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.