MedAssets Expands Relationship with Alameda Health System to Support Patient Accounting System Conversion
ATLANTA--(BUSINESS WIRE)-- MedAssets (NAS: MDAS) today announced that Alameda Health System (AHS), a major public healthcare provider headquartered in Oakland, Calif., has engaged the company's Accounts Receivable Services (A/R) to sustain the system's revenue capture and cash collections as it undergoes a patient accounting system conversion. According to the agreement, MedAssets will augment AHS's existing resources, acting as an extension of the system's business office to enable the efficient management of revenue to optimize cash flow and reduce A/R days.
"Our patient accounting system conversion is a major undertaking," said Marion Schales, chief financial officer, Alameda Health System. "We needed a strong partner with advanced workflow capabilities, extensive A/R expertise and the resources to support us over an extended time. Our partnership with MedAssets will enable us to sustain our revenue, reduce costs and improve our bottom line while allowing our staff to focus on the training required for the new system conversion to better optimize our investment."
Embedded expertise and technology designed to maximize cash flow
According to Schales, a key factor for AHS is the team of MedAssets specialists dedicated to working with Medi-Cal, California's Medicaid program, as this serves as the primary payor mix for the system. Other perceived benefits are MedAssets reporting and workflow capabilities which are expected to give AHS better visibility into their A/R process, capturing vital information on the payment status of accounts, account inventory management and real-time performance tracking.
"MedAssets service expertise and extensive Web-based application technologies can help manage the providers' aged receivables during the conversion and build efficient processes that are sustainable for ongoing A/R management," said Greg Strobel, president, Revenue Cycle Management, MedAssets. "We are proud to support Alameda Health System's mission to improve access to affordable healthcare during their patient accounting system conversion."
Building off identified success
The new revenue cycle consulting agreement comes on the heels of AHS having documented more than $8.6 million in savings from a comprehensive, multi-year agreement with MedAssets to enhance patient and physician satisfaction and reduce AHS's total cost of care delivery. In its advisory services role, MedAssets is helping the system coordinate and integrate up to a dozen performance improvement and change management initiatives to drive best practices for optimal and sustainable financial performance.
About Alameda Health System
Alameda Health System (AHS), a major public health care provider headquartered in Oakland, Calif., is recognized as a world-class patient and family centered system of care. As a regional and national leader in health care safety and excellence, AHS aims to optimize the health of all Alameda County residents by multiplying access points to its best-in-class care. Service and community engagement are a priority and the system offers programs that deliver value to individuals across all patient populations regardless of their social or economic status. Quality, financial strength and development of the workforce are also system hallmarks that ensure continual improvement to every aspect of our reach in the community. AHS employs nearly 3,200 people including more than 500 physicians at seven facilities.
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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