Sacred Heart Health System Expands Use of MedAssets Revenue Cycle Technology to Improve Upfront Pati
byJan 22nd 2013 9:50AM
Sacred Heart Health System Expands Use of MedAssets Revenue Cycle Technology to Improve Upfront Patient Payment and Back End Revenue Capture
Health system looks to increase accuracy of patient bill estimates, and improve reimbursement and contract analysis for payor negotiations
ATLANTA--(BUSINESS WIRE)-- MedAssets (NAS: MDAS) today announced that Sacred Heart Health System (Sacred Heart), a three-hospital, not-for-profit health system based in Pensacola, Fla., has expanded its relationship with the company in pursuit of both immediate and long-term improvements in financial performance. Plans call for the healthcare organization to expand the scope of its implementation of MedAssets end-to-end Revenue Cycle Management solutions to increase point of service cash collections while improving payor contract analysis and identifying underpayments to increase net revenue.
"By deploying additional solutions, we expect to strengthen our day-to-day business operations and improve our revenue capture," said Hugh DePaulis, vice president of finance, Sacred Heart Health System. "The current healthcare environment is driving decreased reimbursements and shrinking margins, so it is crucial to re-evaluate existing revenue cycle processes and apply best practices to generate sustainable improvements in the bottom line. MedAssets expertise in revenue cycle operations and proven ability to deliver measurable and sustainable financial results makes them the right choice in our effort to increase profitability and drive better overall operational performance."
Improving Revenue Capture for a Stronger Bottom Line
MedAssets will deploy a number of Access Integrity and Reimbursement Integrity solutions throughout the Sacred Heart Health System. CarePricer® was selected to improve the accuracy of patient liability estimates at the point of access to care in order to reduce uncompensated care and bad debt, and to increase cash collection earlier in the revenue cycle. Contract Manager will be deployed to assist Sacred Heart in managing complex payor contracts and better identify underpayments, while Contract Modeler will aid in claims data analysis, payor negotiations and revenue forecasting.
The initiative builds upon Sacred Heart's use of MedAssets Charge Integrity solutions to drive system-wide standardization of the chargemaster for more accurate and compliant charging protocols, as well as establish defensible and consistent pricing for improved revenue capture and reimbursement.
"We are honored that this valued client has placed its confidence in MedAssets to bolster its performance while preparing for the expected and unprecedented financial challenges ahead for all U.S. healthcare providers," said Greg Strobel, president, Revenue Cycle Management, MedAssets. "Our end-to-end revenue cycle portfolio provides the software tools, data and analytical insights, and expertise necessary to help healthcare organizations improve their financial strength in today's healthcare environment."
About Sacred Heart Health System
Sacred Heart Health System is Northwest Florida's leading provider of high quality health care to children and adults. The hub of the Health System is the 466-bed Sacred Heart Hospital in Pensacola that includes the region's only Women's and Children's Hospital. In 2011 and 2012, Sacred Heart Hospital in Pensacola was rated in an independent national study among the top 5 percent in the nation for superior patient outcomes. Sacred Heart has more than 4,000 employees and is part of Ascension Health, the nation's largest system of Catholic and nonprofit health care facilities. For more information, visit www.sacred-heart.org.
MedAssets (NAS: MDAS) partners with healthcare providers to improve their financial strength by implementing revenue cycle, spend and clinical resource management solutions that help capture revenue, control cost, improve margins and cash flow, increase regulatory compliance, and optimize operational efficiency. MedAssets serves more than 4,200hospitals and 100,000non-acute healthcare providers. The company currently manages $48 billion in supply spend and touches over $340 billion in gross patient revenue annually through its revenue cycle solutions. For more information, go to www.medassets.com.
KEYWORDS: United States North America Florida Georgia
The article Sacred Heart Health System Expands Use of MedAssets Revenue Cycle Technology to Improve Upfront Patient Payment and Back End Revenue Capture originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.