Bon Secours Health System Renews Relationship with MedAssets to Build Upon $25 Million in Financial
May 23rd 2013 11:50AM
Updated May 23rd 2013 1:10PM
Bon Secours Health System Renews Relationship with MedAssets to Build Upon $25 Million in Financial and Revenue Cycle Performance Improvement
Not-for-profit health system's focus on charge and reimbursement processes drives greater revenue capture, reimbursement and increased compliance
ATLANTA--(BUSINESS WIRE)-- MedAssets (NAS: MDAS) today announced that Maryland-based Bon Secours Health System (Bon Secours) has elected to renew its relationship with the company to drive continued financial performance improvement. The agreement builds upon the health system's 2012 success in utilizing MedAssets Revenue Cycle Technology and consulting services to realize more than $25 million in increased net revenue through automation, streamlined processes and better control over operating margins in day-to-day operations.
"With steadily shrinking margins and the impending impact of the ICD-10 transition, it is imperative to implement best practices that support improved data accuracy, facilitate transparency and generate increased profitability," said Joe Ingold, vice president, Revenue Cycle, Bon Secours Health System. "Leveraging MedAssets proven technology and expertise complements the clinical and operational benefits from our enterprise-wide Epic conversion and creates a solid foundation for long-term financial success."
Driving Improved Financial Results for Sustainable Growth
Bon Secours' 2012 financial improvements were achieved as the health system progressed in its multi-year, multi-facility installation of Epic solutions to support the organization's overall mission and goals of delivering safe, high quality care while containing costs. MedAssets CrossWalk® solution supported an initiative to integrate supply costs with charge data, which resulted in a $6.4 million increase in net revenue. CrossWalk also supported Bon Secours to realign medical supply and device implant pricing, which contributed another $7 million in net revenue improvement. Other 2012 results include a more than $10 million net revenue increase through MedAssets Claims Management and Charge Capture Audit® solutions. A long-term MedAssets client, Bon Secours also leverages MedAssets CDM Master® solution to help drive system-wide standardization and maintain accurate and compliant charging protocols.
"We are pleased by the benefits Bon Secours Health System has realized to date and are honored to continue to support its efforts to optimize operational and financial performance," said Greg Strobel, president, Revenue Cycle Management, MedAssets. "Less funding and reimbursement means every healthcare provider must find a way to make innovative changes to improve the bottom line. MedAssets can bring swift and measurable benefits to an organization through technology solutions and consulting services that cover the full spectrum of providers' revenue cycle needs—from patient access to claims denials—along with capabilities to drive process improvement throughout the materials management cycle from purchasing to billing."
About Bon Secours Health System
Bon Secours Health System, Inc., based in Marriottsville, Maryland, is a $3.5 billion not-for-profit Catholic health system that owns, manages or joint ventures 19 acute care, 5 long term care, 4 assisted living, 6 retirement communities/senior housing, 14 home care and hospice services, and other facilities, primarily on the East Coast. Bon Secours Health System consists of more than 21,000 caregivers helping people in six states. Its vision is to be a prophetic Catholic health ministry partnering with communities to create a more humane world, build health and social justice and provide exceptional value for those served. For more information, please visit www.bshsi.com.
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 more than $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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