MedAssets and Kettering Health Network Renew Agreement to Further Optimize Revenue Cycle Performance
Mar 28th 2013 10:21AM
Updated Mar 28th 2013 10:26AM
MedAssets and Kettering Health Network Renew Agreement to Further Optimize Revenue Cycle Performance across Growing Health System
System achieves significant positive financial outcomes, improved standardization and a high-level effectiveness in payor contract modeling services
ATLANTA--(BUSINESS WIRE)-- MedAssets (NAS: MDAS) today announced a multi-year agreement with Kettering Health Network (Kettering) in which the company will continue to support the health system to standardize and optimize its revenue cycle processes and workflow. The new agreement builds upon an existing relationship that has yielded Kettering significant financial outcomes, including the identification of more than $8.5 million in underpayments, recovery of an additional $6.1 million in underpaid accounts receivable, and a $6.1 million increase in upfront cash collections year over year.
"As we continue to grow to better serve our community, it is critical to have a proven and trusted partner for revenue cycle performance that can deliver results year after year so that we can focus on delivering quality care," said Larry Zumstein, vice president, Revenue Management and Patient Accounts, Kettering Health Network." MedAssets track record in improving financial performance coupled with the ability to integrate its revenue cycle solutions with Epic, our enterprise solution, provides the best practices and financial accuracy needed to help our organization realize sustainable, long-term success."
Standardization for Improved Visibility and Streamlined Operations
Since 2007, Kettering has utilized MedAssets Access, Charge and Reimbursement Integrity solutions and revenue cycle consulting services to support its centralized business office. All acquired facilities are integrated, and the charge description master standardized quickly for defensibility and accuracy. The company's services and technology also supported the health network in its drive to maintain an accurate and centralized chargemaster to drive system-wide standardization for optimal charge and price accuracy. In addition, Kettering enlisted MedAssets services team to maintain normal accounts receivable activity during the health network's Epic installation, and continues to work with the company for contract modeling support during payor negotiations and implementation.
"Today's announcement with Kettering is another example of how MedAssets works to help healthcare organizations improve operations and financial results through an industry-leading software portfolio aligned with comprehensive consulting expertise," said Greg Strobel, president, Revenue Cycle Management, MedAssets. "As a result, we help hospitals and health systems achieve a faster return on investment while freeing up cash and internal resources."
Kettering also uses key components of MedAssets Spend and Clinical Resource Management solutions to analyze the utilization and purchase of medical and non-medical supplies across its seven-hospital system to drive cost reductions and operating efficiencies."
About Kettering Health Network
Kettering Health Network is a not-for-profit network of seven hospitals, eight emergency rooms and more than 75 outpatient facilities in Greater Dayton and Northern Cincinnati. From maternity, state-of-the art cancer fighting technology, heart care, to senior living, Kettering Health Network has health services for every stage of life. For the past three years, Kettering Health Network has been named a Top 10 Healthcare System in the nation by Thomson Reuters. Please visit www.khnetwork.org.
MedAssets (NAS: MDAS) helps healthcare organizations to improve financial strength through innovative revenue cycle, spend and clinical resource management solutions that enable improved margins, cash flow, quality of care and patient satisfaction. More than 4,200 hospitals and 122,000 non-acute healthcare providers currently use the company's Web-based technologies and evidence-based solutions to help capture revenue, control cost, increase regulatory compliance and optimize operational efficiency to improve the care delivery process. As a result, the company manages annually $50 billion in healthcare supply spend and touches over $365 billion in gross patient revenues. For more information, please visit www.medassets.com.
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