Mid-revenue cycle management improvement market expected to grow over the coming years

The mid-revenue cycle management and clinical documentation improvement market is expected to reach $4.5 billion by 2023, up from $3.1 billion in 2018, at a compound annual growth rate of 7.9 percent. That's the verdict of a new ResearchAndMarkets.com analysis. It found that market growth is largely being driven by the increasing utilization of mid-RCM solutions to reduce healthcare costs, check the loss of revenue due to medical billing and coding errors, resolve issues raised by the decline in reimbursement rates, manage ever-increasing amounts of unstructured data, and maintain regulatory compliance.

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Syra Health Wraps Up a Successful 2023, including New Contracts, Contract Extensions, and the introduction of new Healthcare Innovations

Syra Health | January 04, 2024

Syra Health Corp. a healthcare technology company with a mission to improve healthcare by providing innovative services and technology solutions, is excited to summarize its significant accomplishments and the introduction of its innovative solutions across the Company's six business units. Within its Behavioral and Mental Health Business Unit, Syra Health Launched Syrenity, the Company's flagship mental and behavioral product, focused on preventing mental health crises. Syrenity is evidence-based and AI-backed, offering continual monitoring and cognitive therapy interventions. Syrenity also integrates with telehealth, allowing for easy access to licensed mental health professionals when treatment is necessary. Entered into a strategic agreement with E&I Cooperative Services (E&I) which extended Syrenity's reach to over 6,000 colleges and universities nationwide, that make up E&I's membership. Secured a five-year, $4.75 million contract with the District of Columbia's Department of Behavioral Health, to support vital mental health programs in communities. Entered into a one-year agreement with the County of Camden Psychological Screening and Evaluation Services to provide mental health screening and evaluations to Camden County, New Jersey law enforcement personnel. Received a contract from the Mississippi Department of Human Services (MDHS) to provide behavioral and mental health services to the Oakley Youth Development Center and other locations as directed by MDHS. Across its Digital Health Business Unit, Syra Health Launched CarePlus, an easy-to-use, secure, and scalable electronic medical record (EMR) system for small and mid-sized healthcare organizations. CarePlus is affordable and accessible by simplifying clinical workflows, integrating labs, radiology, and telehealth. Unveiled SyraBot, a digital health product that uses human-centric AI to deliver conversational and immediate responses to inquiries made through any healthcare organization's website. SyraBot provides real-time access to information users need, twenty-four hours a day, seven days a week in up to 200 languages. As part of its Population Health Business Unit, Syra Health Received a two-year contract extension, worth up to $636,000 with the Indiana Division of Mental Health and Addiction and Family and Social Services Administration, to chair and manage the State of Indiana's Epidemiological Outcomes Workgroup. Secured a five-year contract worth $275,000 with the City of San Antonio to evaluate its Racial and Ethnic Approaches to Community Health (REACH) Healthy Neighborhoods Project. Across its Health Education Business Unit, Syra Health Entered into a new strategic agreement with the Maricopa County Department of Public Health in Arizona where Syra Health experts trained over 100 public health staff on best practices for implementing health equity. As part of its Healthcare Workforce Business Unit, Syra Health Won a contract with Osawatomie State Hospital and Adair Acute Care in Kansas, to deploy licensed healthcare professionals to deliver vital social and therapy services. Secured contracts across Oklahoma, Virginia, and Alabama to deliver healthcare staffing solutions to correctional facilities. Provides on-demand temporary medical personnel, including nurses and nurses' aides, for two veteran homes in Ohio and one in Indiana. Delivers direct care staffing for the Department of Health and Human Resources Purchasing Division in the state of West Virginia. Expanded its Healthcare Workforce Solutions to include a new technology platform for employers and those seeking new positions, plus engagement and concierge services. Syra Health Announced its Expansion into Federal Government Contracts, making Federal Government Solutions the Company's Sixth Business Unit Syra Health expanded its reach beyond state and local governments to include supplying its products and services to the federal government. Milestones On September 29, 2023, Syra Health became a publicly traded company on the Nasdaq, under the ticker symbol "SYRA. In October 2023, Syra Health successfully closed on $6.7 million in IPO financing. Syra Health's third-quarter revenue increased by 4%. Importantly, the Company saw a significant rise in gross profit margins from 27.3% to 35.1% versus the same period the year prior. "2023 was a transformative year for Syra Health," said Dr. Deepika Vuppalanchi, CEO, Syra Health. "We are incredibly proud of our team's commitment which has enabled us to secure new contracts and launch innovative products. As we step into the new year, we are driven by a profound commitment to continue addressing the most significant healthcare challenges and to improving healthcare for all." About Syra Health Syra Health is a healthcare technology company addressing some of healthcare's most significant challenges in areas such as behavioral and mental health, digital health, and population health, by providing innovative services and technology solutions. Syra Health's products and services are centered on prevention, improved access, and affordable care. Syra Health supplies its solutions to payers, providers, life sciences organizations, academic institutions, and the government.

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Healthcare Analytics

Aya Healthcare Expands into UK with ID Medical Acquisition

Aya Healthcare | January 17, 2024

Aya Healthcare, the largest healthcare talent software and staffing company in the United States, today announced the acquisition of ID Medical, a leading workforce solutions provider in the United Kingdom (U.K.). ID Medical brings over 20 years of experience providing the National Health Service (NHS) and other healthcare organizations with innovative workforce solutions, including workforce management, international recruitment and temporary healthcare staffing. As part of the acquisition, ID Medical will make Aya Healthcare’s market-leading technology available to the NHS and U.K.-based clinicians. The companies plan to share best practices from each market with their respective clients. “We are excited about ID Medical joining the Aya family of brands. We believe that we will deliver enhanced value to our respective clients and clinicians through this cross-Atlantic collaboration,” said Alan Braynin, president and CEO of Aya Healthcare. ID Medical will continue to operate as its own brand in the U.K., supporting thousands of healthcare professionals and hundreds of healthcare organizations. “We are excited to join Aya in our shared mission to transform the healthcare industry worldwide,” said Deenu Patel, CEO of ID Medical. “With Aya’s support, we’ll have access to additional resources, technology and expertise to enhance our services and expand our impact.” About Aya Healthcare Aya Healthcare is the largest healthcare talent software and staffing company in the United States. Aya operates the world’s largest digital staffing platform delivering every component of healthcare-focused labor services, including travel nursing and allied health, per diem, permanent staff hiring, interim leadership, locum tenens and non-clinical professionals. Aya’s software suite, which includes vendor management, float pool technology, provider services and predictive analytics, provides hospital systems greater efficiencies, superior operating results and reduced labor costs. While technology drives efficiency and scale, Aya’s 7,000+ global employees power the company to deliver unparalleled accountability and exceptional experiences for clients and clinicians. Aya’s company culture is rooted in giving back and supports organizations around food security, education, healthcare, safe shelter and equity.

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Healthcare Analytics

SHL Medical partners with SteriPack Group to set up final assembly service

SHL Medical | January 24, 2024

SHL Medical, a world-leading solutions provider of advanced drug delivery systems and SteriPack Group, renowned global supplier of secondary packing and final assembly services to the pharmaceutical industry, enter a non-exclusive strategic partnership. Together, they aim to establish a pre-validated final assembly service at the SteriPack facility in Poland, enhancing the overall flexibility of supply chain strategies for their customers. In addition to SHL Medical's existing final assembly, labeling, and packaging­ services in the United States, this collaboration extends high-quality CMO options to Europe. Markus Puusepp, SHL Medical's Chief Growth Officer, expressed enthusiasm about the partnership, stating "This partnership is a significant addition to the Molly® platform value proposition. We share common values with SteriPack, from focus on the customer to a commitment to quality, making the decision to collaborate straightforward." Recognizing the importance of flexibility and time-to-market, especially in clinical production, the partnership with SteriPack will offer SHL Medical's customers highly flexible and personalized final assembly and packaging solutions. This is particularly beneficial for small batch handling in clinical supply and niche markets like rare diseases. Emphasizing the comprehensive capabilities of the Molly platform, SHL Medical aims to deliver right-sized solutions that ensure improved service, faster timelines, and a more streamlined supply chain for its diverse customer base. John Ward, SteriPack Group's VP Pharmaceutical Solutions commented "SteriPack Group looks forward to supporting SHL Medical and their customers in providing quality and flexible solutions to a fast- moving market. With an emphasis on creating service solutions designed around specific customer requirements, this partnership will make the process of working with the Molly® platform an easy decision." About SHL Medical As a world-leading solutions provider of advanced drug delivery systems, SHL Medical is the partner of choice for many leading pharma and biotech companies. Driven by its company purpose – Enabling Patients' Independence – SHL Medical offers patient-centric solutions for the design, development, and manufacturing of autoinjectors, pen injectors, as well as innovative specialty delivery systems for large-volume and high-viscosity formulations. It also offers final assembly, labeling, and packaging solutions for its drug delivery systems. In response to the rising trend in home therapy, SHL Medical has increased its developmental work in the digital healthcare sector to help improve the drug delivery ecosystem. Located across Switzerland, Taiwan, Sweden, and the US, SHL Medical's global team of experts collaborate seamlessly as one team in utilizing its comprehensive in-house manufacturing capabilities. Its solutions offer customization and optimization for each project while proactively weaving sustainability-driven measures into its designs and processes to contribute to a cleaner earth. About SteriPack Group SteriPack Group is a globally renowned contract packing and manufacturing organisation serving the pharmaceutical and medical device sectors respectively. With a strong emphasis on innovation, quality and compliance, SteriPack's services to the pharmaceutical industry include device design and development, final assembly, labelling, secondary packing, serialisation and aggregation of injectable formats including vials, pre-filled syringes, and autoinjectors. SteriPack's tailored customer-focused solutions make it an ideally suited supplier for small to medium-sized batch volumes required for a growing market of targeted therapies as well as clinical trials. Its proven capabilities in cleanroom assembly and labelling as well as secondary packing services for drug delivery systems and medical devices, combined with significant investment into growing cold chain storage capacity, have helped to make it a trusted partner to top global pharmaceutical companies.

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Health Technology

Axxess Launches New Axxess Connect Solution to Accelerate Health Information Exchange

Axxess | January 23, 2024

Axxess, the leading global technology innovator for healthcare at home, launched a new product called Axxess Connect, a groundbreaking interoperability solution. This new product will revolutionize the way Axxess users connect and share data with healthcare providers and specialists, further enhancing care coordination, improving patient outcomes and driving the future by enabling new care models and value-based care. "Axxess Connect is a new benchmark for interoperability in healthcare," says Tim Ingram, Executive Vice President of Interoperability at Axxess. "By working with our partner Kno2 we can now connect our solutions to help accelerate the exchange of health information securely across any network. This means our clients will have easier access to a broader range of providers and specialists, making data sharing and referrals more efficient." By being Kno2 Connected™, Axxess Connect, enables the secure, effortless, and maximized exchange of patient information across patients, providers, payers and HIT vendors. ­­­­The solution meets data security and compliance requirements in accordance with HITRUST and HIPAA regulation for privacy, data sharing and healthcare communication standards supported by national and regional frameworks including Direct Trust, Carequality and most recently, TEFCA. This ensures that patient data is interoperable, secured and protected when shared across systems. "Our collaboration with Kno2 not only improves the overall experience for our users, but it also reduces the administrative load on healthcare providers," said Ingram. "By minimizing time spent on administrative tasks, our clients can focus more on providing quality patient care." Added Theresa Bell, Co-founder, President and Chief Technology Officer of Kno2: "By seamlessly connecting Axxess users with healthcare providers and specialists, we are breaking down barriers and revolutionizing the way data is shared in every care setting. Axxess Connect represents the power of the partnership and the value of being Kno2 Connected. Together, we are revolutionizing care delivery and thoughtfully solving healthcare's biggest problems." Axxess Connect will first be available to Axxess Palliative Care clients before eventually being rolled out to the entire Axxess suite of solutions for home health, hospice and home care. About Axxess Axxess is the leading global technology innovator for healthcare at home, focused on solving the most complex industry challenges. Trusted by more than 9,000 organizations that serve more than 5 million patients worldwide, Axxess offers a complete suite of easy-to-use software solutions that empower home health, home care, hospice, and palliative providers to make healthcare in the home human again. Multiple independent certifications have confirmed that Axxess has the most secure and industry-compliant software available for providers. The company's collaborative culture focused on innovation and excellence is recognized nationally as a "Best Place to Work."

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