ATLANTA--(BUSINESS WIRE)--Revenue Intelligence™ leader Cloudmed has acquired par8o, an innovative healthcare technology company specializing in 340B and patient referral management technology for healthcare providers.
This acquisition advances the capabilities of Cloudmed’s 340B Discovery Services and elevates its CloudmedAI™ platform with par8o’s sophisticated machine learning technology. This is the latest in a series of Cloudmed investments in scalable, advanced technology solutions that help healthcare providers recover more revenue and reimbursement across the entire revenue cycle.
“Cloudmed can now immediately find value for healthcare providers searching for savings in their 340B program by looking at all prescriptions, including referrals among community-based providers,” said Steve Albert, Chief Product Officer for Cloudmed. “Investments like this in machine learning and automation for our CloudmedAI platform give us greater opportunities to apply our expertise at scale for all of our customers.”
“Through seamless integrations with clients and across multiple EMRs, pharmacies and specialists, par8o uses proprietary machine learning technology to automate processes that find connections between patients and referrals,” said Dr. Daniel Palestrant, Chief Executive Officer of par8o. “That enables us to efficiently drive meaningful cost savings on their behalf with digitally verifiable compliance trails. We’re excited to find more value across more clients as part of the Cloudmed team.”
Cloudmed partners with over 3,100 healthcare providers in the United States and recovers over $1.5 billion of underpaid or unidentified revenue for its clients annually. We are unique in our ability to utilize industry-leading expertise and the powerful CloudmedAI™ Platform to help providers boost productivity and increase revenue. Cloudmed was awarded 2021 Best In KLAS: Revenue Integrity/Underpayment Services and Robotic Process Automation. Its solution suites have HFMA Peer Review status and are HITRUST certified. For more information, visit www.cloudmed.com.
par8o was founded in 2011 to improve healthcare access, reduce costs, and achieve health equity through better patient referrals. CareCompass, the company's proprietary referral management solution, covers over 11.2M patient lives and has processed over 4.4M referrals at more than 705,000 offices. 340B Referral Capture, its flagship offering, captures prescriptions from referrals for 340B savings. The health IT company's newest product, par8o Research Network, matches health center patients with relevant, nearby clinical trials to increase diversity in clinical research. For more information, see www.par8o.com.