Aug 26 2009
MedAssets, Inc. (NASDAQ: MDAS) today announced that it has signed a long-term agreement to deliver its transformational revenue cycle solutions to Saint Barnabas Health Care System (SBHCS), the largest integrated health care delivery system in New Jersey. MedAssets will provide revenue cycle process reengineering services, powered by the continued deployment of web-based software and execution of ongoing primary accounts receivable billing and follow-up services.
This strategic partnership is focused on achieving improved financial metrics and best-practice revenue cycle operating processes across the SBHCS enterprise.
MedAssets’ software-enabled tools and professional service expertise will be utilized to manage and fundamentally transform SBHCS’s revenue cycle processes. The scope of services to enhance revenue capture and improve payment accuracy will include, but not be limited to: accounts receivable billing and collection services; denial management and retrospective recovery services; and targeted consulting services to achieve best practice operations across the entire revenue cycle.
Since 2004, MedAssets has provided revenue cycle and spend management solutions to SBHCS, including charge capture and revenue integrity tools, as well as group purchasing, supply chain analytics and consulting services.
SBHCS is a non-profit healthcare delivery system comprised of six acute care and two children’s hospitals, outpatient care centers, nursing and rehabilitation centers, an assisted living facility, a state-wide behavioral health network and comprehensive home care and hospice programs. As New Jersey’s second largest private employer with 19,600 employees, 4,750 physicians representing one-fourth of the State’s actively practicing physicians, and 450 medical residents and interns, SBHCS treats more than two million patients annually and generated over $2.3 billion in total revenue in 2008.
"The Saint Barnabas Health Care System is one of the nation’s leading integrated health systems, and we are proud to have the opportunity to apply the full scope of our technology and service expertise to help transform this preeminent health system’s revenue cycle operations for best-practice improvement," said John A. Bardis, Chairman, President and Chief Executive Officer, MedAssets, Inc. “We have a proven track record of delivering significant financial improvement for our customers, and we believe MedAssets has the tools and experience to help the Saint Barnabas Health Care System achieve its operating and community service objectives.”
“Through this agreement, we are building upon our strategic relationship with MedAssets to realize significant financial improvement benefits for our health system,” said Ronald J. Del Mauro, President and Chief Executive Officer, Saint Barnabas Health Care System. “We look forward to improving our revenue capture and reimbursement processes to reinforce our financial resources in order to maintain our commitment to providing the highest quality of patient care and health education to the community and the region.”
“Today’s revenue cycle environment requires a holistic approach, and MedAssets offers an unparalleled combination of technology, professional services, and extended service center capabilities that can significantly impact client financial and business processes,” said Robert Wright, President, Revenue Cycle Services, MedAssets, Inc. “We are excited about the importance of this expanded partnership, and look forward to delivering exceptional value to the Saint Barnabas Health Care System community.”
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