St.Vincent Health utilizes MedAssets’ Revenue Cycle Management solutions

Sep 11 2009

MedAssets, Inc. (NASDAQ: MDAS) today announced that St.Vincent Health of Indianapolis, Ind., has expanded its use of MedAssets’ Revenue Cycle Management products and services to further improve its financial performance through better contract management, charge capture and recovery and claims management processes.

St.Vincent Health has made major improvements to optimize its revenue cycle performance over the last year, and continues to further automate its processes, improve efficiency and increase its net revenue by adding a multitude of MedAssets solutions that can be quickly implemented and deliver an immediate return on investment. Solutions being implemented include: Contract Manager, XClaim suite, CDM Master^TM, Charge Capture Audit (CCA^®) and PriceMaster.

Utilizing MedAssets’ solutions, St.Vincent Health can:

• Reduce rework by managing its claims process, improving the accuracy and consistency of submitted claims and first pass rates in order to increase overall cash flow;
• Eliminate lost or duplicate charges and billing errors with charge master management;
• Improve the accuracy of its billing and identify lost revenue and charge issues before claims are submitted;
• Ensure payment accuracy from payors and identify underpayments to realize net revenue; and
• Establish defensible pricing that supports transparency and hospital competitiveness.

Based in Indianapolis, St.Vincent Health operates 18 health facilities in 45 counties of central Indiana and cared for more than 2.1 million patients in fiscal year 2009.

“It’s more important than ever that hospitals and health systems focus on making their revenue cycle performance more effective, including ensuring that proper payments are received in a timely manner from patients and third party payors for the services we provide,” said Gregory Snow, vice president, Revenue Cycle Operations at St.Vincent Health. “MedAssets tools make it possible for us to quickly increase our efficiency and improve our financial performance, positioning us to better serve the patients who depend on us for their healthcare needs.”

“In today’s economy, providers like St.Vincent Health are looking for solutions that are quick to implement and quick to reach the targeted ROI,” said DT Nguyen, president, Revenue Cycle Management, MedAssets, Inc. “Our solutions are designed to help healthcare providers like St.Vincent Health identify ways to improve their financial performance so that they can continue their mission of providing high-quality healthcare to the communities they serve. We’re happy that our relationship with them continues to expand.”