HealthTech (AHT), a leading electronic health records provider acquired by Healthland in 2013.
“This acquisition is timely considering Medicare cuts, changing payer markets and new payment models that are straining the typical billing and collections efforts for acute and post-acute care organizations,” said Chris Bauleke, Healthland CEO.
“We are expanding our ability to help hospitals of all sizes and skilled nursing facilities increase revenue, accelerate reimbursement and add efficiencies,” he said.
Rycan, founded in 1986, will continue to develop, market and support the company’s solutions for its more than 250 customer facilities from its current operations center in Marshall, Minn. Bauleke said the Rycan financial tools will also be integrated into Healthland’s Centriq® suite of software and services for hospital customers, as well as American HealthTech solutions for long-term post-acute care facilities.
Rycan’s sophisticated set of tools help healthcare organizations manage the revenue cycle through a number of technology solutions, including claims submission and scrubbing, electronic remittance, denial management and audit management. In addition, Healthland and American HealthTech will now offer Rycan solutions that estimate patient liability and verify patient eligibility, which both are critically important to accelerating reimbursement and reducing the number of denied claims. The Rycan acquisition also brings back-office solutions, such as contract management and reporting to drive operational efficiencies for customers.
Bauleke said, “Small, community hospitals and skilled nursing facilities are being seriously challenged to find ways to improve revenue management and cash flow. Rycan’s solutions, either independently or integrated with solutions from Healthland and AHT, will provide crucial revenue cycle assistance to providers. Customers will have the option of partnering with a single technology vendor across a continuum of admissions management, clinical technology and revenue management.”
Ryan Ellefson, Rycan founder and retiring CEO stated, “The cultural fit was very obvious for both companies, but most importantly, our loyal customers will benefit from Healthland’s commitment and ability to invest in the Rycan solutions.”
Ellefson was enthusiastic about the future of Rycan, saying, “Our current customers will be very well-served, plus the company will thrive with geographic expansion and increased product development.”
Bauleke said Rycan has a track record of exceptional customer service and support, which will continue as the company’s mark of distinction.
Terms of the acquisition were not disclosed as both Rycan and Healthland are privately held. Brentwood Capital Advisors, based in Nashville, TN, served as exclusive financial advisor to Rycan.
Bauleke said, “This acquisition builds a foundation for us to offer a full suite of revenue cycle management software and service solutions to help our customers solve their growing RCM needs. We’re extending our product scope to help them serve their patients and communities.”
About Healthland
Healthland is a leading provider of integrated technology solutions to rural community and critical access hospitals. Software and services from Healthland, including electronic health records (EHRs), help customers share patient information across care settings to coordinate treatment, improve patient outcomes, and drive patient satisfaction. Healthland is the parent of Mississippi-based American HealthTech, one of the nation’s largest providers of financial and clinical technology solutions in post-acute care. Healthland is headquartered in Minneapolis, Minn., with offices in its founding rural community of Glenwood, Minn. More information is available at www.healthland.com.
About Rycan
A leader in healthcare revenue cycle software for nearly 30 years, Rycan has built its reputation by providing best-of-breed solutions accompanied by an unparalleled level of customer support. Rycan solves business office problems through comprehensive solutions to maximize reimbursement while increasing productivity. More at www.rycan.com.
Contact:
Tracey Schroeder, 612-787-3125
Senior Vice President of Marketing
tracey.schroeder@healthland.com
