Benefis Health System Works with MedAssets to Enhance Cash Flow and Revitalize Collections
Millions in Savings Gained within Initial Months of Comprehensive Revenue Cycle Initiative
ATLANTA--(BUSINESS WIRE)-- MedAssets (NAS: MDAS) today announced that Benefis Health System (Benefis), a 516-bed community-owned system in Great Falls, Mont., has realized significant cash flow enhancements and improved collections after completing the initial phases of a comprehensive Revenue Cycle Management initiative. Within the first four months, the combined consulting services and technology effort has yielded an approximate $4.9 million increase in appropriate hospital charges, $3.5 million increase in payor reimbursement and a $2.3 million reduction in unbilled or uncompensated care. The Revenue Cycle initiative is part of Benefis' overall performance improvement program and builds upon its work with MedAssets for total cost management solutions.
Benefis' Revenue Cycle Management initiative involved implementing best practice processes and systems for billing and accounts receivable (A/R). The initiative also focused on compliance review and establishing charging protocols. A best practice analysis of the charge description master (CDM) was conducted to identify areas for improvement as well as opportunities for capturing missed charges throughout various departments.
"As one of the largest employers in Great Falls, it's important that Benefis remains financially successful and productive while delivering quality service to our community," said John Goodnow, chief executive officer, Benefis Health System. "We were looking for a partner to help drive revenue cycle performance improvement. We selected MedAssets due to its expertise and an approach that combines best practice consulting, A/R management and revenue cycle technology. Their support has helped us gain both immediate benefits and the ability to identify broader and deeper opportunity for performance improvement on an ongoing basis."
Patient Access the Next Focus of Opportunity
Because nearly 70 percent of Benefis' patient population is comprised of governmental payors, automating manual processes at the initial point of patient access was determined as a logical next step to improving the organization's efficiency.
Plans also call for implementing the MedAssets Access Integrity suite of solutions to help improve workflow and to ensure the quality and accuracy of patient bill estimation at the point of registration. Moreover, the patient access department will be reorganized and the financial clearance center expanded to reflect best practice processes and the implementation of latest technology.
"Benefis continues to set a high standard for what can be achieved when a healthcare organization sets a clear path toward operational and financial excellence on multiple fronts," said Greg Strobel, president of Revenue Cycle Management, MedAssets. "We are excited about the opportunity to support this valued client in realizing even further improvements. It is very meaningful to us that a forward-thinking health system has entrusted our company and our people with a phenomenal, forceful drive toward elimination of inefficiency across its enterprise."
About Benefis Health System
Benefis Health System is a community-owned and governed healthcare system in Great Falls, Mont., serving nearly 230,000 residents across a 15-county region. Benefis Hospitals has 516 beds at its two campuses and employs more than 2,600 individuals. For more information, visit www.benefis.org.
MedAssets (NAS: MDAS) partners with healthcare providers to improve their financial strength by implementing revenue cycle, spend and clinical resource management solutions that help capture revenue, control cost, improve margins and cash flow, increase regulatory compliance, and optimize operational efficiency. MedAssets serves more than 4,200hospitals and 100,000non-acute healthcare providers. The company currently manages $48 billion in supply spend and touches over $340 billion in gross patient revenue annually through its revenue cycle solutions. For more information, go to www.medassets.com.
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