Growing Health System Looks to MedAssets to Support Value-Based Care Delivery Model With Revenue Performance Improvement Solutions
ATLANTA, July 10, 2014 (GLOBE NEWSWIRE) -- MedAssets (Nasdaq:MDAS) today announced that Centegra Health System (Centegra), located in McHenry County, Ill., has expanded its relationship with the company to include its comprehensive portfolio of revenue performance improvement solutions. The new agreement will support Centegra's initiatives to become a value-based organization in preparation for risk-based reimbursement models. Plans call for the use of multiple MedAssets solutions including, Revenue Cycle Performance, Recovery and Collections, Patient Access, Claims & Billing, and Contract & Episode Management solutions to support the regional health provider overcome increased margin pressures, assume greater risk and manage more complexity in coding and payor contracting.
"With the ongoing market and regulatory changes impacting hospital reimbursement, we needed to shift our focus to build out an accountable care organization (ACO) delivery model," said David Tomlinson, chief financial officer, Centegra Health System. "It made sense for our system to extend our partnership with MedAssets across the care continuum - beyond use of their supply chain solutions. MedAssets has the knowledge, tools, and best practices to help us achieve a value-driven mindset by optimizing revenue and efficiency through process improvements and specialized consulting services. Our ultimate goal is achieving sustainable performance improvement as Centegra Health System continues to provide top-quality patient care and an outstanding patient experience."
Revenue Cycle Transformation Strategies a Priority for Growing Health System
Significant changes in payment structure are forcing providers to find innovative ways to remain cash positive. According to a recent Black Book Market Research CFO survey, 80 percent of hospital chief financial officers (CFOs) with sustainable, positive operating margins say they have initiated revenue cycle management transformations. Moreover, 93 percent of CFOs surveyed with negative operating margins say that in the next year they are prioritizing capital investments in coding, value-based support software, collections and revenue cycle management outsourcing.
MedAssets has delivered a comprehensive assessment of Centegra's existing technologies and processes that identified gaps and inefficiencies and made recommendations for improvements. The company's technology and services will be applied on the following focus areas:
- Focus on revenue cycle operations - Accounts Receivable Services, through full business office outsourcing and expert consulting services, will be utilized to improve net cash collections from payors and reduce A/R days.
- Gain greater efficiency in the financial clearance process - Patient Access Solutions to increase automation and accuracy in up-front collection of patient-out-of-pocket responsibilities and avoid denials
- Prepare for reimbursement changes - Claims and Billing Solutions that leverage the company's expertise in healthcare information management (HIM) and coding will automate the identification of missing charges, overcharges and claim coding errors. MedAssets Contract Management and Modeling system, a component of the company's Contract Management and Episode Management Solutions, will be utilized to accurately forecast, calculate and capture all net revenue contractually owed under traditional reimbursement models.
"The changing healthcare delivery model has proven that providers are looking more to third-party resources with the expertise in core business operations," said Amy Amick, president, Revenue Cycle Management, MedAssets. "MedAssets develops a tailored plan and implements best practice solutions so that providers can sustain financial and operational performance improvement as they pursue transformational initiatives. Our engagement with Centegra will enable optimal financial performance under current reimbursement models, while preparing for the transition to accountable care and other value-based models."
About Centegra Health System
Centegra Health System is committed to meeting the health care needs of the residents of greater McHenry County and to making services available in multiple and convenient locations, including hospitals in McHenry and Woodstock, Centegra Physician Care, Centegra Immediate Care, Centegra Sage Cancer Center and Centegra Health Bridge Fitness Centers. As the region's leading health care provider, Centegra Health System continues to bring the latest treatments and technology, along with the skills of nearly 4,000 associates and physicians, to meet the needs of the growing McHenry County community. For more information about Centegra Health System, visit www.centegra.org.
MedAssets (Nasdaq:MDAS) is a healthcare performance improvement company focused on helping providers realize financial and operational gains so that they can sustainably serve the needs of their community. More than 4,400 hospitals and 122,000 non-acute healthcare providers currently use the company's evidence-based solutions, best practice processes and analytics to help reduce the total cost of care, enhance operational efficiency, align clinical delivery, and improve revenue performance across the care continuum. For more information, please visit www.medassets.com.
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