FORT WAYNE, Ind. (WPTA) – Parkview Health announced on Friday that it has signed an agreement to acquire Ovation Healthcare, a shared services provider, as part of its multi-year plan to lower costs for patients.
Ovation partners with healthcare organizations to help strengthen their financial performance through revenue cycle management that lowers hospitals’ cost to collect.
According to Parkview, the investment will help lower the cost of care for patients and employers as Ovation identifies ways to reduce administrative expenses.
The Tennessee-based company works with over 500 healthcare organizations across 48 states, from rural providers to large health systems.
The acquisition is expected to close in the coming weeks following necessary regulatory approvals. Once Parkview officially owns Ovation, Parkview says Ovation will continue to operate as a separate organization with its own governing board.
Parkview Health operates 16 hospitals, along with a network of primary care and specialty care physicians. The healthcare system is also currently building a new $200 million hospital in West Lafayette, and recently finalized a partnership with Goshen Health.
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