St. Vincent Health of Indianapolis has expanded its use of MedAssets' revenue cycle management products in an effort to improve financial performance.
Health system officials say they'll be using Atlanta-based MedAsset's Revenue Cycle Management software to improve contract management, charge capture and recovery and claims management processes.
"It's more important than ever that hospitals and health systems focus on making their revenue cycle performance more effective, including ensuring that proper payments are received in a timely manner from patients and third party payors for the services we provide," said Gregory Snow, vice president of revenue cycle operations at St.Vincent. "The (MedAssets) tools make it possible for us to quickly increase our efficiency and improve our financial performance, positioning us to better serve the patients who depend on us for their healthcare needs."
Over the previous year, St. Vincent has implemented several new IT solutions designed to improve workflow and increase overall net revenue. Hospital officials said the new solutions, deployed with the idea of a quick and easy implementation with an immediate ROI, include MedAssets' Contract Manager, XClaims Suite, CDM Master, Charge Capture Audit and PriceMaster.
St. Vincent Health officials say these IT solutions will:
- Reduce re-work by managing the claims process and improving the accuracy and consistency of submitted claims and first-pass rates in order to increase overall cash flow;
- Eliminate lost or duplicate charges and billing errors with charge master management;
- Improve the accuracy of billing and identify lost revenue and charge issues before claims are submitted;
- Ensure payment accuracy from payers and identify underpayments to realize net revenue; and
- Establish defensible pricing that supports transparency and hospital competitiveness.
"In today's economy, providers like St.Vincent Health are looking for solutions that are quick to implement and quick to reach the targeted ROI," said DT Nguyen, president of revenue cycle management at MedAssets. "Our solutions are designed to help healthcare providers like St. Vincent Health identify ways to improve their financial performance so that they can continue their mission of providing high-quality healthcare to the communities they serve. We're happy that our relationship with them continues to expand."