CHICAGO and MIAMI – Navigant (NYSE: NCI) and Baptist Health South Florida today announced the signing of an operating agreement to create a new joint venture entity to provide revenue cycle management (RCM) services to healthcare provider organizations. The joint venture will initially manage the revenue cycle operations of Baptist Health South Florida, but plans to expand in the future.
“We are committed to improving the patient experience and developing more consumer-friendly systems,” said Brian E. Keeley, president and CEO of Baptist Health South Florida. “We selected Navigant, and its subsidiary Navigant Cymetrix, to partner with us because they bring deep industry knowledge, scale, and expertise in process and technology, such as machine learning and artificial intelligence, which will enable us to achieve efficiencies and create a more seamless experience for our patients. Baptist Health has remained fiscally sound, mission-driven, and an innovative leader as we continue to transform the way we deliver care. We believe this new organization will also provide opportunities for team members to grow in their careers and will bring new jobs to our local community.”
Julie Howard, chairman and CEO of Navigant, commented, “As healthcare providers transition to a value-based payment system, there is a critical need for innovative solutions. Our move to create a new commercial entity with Baptist Health South Florida is a perfect example of our deep commitment to partnering with our clients, and to identifying unique pathways to add value. By relying on the services provided by this new venture, health systems will have the ability to direct their focus where it is needed most, on their patients and the health of their communities.”
The new company will combine Baptist Health South Florida’s highly skilled staff and Navigant’s industry-leading RCM expertise, innovative processes and technology tools. The new entity is expected to be operational in summer 2018. Further details regarding the joint venture will be provided at a later date as the transition to the new company progresses.
“With the challenges and changes happening across healthcare, Baptist Health South Florida is focused on remaining financially strong and continuously exploring innovative partnerships,” said Ralph Lawson, executive vice president and chief financial officer of Baptist Health South Florida.
“We look forward to the opportunities this joint venture will afford both of our organizations,” said Dave Zito, managing director and Navigant’s Healthcare segment leader. “The new company will be committed to driving performance improvement as measured by key performance indicators in the categories of revenue, cash flow, and cost of collection.”
Navigant has extensive experience in management of comprehensive revenue cycle solutions. Navigant Cymetrix manages the revenue cycle for hospitals and physicians of other organizations across the country, and is recognized with industry accolades for its services and solutions. The company has received five Best in KLAS awards since 2012, including being named as a top revenue cycle provider in 2017 and 2018.
About Baptist Health South Florida
Baptist Health South Florida is the largest healthcare organization in the region, with 10 hospitals (Baptist Hospital, Baptist Children’s Hospital, Bethesda Hospital East, Bethesda Hospital West, Doctors Hospital, Fishermen’s Community Hospital, Homestead Hospital, Mariners Hospital, South Miami Hospital and West Kendall Baptist Hospital), more than 40 physician practices, 50 outpatient and urgent care facilities, Baptist Health Medical Group, Baptist Health Quality Network and internationally renowned centers of excellence spanning across Monroe, Miami-Dade, Broward and Palm Beach counties. A not-for-profit organization supported by philanthropy and committed to our faith-based charitable mission of medical excellence, Baptist Health has more than 19,500 employees and more than 3,000 affiliated physicians. Baptist Health South Florida has been recognized by Fortune as one of the 100 Best Companies to Work For in America and by Ethisphere as one of the World’s Most Ethical Companies. For more information, visit BaptistHealth.net/newsroom and connect with us on Facebook at facebook.com/BaptistHealthSF and on Twitter and Instagram @BaptistHealthSF.
Navigant Consulting, Inc. (NYSE: NCI) is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage, and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the firm primarily serves clients in the healthcare, energy, and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.