Hancock Health Selects revology to Manage Revenue Cycle Operations

Long-term contract awarded after revology increases health system’s cash collections by $10M

IOWA CITY, Iowa, Oct. 31, 2024 – Revology, a leader in revenue cycle management (RCM) technology and services for hospitals, health systems, and physician groups, today announced a multi-year contract with Hancock Health to manage its RCM operations, including a long term contract for the revology SaaS platform, auxo. Hancock Health expanded its partnership with revology after the RCM firm helped increase cash collections, resulting in an additional $10 million for the organization. 

Hancock Health, a full-service, independent healthcare network in Indiana, selected revology for its long-term RCM operations and its technology solution auxo, which brings unparalleled transparency, automation, and efficiency to the revenue cycle process. Auxo revolutionizes the claims follow-up process using advanced analytics to refresh claims daily, ensuring each day’s work is focused on the highest-value claims. It consolidates electronic health records and payor website information into a single, intuitive, and gamified workspace, offering transparency into work strategy, and team and individual performance while keeping pace with the quickly evolving payor environment. Auxo’s latest release includes an AI chatbot that provides prescriptive guidance for working claims.

“I continue to be impressed by the team’s productivity using this tool and their ability to continue to collect more revenue over time. I look forward to continued success with auxo and revology in the years to come.”

“In a short time, revology – and its RCM technology, auxo – have identified opportunities to better manage our workforce and have adjusted workflows, bringing transparency and increased productivity that we never had previously,” said Steve Long, Hancock Health president and CEO. “Auxo has significantly impacted our organization, including 6.7-day improvement in overall days in A/R and a nearly 9% improvement in A/R over 90 days.”

As part of the deal, more than 50 Hancock Health employees specializing in credentialing, coding, hospital and physician insurance, revenue integrity, payment posting, and support services, will become revology employees in early November. In addition to being named Startup Technology Company of the Year by the Technology Association of Iowa, revology has grown its headcount by more than 200% from 2023 to 2024 and saw 310% year-over-year revenue growth during the same period. 

“Hancock Health is a valued client partner and a modern example of how providers can leverage advanced technologies to improve their RCM operations,” said Chris Klitgaard, founder and CEO of revology. “Auxo automatically surfaces the highest priorities to both users and leaders, ensuring that the entire team is working on the organization’s most valuable claims at any given time. It removes the guesswork, making revenue cycle management intuitive and collaborative, which has resulted in millions of dollars in cash collections for our customers.”