Evidence-based Automation Drives Efficiencies and Improved Revenue Capture, Leverages Knowledge and Expertise
ATLANTA--(BUSINESS WIRE)-- MedAssets, Inc. (NASDAQ:MDAS) today announced that Benefis Health System (Benefis), of Great Falls, Mont., has selected MedAssets Revenue Cycle Technology Solutions to further improve cash flow, reduce accounts receivable (A/R) days and improve claim payment rates. With a history of positive clinical and financial performance, the 516-bed health system will leverage MedAssets Web-based Charge Integrity and Reimbursement Integrity applications to streamline processes and workflow to further improve financial performance processes and results.
“MedAssets was the clear choice given the company’s expertise and proven track record in claims management,” said Doug Davenport, chief financial officer, Benefis Health System. “By deploying a complementary suite of advanced technology tools across our network, we expect to strengthen both our day-to-day business operations, as well as our strategic decision-making through improved reporting and insights. Access to critical information and MedAssets superior understanding of revenue cycle processes is essential to fend off today’s environment of declining reimbursements and maintain our commitment to serve as a best-practice health system across the state of Montana.”
A Powerful IT Environment Requiring Limited Resources for Support
Data-driven software solutions to be implemented include MedAssets Claims Management, a Web-based suite ranked No. 1 since 2006 for Revenue Cycle-Claims Management in the Top 20 Best in KLAS Awards: Software & Professional Services Report. In addition, Benefis plans to benefit from the rules, content and automation delivered by the MedAssets Chargemaster Management, Charge Capture Audit and KnowledgeSource® solutions.
These sophisticated applications set the stage for a powerful, yet customized revenue cycle information technology environment requiring limited staff resources for ongoing support. By deploying these solutions on its two campuses, Benefis expects to improve the capture of all charges for all services, supplies and pharmaceuticals used in patient care. It also will offload the burden of maintaining payor-specific rules for bill submission, managing edits and identifying missing claims. Other improvements will include integrated workflows, enhanced ability to identify underpayments, and a more accurate and compliant chargemaster. In addition, the health system will leverage MedAssets charge integrity expertise to maintain a best practice chargemaster and proprietary benchmarks for defensive pricing.
“We are very pleased to welcome Benefis Health System to the large and growing MedAssets family of more than 2,200 hospitals, health systems and facilities using our revenue technology across the nation,” said Rand Ballard, senior executive vice president, chief operating officer and chief customer officer, MedAssets. “Hospitals and health networks of all size and scale continue to turn to our company’s sophisticated and rules-drive solutions to drive and deliver significant increased cash flow and revenue. We look forward to building a strong, long-standing and successful track record of supporting Benefis in its goal to remain a best practice care provider.”
About Benefis Health System
Benefis Health System serves 225,000 people across a 15-county region, delivering world-class medical care right in the heart of Montana. Benefis is community-owned and-governed and is the largest non-governmental employer in the Great Falls area. Benefis Health System has 500 beds at its two campuses in Great Falls and more than 200 physicians on its medical staff, including employees of Benefis Medical Group. To learn more, visit www.benefis.org.
MedAssets (NASDAQ: MDAS) partners with healthcare providers to improve financial strength by implementing spend management and revenue cycle management solutions that help control cost, improve margins and cash flow, increase regulatory compliance and optimize operational efficiency. MedAssets serves more than 180 health systems, 4,000 hospitals and 90,000 non-acute healthcare providers. The company currently manages $45 billion in supply spend and touches over $316 billion in total patient revenue annually through its revenue cycle solutions. For more information, go to www.medassets.com.
KEYWORDS: United States North America Georgia Montana
INDUSTRY KEYWORDS: Technology Data Management Software Health Hospitals Other Health Professional Services Finance