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MedAssets (NASDAQ: MDAS) today announced that Sacred Heart Health System (Sacred Heart), a three-hospital, not-for-profit health system based in Pensacola, Fla., has expanded its relationship with the company in pursuit of both immediate and long-term improvements in financial performance. Plans call for the healthcare organization to expand the scope of its implementation of MedAssets end-to-end Revenue Cycle Management solutions to increase point of service cash collections while improving payor contract analysis and identifying underpayments to increase net revenue.
“By deploying additional solutions, we expect to strengthen our day-to-day business operations and improve our revenue capture,” said Hugh DePaulis, vice president of finance, Sacred Heart Health System. “The current healthcare environment is driving decreased reimbursements and shrinking margins, so it is crucial to re-evaluate existing revenue cycle processes and apply best practices to generate sustainable improvements in the bottom line. MedAssets expertise in revenue cycle operations and proven ability to deliver measurable and sustainable financial results makes them the right choice in our effort to increase profitability and drive better overall operational performance.”
Improving Revenue Capture for a Stronger Bottom Line
MedAssets will deploy a number of Access Integrity and Reimbursement Integrity solutions throughout the Sacred Heart Health System. CarePricer® was selected to improve the accuracy of patient liability estimates at the point of access to care in order to reduce uncompensated care and bad debt, and to increase cash collection earlier in the revenue cycle. Contract Manager will be deployed to assist Sacred Heart in managing complex payor contracts and better identify underpayments, while Contract Modeler will aid in claims data analysis, payor negotiations and revenue forecasting.
The initiative builds upon Sacred Heart’s use of MedAssets Charge Integrity solutions to drive system-wide standardization of the chargemaster for more accurate and compliant charging protocols, as well as establish defensible and consistent pricing for improved revenue capture and reimbursement.