Chris Klitgaard launches tech-based health care management firm 

It didn’t take long for Iowa City entrepreneur Chris Klitgaard to embark on his latest endeavor.  Last year, Mr. Klitgaard, 48, facilitated a transition for his previous startup, MediRevv, a Coralville-based health care revenue cycle management company, during its acquisition by Tegria, a health care services and solutions company.                                                         Early this year, he and four […]

It didn’t take long for Iowa City entrepreneur Chris Klitgaard to embark on his latest endeavor.  Last year, Mr. Klitgaard, 48, facilitated a transition for his previous startup, MediRevv, a Coralville-based health care revenue cycle management company, during its acquisition by Tegria, a health care services and solutions company.                                                         Early this year, he and four co-founders were putting together the business plan to launch revology, a technology-enabled health care revenue cycle management firm headquartered at 201 E. Washington St. in downtown Iowa City. By assisting health care entities in maintaining their cash flow, the new venture allows those entities to focus on providing better health care through clinical care elements, Mr. Klitgaard said, of particular importance in light of hospital closings in Iowa and elsewhere. As revology CEO, Mr. Klitgaard has recruited a team to focus on the smart technology that is central to the company, including analytics.  “The idea is to build an effortless revenue cycle management system with the people element and the technology element and bringing those together,” he said, noting that revology will help maximize revenue for a variety of health care entities. “It’s really making sure that providers get paid for their services.”

Technology-based

While that might sound similar to the work of MediRevv, which helps hospitals, health systems and large physician groups improve their cash flow and grow their revenue, Mr. Klitgaard said the two have different customer bases and his new venture is more focused on technology.  “There are important differences,” he said. “(revology) is a technology-first company. A lot of the work that’s done can be automated.” With those automated technology components for potentially billions of claims processed through insurance companies, he said, “people can focus on more challenging work.”  Mr. Klitgaard had founded MediRevv as Precision Revenue Strategies in 2007, which grew to employ about 1,400 people as of last year, 400 of which were based in the Iowa City area. It was acquired by Tegria in 2021 and is now known as MediRevv, A Tegria Company.

Strong staff

Along with Mr. Klitgaard, revology’s other co-founders are Michelle Bates, Dan Krzmarzick, Terry Reinsager and Rachel Trevizo, some of whom were formerly with MediRevv.  Mr. Klitgaard and Mr. Reinsager have even known each other since their time working at University of Iowa Hospitals and Clinics, prior to MediRevv.                                                                                         “We’ve got a really talented and strong group of leaders,” Mr. Klitgaard said.  In addition to its leadership team, earlier this year, revology recruited for tech positions and has hired four “revologists” – defined as revenue cycle experts – with two of those employees working locally and two remotely.  Mr. Klitgaard said the entire team met in mid-October at their Iowa City headquarters for the first time. “It’s been fantastic,” he said. “There’s so much energy. It’s really wonderful.”

Privately funded

The enterprise is entirely privately funded as of now, as revology focuses on research and development for its technology, which Mr. Klitgaard predicted would be operational for general use in mid-2023. Even though full implementation of that automated technology component is still months away, revology has already signed its first client with a revenue cycle services contract.   “It came a little bit sooner than I expected,” Mr. Klitgaard said of revology’s first client, a community hospital that converted to a new electronic health records system. “It’s a really good opportunity for us to have an impact on what they’re able to do.” Among other services, revology is providing staff training and additional leadership services, and is stabilizing the system on insurance claim reimbursements to ensure the hospital maintains its cash flow. “If we can help them maintain their cash flow, they can provide better health care,” Mr. Klitgaard said, citing hiring additional nurses as an example. “It helps them provide the best possible care they can provide.” Should revology take on additional clients, they will hire more revologists, though given the automated technology side of the business, Mr. Klitgaard doesn’t necessarily foresee the company growing to more than 1,000 employees, as MediRevv had.

Culture component

The company’s culture plays a vital role in its future. “We feel that’s pretty important; building a team that’s very welcoming and very encouraging,” Mr. Klitgaard said. “I hope people get that sense from our interactions with them.” Revology’s website – revologyhealth.com – notes that while the health care system can be complicated, with regulations, data and the responsibility of community wellness, revology’s technology can provide “elegance in simplicity.” “There are exciting challenges with launching a technology company,” Mr. Klitgaard said. “What I really love is working with people. It’s been awesome. I’m really excited about this next opportunity.”