MedAssets (NASDAQ: MDAS) today announced that Eastern Connecticut Health Network (ECHN) has engaged the company in a multi-year agreement to support an end-to-end
revenue cycle performance improvement
initiative. Plans call for implementation of a comprehensive suite of revenue cycle solutions and process improvement consulting services. The company’s unique solution set will help ECHN achieve significant technology-enabled workflow enhancements and improved performance across its entire revenue cycle. The ultimate goal is enhanced revenue and improved cash flow, sustained operational and fiscal effectiveness, and improved ability to keep pace with changing regulations and increased business demands across the health system.
“When evaluating vendors, we looked for an industry leader with an integrated solution that would yield not only near-term process and financial improvements, but also result in a positive, sustainable return on investment,” said Paul Golino, Controller, Eastern Connecticut Health Network. “We also sought a company that offered a holistic approach to our revenue cycle management challenges. MedAssets presented solutions along the entire revenue cycle continuum, backed by a proven track record of delivering the types of results we want to achieve.”
Achieving Best Practice Revenue Cycle Performance
MedAssets revenue cycle consultants will use a comprehensive and collaborative approach to lead transformation initiatives that include the implementation of best practice process improvements and integrated Web-based solutions for patient access, clinical documentation, and accounts receivable (A/R) management. In addition, the company’s Web-based Access Integrity applications will be deployed to centralize and standardize patient access functions and replace manual processes – all with the objective of improving registration quality, accuracy and cash collections. MedAssets
solutions will automate exception-driven A/R work lists to increase cash flow and reduce the overall cost to collect. MedAssets unique combination of strategic expertise and proven operational solutions will enable ECHN to accelerate its revenue cycle capabilities, as well as establish a high-functioning revenue cycle operation for sustainable performance and margin improvement.
Addressing Clinical Quality, Coding and Reimbursement
ECHN also will adopt the MedAssets’ Clinical Documentation Improvement (
program to improve coding quality and compliance. By incorporating coding best practices coupled with technology, the health system expects to generate incremental revenue through more complete, compliant and accurate documentation of patient care. MedAssets’ CDI program enables sustainability through the training and support that is delivered to improve productivity in all involved departments.
“Healthcare organizations face declining reimbursement, greater coding complexity and a higher cost to collect due to increasing patient bad debt—a challenge that will intensify as healthcare reform progresses,” said Greg Strobel, president, Revenue Cycle Management, MedAssets. “MedAssets offers a unique combination of strategic expertise and proven, technology-enabled services to prepare healthcare providers for these challenges and overcome them. Our collaborative, holistic approach also helps pave the way for the culture change required to achieve the level of standardization and workflow alignment necessary for today’s healthcare environment. We look forward to supporting ECHN in its endeavors to achieve optimal business operations in the context of maintaining quality and excellence in patient care delivery.”