MedAssets Announces General Availability of Collections Management, a Fully Integrated Receivables Solution
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.
MDAS/P
MedAssets
Media Contact:
Robin Wrinn, 678-624-7420
rwrinn@medassets.com
or
Investor
Contact:
Robert Borchert, 678-248-8194
rborchert@medassets.com
Source: MedAssets
News Provided by Acquire Media
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