ATLANTA--(BUSINESS WIRE)-- MedAssets, Inc. (NASDAQ: MDAS) today announced that Children’s Hospital of The King’s Daughters (CHKD) Health System, based in Norfolk, Va., will utilize MedAssets’ Charge Integrity, Reimbursement Integrity and A/R Management solutions to optimize its revenue cycle performance for accurate net revenue capture, accelerated cash flow and improved operating margins.
CHKD, a MedAssets Claims Management customer since 2006, will implement additional Reimbursement Integrity solutions, MedAssets’ Contract Manager and Contract Modeler, to ensure receipt of accurate reimbursement for services provided, as well as support contract negotiations with payors. A/R Management solutions, MyMentor and Receivables Manager, will be used to improve overall collections and increase productivity through improved Web-based workflow capabilities and exception-based processing. In addition, CDM Master® and KnowledgeSource® Charge Integrity solutions will be implemented to ensure optimal revenue integrity through an accurate and compliant chargemaster.
CHKD is the only free-standing, full-service pediatric hospital in the state of Virginia. The 212-bed health system serves children in southeastern and coastal Virginia and northeastern North Carolina. Its net patient revenue in 2009 was approximately $244 million.
“MedAssets’ revenue cycle solutions offer the best capabilities and measurable performance for the goals we want to accomplish—optimizing our revenue cycle, integrating our disparate systems, improving the efficiency and productivity of our revenue cycle performance and improving revenue capture and cash flow,” said Lacy Reeder, director of patient financial services and revenue cycle at Children’s Hospital of The King’s Daughters Health System.
“MedAssets helped us improve our claims management processes, and the additional operational improvements that will be possible through these new revenue cycle tools will help support our plans for continued, critical operational improvements,” said Dennis Ryan, chief financial officer at CHKD. “As a children’s hospital with a high percentage of Medicaid patients, it is important that we do all we can to ensure revenue capture and correct and timely reimbursement for the services we provide from all payors so we can continue to meet our mission for the communities we serve.”
“CHKD is a great example of how healthcare providers today are intensely focused on improving their revenue cycle operations due to budget cuts and impending healthcare reform implications,” said Neil Hunn, MedAssets’ chief financial officer and president, revenue cycle technology. “MedAssets is proud to assist CHKD with technology and industry-leading best practices that will help it improve its operational performance and collect more of the revenue it is owed, ensuring it can continue to serve the children and families who depend upon it for their medical care.”
About Children’s Hospital of the King’s Daughter Health System
Children’s Hospital of The King’s Daughters is the facility of choice for pediatric care in southeastern Virginia and northeastern North Carolina. Whether a child needs hospitalization, ongoing care for a chronic illness, outpatient surgery or primary care, CHKD Health System provides the staff, facilities and technologies that address the unique demands of childhood.
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 125 health systems, 3,300 hospitals and 40,000 non-acute healthcare providers. For more information, go to www.medassets.com.
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INDUSTRY KEYWORDS: Technology Data Management Software Health Hospitals Other Health Professional Services Finance Medical Supplies