Advanced Business Rules Consolidate All Vital Data from Disparate Systems into one Application for Time-Sensitive, Exception-Driven A/R Management to Accelerate Cash Flow and Net Revenue Collections
ATLANTA--(BUSINESS WIRE)-- MedAssets (NASDAQ: MDAS) today announced the general availability of Collections Management, an accounts receivable management solution designed to help healthcare providers address the challenges of shrinking reimbursements, high volume of open accounts and rising costs to collect. The advanced workflow and decision support solution captures and prioritizes all necessary receivable collections data from various hospital, physician groups and third-party management systems into one application to give revenue cycle staff members intelligent and unified worklists. This increased accessibility to vital information is married with a set of advanced business rules that evaluate, stratify and prioritize open accounts and present time-sensitive worklists to define collectors’ actions and help eliminate missed revenue opportunities. The result is instilled precision in day-to-day activities for exception-driven accounts receivable (A/R) management to drive performance to its fullest potential, accelerate cash flow and net revenue collections.
Growing Challenges Continue to Raise Industry Costs
Today, health systems struggle to consolidate information from disparate systems, including patient accounting, denials management, contract management, and vendor management. In addition, staff members responsible for managing open receivables struggle to maintain best practice follow-up procedures given the increase in self-pay accounts and the complexity of payor rules related to contract terms, billing regulation and filing deadlines.
According to the Third Quarter 2011 Hospital Accounts Receivable Analysis (HARA) report, the average cost-to-collect for hospitals is now $0.0245 for each $1.00 of reimbursement, and is expected to rise as the volume of self-pay patients increases. Open accounts per collector working in a U.S. hospital can average more than 5,000 at any one time, and all U.S. hospitals reported a spike increase in gross revenue written off as uncollectible.
To reduce bad debt, timely filing write-offs and the detrimental seesaw pattern of receivables, the MedAssets Collections Management solution integrates data from multiple systems—including the capability to consolidate collections for integrated delivery networks utilizing different billing systems. The result is a seamless, comprehensive workstation view of accounts, patient data transactions, claims, remittance, clinical data and more. Advanced business rules, along with client-specific business rules, can then be applied to the consolidated data to present automated worklists based on key business parameters, such as net amount collectable, payor deadline thresholds and payor claims status intelligence. Collections Management also provides tools for the management team to direct overall workflows and improve performance visibility by replacing traditionally fragmented reporting tools with comprehensive, consolidated and real-time reports that can be sorted by facility, department, payor and collector.
Directs Staff to a Best Practice Follow-up and Collections Strategy
Cooper University Hospital, located in New Jersey, is among several healthcare organizations utilizing Collections Management and is already realizing its value. “As a Collections Management client, we have been able to move from a manual workflow distribution and follow-up process to an automated, best practice follow-up and collections strategy,” said Doug Shirley, chief financial officer, Cooper University Hospital. “The solution has greatly enhanced our collections team efficiency and resource allocation model, as well as improving our net revenue projections. Moreover, the advanced productivity tracking and reporting tools have given us centralized visibility into all open accounts across multiple systems driving a higher-level financial risk management perspective into our collection activities.”
“MedAssets has taken a thorough understanding of the management of a client’s open accounts receivable and the problems our clients encounter on a daily basis to deliver a next-generation technology that truly optimizes reimbursement integrity as the marketplace shifts to risk-based reimbursement models,” said Greg Strobel, president, Revenue Cycle Management, MedAssets. “I expect all adopters of Collections Management will come to realize its capabilities are an essential element in driving more predictable revenues and staving off uncontrollable write-offs to achieve optimum functioning of revenue processes.”
Collections Management is the latest component of a comprehensive portfolio of receivables management solutions offered by MedAssets. Its advanced business rules and system capabilities reflect the company’s demonstrated expertise in supporting healthcare organizations across the country to improve margins and cash flow through revenue cycle assessments, best practice recommendations and process re-engineering. MedAssets Revenue Cycle Consulting and Services group can serve as an essential success factor in realizing the fullest return on investment in Collections Management. The group collects nearly $4 billion per year for MedAssets clients and supports hundreds of hospitals in improving cash collections through accounts receivable services and recovery services.
About Cooper University Hospital
Cooper University Hospital is the flagship of The Cooper Health System. It is the premier university hospital serving South Jersey and the Delaware Valley. Cooper will expand its role as a leader in medical education and research with the opening of Cooper Medical School of Rowan University, the first four-year allopathic medical school in South Jersey, welcoming its first class in August 2012. Cooper is renowned for Signature Programs in cardiology, cancer, critical care, pediatrics, trauma, orthopaedics and neurosciences. Cooper has transformed the Health Sciences Campus in Camden over the past five years and will soon break ground on a new Cooper Cancer Institute in May 2012. Cooper also continues its regional expansion with the opening of new and expanded facilities throughout Camden, Burlington and Gloucester Counties. For more information, go to www.cooperhealth.org.
About MedAssets
MedAssets (NASDAQ: 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 4,200 hospitals and 100,000 non-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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