Hartford Healthcare Realizes $15.3 Million in Financial Improvement
MedAssets (NASDAQ: MDAS) today announced that Hartford Healthcare Corporation (HHC) has realized $15.3 million in financial improvement in one year as result of a comprehensive re-engineering initiative supported by the company’s end-to-end Revenue Cycle Management solutions.
“Our No. 1 goal is to better serve the patients in our community,” said Tom Marchozzi, chief financial officer, Hartford Healthcare. “This initiative has a direct impact on our patient’s experience from the first encounter at the registration desk to post-service billing. Beyond that, this effort has made a positive, lasting impact on our ongoing operational efficiency and financial viability to be able to continue to serve our community going forward.”
Similar to most integrated delivery networks today, HHC’s disparate information technology (IT) system environment was prohibitive to achieving aggregated reporting and best practice workflows and processes. According to Marchozzi, HHC looked at several options available to consolidate and improve performance.
The regional health network selected a combination of MedAssets Access Integrity, Charge Integrity and Reimbursement Integrity web-based applications to augment its existing IT infrastructure—50 different revenue cycle applications in all, including five patient accounting systems, three contract management solutions and six scheduling platforms. HHC also selected MedAssets Collections Management solution to reduce the cost to collect. The next-generation solution features advanced workflow and decision support capabilities to capture and prioritize all necessary collections data from hospital, physician groups and third-party management systems into one application to give HHC staff members an intelligent and unified work list.
The regional health network was able to centralize and standardize scheduling, contract management, business office, patient financial clearance and point of service cash collections functions across the five-hospital health system—all while preparing for bundled payments, and without disruption to cash flow. With the addition of this revenue cycle technology, HHC is now generating sustainable financial improvement, increasing patient satisfaction and developing best practice protocols for quality-based reimbursement models.
Preparing for a New Payment Environment
Another investment Hartford has made to sustain financial performance and develop accountable care best practices is the MedAssets solution for bundled payments. Among its many features, the web-based technology supplements current claim system and processes and performs severity-adjusted clinical analysis to deliver a comprehensive view of expected reimbursements under a fee for value reimbursement payment system. HHC will gain the ability to adjudicate in a bundled model, as well as track data at the patient, physician and/or facility level to support more informed contracting and budgeting based upon calculated opportunity for shared savings or potential penalties.
“Reduced provider reimbursement levels are imminent, and broadscale new thinking of current technologies and resource utilization will be critical to business success and survival for most healthcare organizations,” said Greg Strobel, president, Revenue Cycle Management, MedAssets. “Our end-to-end revenue cycle portfolio and expert services help healthcare providers like HHC to overcome the challenges presented by legacy monolithic systems in a way that is non-disruptive, low-risk and demonstrates real value. We look forward to continuing to support them in achieving best practices throughout the revenue cycle management continuum and preparation for accountable care.”
About Hartford Healthcare Corporation
Hartford HealthCare is the premiere health care network in Connecticut with more than 15,000 employees and $2 billion in net revenue. Hartford HealthCare’s members include Hartford Hospital (an 867-bed regional referral center that is one of the largest teaching hospitals and tertiary care centers in New England), a community tertiary hospital and two acute-care community hospitals: The Hospital of Central Connecticut (414 beds, with campuses in New Britain and Southington), MidState Medical Center (144 beds, in Meriden) and Windham Hospital (130 beds, in Willimantic). Other system member providers include two regional behavior health centers, a statewide clinical laboratory operation, a large primary care physician practice group, a large multi-specialty surgical group, a regional home care system, long-term care facilities and a physical therapy and rehabilitation network. For more information, please visit www.hartfordhealthcare.org.
MedAssets (NASDAQ: MDAS) helps healthcare organizations to improve financial strength through innovative revenue cycle, spend and clinical resource management solutions that enable improved margins, cash flow, quality of care and patient satisfaction. More than 4,200 hospitals and 100,000 non-acute healthcare providers currently use the company’s Web-based technologies and evidence-based solutions to help capture revenue, control cost, increase regulatory compliance and optimize operational efficiency to improve the care delivery process. As a result, the company manages annually $48 billion in healthcare supply spend and touches over $340 billion in gross patient revenues. For more information, please visit www.medassets.com.