ATLANTA--(BUSINESS WIRE)-- Downey Regional Medical Center (DRMC), located in Downey, Calif., has selected MedAssets (NASDAQ: MDAS) in a multi-year agreement to manage all patient financial services, including billing and collections for self-pay and third-party insurance accounts, in order to accelerate cash flow and reduce days in accounts receivable.
“DRMC has been pleased with the MedAssets response to our needs. From the earliest discussions, they were able to quickly understand our challenges and begin operations quickly and seamlessly,” said Rob Fuller, chief operating officer, Downey Regional Medical Center. “MedAssets understands our desire to be a top-performing revenue cycle organization after the struggles we have experienced due to inefficient processes that hampered our organization for many years.”
Downey Regional Medical Center Chief Executive Officer Ken Strople added, “Our leadership team has been working diligently for several years to restore our organization to financial success by improving our operational efficiency. With the help of MedAssets expertise, we hope to achieve improved margins through its management of our business office functions.”
DRMC is a 199-bed facility with 2010 net patient revenue of more than $153 million. DRMC previously outsourced its patient financial services to a third party. In its ongoing effort to improve financial performance, the healthcare organization recently chose MedAssets to replace the existing vendor in order to improve revenue cycle performance, including outsourced services to fully manage DRMC’s patient financial services operation. MedAssets plans to reduce DRMC’s accounts receivable and increase cash flow through workflow technologies, enhanced reporting and improved visibility across the revenue cycle.
“The management team of Downey Regional Medical Center has done a tremendous job of identifying and addressing a number of challenges to put this healthcare organization back on solid footing,” said John Bardis, chairman, president and CEO, MedAssets. “We are honored to be chosen to partner with Downey Regional Medical Center, and we look forward to assisting the organization in achieving its financial goals through process improvement and accelerating cash flow.”
“We believe DRMC’s selection of MedAssets was driven by our proven financial improvement results for customers, as well as their interest in partnering with a national solutions provider to gain access to a comprehensive set of revenue cycle technology and service capabilities,” said Greg Strobel, president of Revenue Cycle Services, MedAssets. “We are confident that our integrated approach of implementing best practice revenue cycle process redesign with industry-leading revenue cycle tools and extended business office services will drive effective A/R management, accelerate cash flow and deliver sustainable financial improvement results.”
About Downey Regional Medical Center
Downey Regional Medical Center is a 199-bed, not-for-profit regional hospital and medical center that delivers healthcare services to Southeast Los Angeles County and portions of Long Beach and Orange County. Guided by a volunteer board of directors, Downey Regional Medical Center features sophisticated facilities and equipment complemented by highly trained medical, nursing, technical and support staff. Downey Regional provides care to more than 100,000 patients each and every year. For more information, please visit www.drmci.org.
About MedAssets
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. For more information, please visit www.medassets.com.
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INDUSTRY KEYWORDS: Technology Data Management Software Practice Management Health Hospitals Professional Services Finance
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