Joins Growing List of Health Systems Engaging Performance Improvement
Company to Achieve Overall Operational Improvement
MedAssets (NASDAQ:MDAS) today announced that Richmond University
Medical Center (RUMC), a 510-bed facility located in Staten Island,
N.Y., is among the latest health providers to select MedAssetsRecovery
and Collection Solutions in order to sustain best practice
operational and financial performance. Under terms of the agreement,
RUMC has renewed its longstanding use of MedAssets Extended Business
Office Services to support fast and efficient conversion of accounts
receivable (A/R) to revenue and cash flow.
Revenue Recovery, Billing and Collections Services Facilitate
Plans call for the MedAssets team to continue to provide supplemental
support to RUMC as aged accounts are liquidated, accelerating cash flow.
In addition, RUMC will continue to utilize MedAssetsClaims
and Billing Solutions, Revenue
Cycle Performance Solutions and Patient
Access Solutions. MedAssets exception-driven, web-based workflow
technology helps to prioritize aged receivables, enabling providers to
better manage net revenue collections, optimize reimbursement and reduce
bad debt expense.
"Like many health systems looking to meet cash goals, we needed to
entrust a partner with the expertise, best practice processes and tools
to enhance compliance, collections and cash predictability," said Kevin
Murphy, senior vice president and chief financial officer, Richmond
University Medical Center. "MedAssets has proved to be that partner
since 2007. The company understands our processes and offers the
technology, proficiency and expertise to handle changing payment
structures and reimbursement rates brought on by healthcare reform. In
combination with the superior execution we've experienced, we look
forward to building upon our positive relationship with MedAssets."
Providers Seek Multi-Pronged Approach to Improve Overall Business
Industry statistics indicate that hospitals often lose between three to
five percent of net revenue from inadequate revenue cycle management
processes and procedures. As providers seek ways to improve operating
margins in the face of declining reimbursement rates, MedAssets has seen
an increase in the market demand for its Recovery and Collections
Solutions, which address denials and underpayments and A/R collection
and management. In addition to RUMC, other providers who have recently
elected to renew or begin to use MedAssets revenue cycle services
- CHRISTUS Health - Irving, Texas
HackensackUMC Mountainside - Montclair, N.J.
- Southern Regional Medical Center - Riverdale, Ga.
- University of New Mexico Hospitals and Clinics - Albuquerque, N.M.
"We are pleased to serve as a critical part of core business operations
for RUMC, as well as the thousands of valued clients across the country
that utilize our revenue cycle capabilities," said Amy Amick, president,
Revenue Cycle Management, MedAssets. "For many providers, addressing
lower, more complex reimbursements is too challenging to manage alone.
Our approach is to become an extension of the client's organization
through a unique combination of consultative services to create best
practice workflow and processes, logic-driven, web-based technology,
along with A/R services to augment billing and collections resources in
order to address the range of challenges and the fast rate of change. By
augmenting staff with our service experts, we help organizations to
improve cash flow to sustain quality care delivery and support strategic
investments required for current and future success in an era of health
About Richmond University Medical Center
Richmond University Medical Center (RUMC), an affiliate of The Mount
Sinai Hospital and Mount Sinai School of Medicine, is a 510-bed
healthcare facility serving borough residents as a leader in the areas
of surgery, gastroenterology, pediatrics and pediatric gastroenterology,
endocrinology, urology, oncology, orthopedics, surgery and maternal
health. With over 2,000 employees, RUMC is one of the largest employers
on Staten Island. For more information, see www.rumcsi.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
4,200 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,