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 MasterTM, 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.