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ATLANTA, Dec 15, 2009 (BUSINESS WIRE) -- Building on a seven year relationship of achieving sustainable financial improvement with MedAssets' spend management solutions, Wellmont Health System, based in Kingsport, Tenn., has expanded its relationship with the company to include a number of MedAssets' revenue cycle management solutions. Wellmont will utilize MedAssets' charge integrity, revenue capture and revenue recovery solutions to achieve financial performance improvements and increase its cash flow.
Wellmont will also use MedAssets' experts to enhance its chargemaster compliance to develop transparent and defensible pricing across the health system.
Alice Pope, Vice President of Finance and Corporate Treasurer, Wellmont Health System, said, "In today's environment it is critical to maintain a high performing revenue cycle. With the addition of these MedAssets revenue cycle solutions we have better control over revenue leakage and margin improvement."
Wellmont serves more than 51,000 inpatients annually through eight hospitals and is one of the region's largest employers with a staff of more than 6,500 professionals. Nearly 600 physicians deliver care at Wellmont facilities. Wellmont was the 2007 recipient of the Tennessee Excellence Award, and its hospitals have been recognized as Top 100 performers in heart care, intensive care and performance improvement.
"We have built a long-lasting relationship with Wellmont due to the strong return on investment we have been able to deliver to them through proven spend management solutions," said Rand Ballard, chief operating officer and chief customer officer, MedAssets. "Wellmont, like many hospitals nationwide, is focusing on improving its cash flow with intense focus on revenue cycle optimization. MedAssets will assist them in identifying opportunities and applying best practices and best-in-class technology that will improve its financial performance."
In addition, Wellmont will implement Service Line Analytics, MedAssets' newest spend analytics solution, to help benchmark its supply chain performance and to identify savings opportunities by dissecting data to the service line, physician or patient level by understanding the variations in its supply spend relative to patient outcomes.
"We are excited about using Service Line Analytics, and MedAssets' expert consultants to help us identify opportunities for margin improvement across our service lines, creating a roadmap for sustainable savings," said Brent Petty, Vice President of Supply Chain, Wellmont Health System. "We also see using Service Line Analytics as a positive way to further engage our physicians as a key stakeholder in our financial improvement process."
About MedAssets
MedAssets (NASDAQ: MDAS) partners with healthcare providers to improve their financial strength by implementing spend management and revenue cycle 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 30,000 non-acute care healthcare providers. For more information, visit www.medassets.com.
About Wellmont Health System
Wellmont Health System is a leading provider of healthcare services for Northeast Tennessee and Southwest Virginia, delivering top-quality, comprehensive healthcare and wellness services across the region. Wellmont facilities include Holston Valley Medical Center in Kingsport, Tenn.; Bristol Regional Medical Center in Bristol, Tenn.; Mountain View Regional Medical Center in Norton, Va.; Lee Regional Medical Center in Pennington Gap, Va.; Lonesome Pine Hospital in Big Stone Gap, Va.; Hawkins County Memorial Hospital in Rogersville, Tenn.; and Hancock County Hospital in Sneedville, Tenn. Wellmont is an operating partner with Adventist Health System at Takoma Regional Hospital in Greeneville, Tenn. For more information about Wellmont, please visit www.wellmont.org.
MDAS/B
SOURCE: MedAssets
MedAssets
Media Contact:
Regina Haas, 678-624-7420
pr@medassets.com
or
Investor Contact:
Robert Borchert, 678-248-8194
rborchert@medassets.com
Copyright Business Wire 2009