An ounce of prevention is better than a pound of cure: IKS Health makes a strategic investment in Sift Healthcare to accelerate its move to preventative, instead of reactive, Revenue Cycle Management
IKS Health is a healthcare Provider Enablement Platform that enables providers to deliver better, safer and more efficient care through a strategic blend of technology and expertise. IKS' solutions help provider groups create a physician-led and patient-centric care delivery model. IKS enables providers to be the co-navigators of the patient's care journey through the continuum of care, with the aim of restoring joy and viability to the practice of medicine by giving providers the tools and resources they need to focus on what matters most - the patient.
IKS Health announced today that it made a strategic investment in Sift Healthcare, a provider of advanced decision support solutions focussed on denials and patient payments.
The healthcare reimbursement journey continues to be very arduous and punctuated by a myriad of issues at every stage. While the accelerated deployment of automation has helped alleviate the burden to an extent, these point-solution focused, reactive interventions have underwhelmed in their promise to deliver significant overhaul of the system. Resulting incremental improvements in most instances have gone only as far as impacting the individual functions. While outcomes have improved due to more automation of individual tasks across the value chain, the overall journey still feels disjointed.
At IKS, we have been working on re-imagining a futuristic platform built on the chassis of prevention with the ability to fully automate a large number of administrative tasks. Integrating Sift's denial prioritization and patient pay solutions within IKS' Autonomous Administrative Journey Platform ("AJPA") will help us accelerate our transformation of administrative tasks from management to prevention.
"Our investment in Sift Healthcare reflects our commitment to delivering the most advanced revenue cycle management solutions t our clients," said Sachin K. Gupta, Founder & CEO, IKS Health. "We are excited to partner with Sift Healthcare as their product's integration with IKS' Administrative Journey Platform will create new efficiencies across the revenue cycle while facilitating improved decision-making. Together, we will help provider enterprises to reduce preventable waste, improve cash velocity, and enhance the viability of practice of medicine."
"Sift's mission is to enable healthcare organizations to leverage the full scope of their data to drive efficiency and improve financial and operational outcomes. IKS Health shares in this vision, and their focused expertise and reputation in the ambulatory care market make them an ideal partner to further our mission," said Justin Nicols, Founder and CEO of Sift Healthcare, "IKS is a strategic investor who recognizes the immediate impact of Sift's technology on the revenue cycle, as well as longer-term opportunities for joint innovation and solutions."
The IKS and Sift teams will work jointly to bring their solutions to their existing customer install base as well as to provider enterprises across the country that are struggling with increasing operating costs, high input cost inflation, changing payer and regulatory rules and evolving consumer preferences. IKS Health's latest investment in Sift Healthcare demonstrates its commitment to enabling provider enterprises to succeed in a complex and competitive environment through pragmatic technology and clinical expertise.
About IKS Health
IKS Health's healthcare Provider Enablement Platform delivers data-driven value and expertise across the care journey that enables provider enterprises to achieve clinical, financial and operational excellence at scale. Supporting health care providers through every function of the patient visit, IKS Health is a partner for provider enterprises looking to effectively scale, improve quality and achieve cost savings through integrated technology and forward-thinking solutions. Founded in 2006, the 6,500+ member strong workforce at IKS Health includes over 1,200 physicians, over 300 technology experts, supporting large health systems across the United States. For more information, visit ikshealth.com.
About Sift Healthcare
Founded in 2017, Sift Healthcare is a Milwaukee-based healthcare payments analytics and data science company. Sift's Payments Intelligence Platform, machine learning integrations and Rev/Track Insights Suite enable healthcare providers and payers to fully leverage their payments data to accelerate insurance reimbursement, improve patient payment strategies and optimize revenue cycle efficiency. Learn more about Sift Healthcare at sifthealthcare.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20230309005634/en/