Winners include Valley Medical Group, Fairfield Medical
Center, Valley Hospital and Ballad Health
LONDON, Oct. 11, 2023 /PRNewswire/ -- Today Clarivate
Plc (NYSE: CLVT), a global leader in connecting people and
organizations to intelligence they can trust to transform their
world, announced the 2022 winners of the Clarivate Healthcare
Business Insights™ annual Revenue Cycle Awards. In its
11th year, the Revenue Cycle Awards recognizes U.S.
based healthcare organizations for achieving outstanding
performance on revenue cycle KPIs, based on data from their most
recent and preceding full fiscal years. The 2022 Revenue Cycle
Awards recipients are Valley Medical Group – NJ and NY; Fairfield
Medical Center OH; Valley Hospital – NJ and NY and Ballad Health –
TN, VA, NC and KY.
The Clarivate Healthcare Business Insights Revenue Cycle Awards
recognize hospitals and health systems which demonstrate strong
performance on revenue cycle KPIs that indicate the fiscal health
of an organization. These organizations implemented
forward-thinking initiatives to address numerous challenges in the
healthcare landscape and demonstrated top decile revenue cycle
performance across various studied metrics.
In addition to financial outcomes, the 2022 Awards recipients
were selected based on the effectiveness of revenue cycle
operations and the percentages of initial denials attributed to
various revenue cycle areas, which provide insight into root cause
categories as well as the accuracy of staff workflows. Entrants
also described recent revenue cycle initiatives centered on staff
engagement and retention, automation and artificial intelligence,
payer relations, compliance with the No Surprises Act and more.
Brad Cording, Vice President Product Management, Provider
Solutions, Clarivate Healthcare Business Insights,
said: "Last year, revenue cycle leaders were faced with a
myriad of challenges including the enactment of the No Surprises
Act, continued staffing shortages, and the integration of
technologies like robotic process automation and artificial
intelligence. The 2022 Revenue Cycle Awards recipients are thinking
forward, leveraging innovative methods to engage their teams,
expand capacity with limited budgets and more. These companies have
ensured the continued success of both the revenue cycle department
and their respective organizations despite a difficult operational
environment."
While all winners have high-performing revenue cycles in common,
they represent varied segments of the healthcare landscape as
defined by annual net revenue. The Healthcare Business Insights
2022 Revenue Cycle Awards Winners are:
- Valley Medical Group – 2022 Revenue Cycle Award Winner:
$250 Million or Less Net
Revenue
Valley Medical Group is part of Valley Health
System, with locations throughout Northern New Jersey and Southern New York. Valley Medical Group
generated approximately $173 million
annual net revenue in 2022 and is a first-time Revenue Cycle Award
winner.
Key achievements:
-
- Top decile performance on overall appeal success rate in most
recent fiscal year: 97.5%
- Top decile year-over-year improvement on percentage of dollars
initially denied by payers due to patient access errors: 82.8%
improvement
- Valley Medical Group leaders invested in staff engagement and
retention by updating salaries, offering career ladders, and
rolling out compressed work weeks; and utilized AI for various
functions, including charge capture.
- Fairfield Medical Center – 2022 Revenue Cycle Award
Winner: $250 Million to $500 Million Net Revenue
Fairfield Medical Center is a
not-for-profit healthcare system based in Lancaster, Ohio. Fairfield Medical Center
generated approximately $277 million
annual net revenue in 2022 and is a first-time Revenue Cycle Award
winner. Ensemble Health Partners manages revenue cycle operations
for Fairfield Medical Center.
Key achievements:
-
- Top decile year-over-year improvement on cost to collect: 42.1%
improvement
- Top decile performance on percentage of dollars initially
denied by payers due to patient access errors in most recent fiscal
year: 8.5%
- Leaders invested in professional development by implementing
career paths and focusing on succession planning; and invested in
automation by implementing solutions for providing Good Faith
Estimates, coding, digital payment reminders and more.
- The Valley Hospital - 2022 Revenue Cycle Award Winner -
$500 Million to $1 Billion net revenue
The Valley Hospital is an acute care,
not-for-profit hospital in New
Jersey with 431 licensed beds. It is part of Valley Health
System and generated approximately $940
million annual net revenue in 2022. The Valley Hospital is a
repeat winner, having won a 2019 Revenue Cycle Award.
Key achievements:
-
- Top decile performance on cost to collect in most recent fiscal
year: 1.7%
- Top decile performance on late charges as a percentage of gross
revenue in most recent fiscal year: 0.01%
- Leaders invested in staff engagement and retention by offering
hybrid work, providing bonuses, implementing a "pal" program for
new hires and more; implemented a patient communication package
that allows patients to pay bills through phones, tablets or
computers; and implemented various measures to ensure compliance
with the No Surprises Act, including weekly meetings, tracking NSA
accounts, partnering with an attorney to handle the dispute
process, and more.
- Ballad Health - 2022 Revenue Cycle Award Winner:
$1 Billion + Net Revenue
Ballad Health is an integrated community health
improvement organization with 21 hospitals serving Tennessee, Virginia, North
Carolina and Kentucky.
Ballad Health generated approximately $1.8 billion annual net revenue in 2022 and is a
first-time Revenue Cycle Award winner. Ensemble Health Partners
manages revenue cycle operations for Ballad Health.
Key achievements:
- Top decile year-over-year improvement on patient and payer
credit balances as a percentage of net A/R in most recent fiscal
year: 78.1% improvement
- Top quartile performance on gross A/R days in most recent
fiscal year: 40.2%
- Leaders invested in staff engagement and retention by
soliciting staff feedback and implementing action plans as a
result, offering career development and mentorship programs, and
creating a flexible work environment; leaders also implemented
automated coding that increased coded charts from 4.1 to 4.7 per
hour and increased the median final code set volume by one code per
chart.
Clarivate Healthcare Business Insights is a proud partner of
over 1,900 hospitals and health systems in the United States. Clarivate Healthcare
Business Insights supports healthcare leaders by optimizing
performance, sharing strategies for engaging and retaining
employees, and providing insights to help navigate the evolving
market – all while putting the patient first. As part of the
Revenue Cycle Awards program, Clarivate Healthcare Business
Insights highlights the work behind the numbers with exclusive
content, connecting leaders from the winning organizations with the
community. Submissions for the 2023 Clarivate Healthcare Business
Insights Revenue Cycle Awards will open in early 2024.
To learn more about Clarivate Healthcare Business Insights,
visit www.clarivate.com/products/healthcare-business-insights/.
About Clarivate
Clarivate™ is a leading global information services provider. We
connect people and organizations to intelligence they can trust to
transform their perspective, their work and our world. Our
subscription and technology-based solutions are coupled with deep
domain expertise and cover the areas of Academia & Government,
Life Sciences & Healthcare and Intellectual Property. For more
information, please visit www.clarivate.com.
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