Clarivate Healthcare Business Insights Announces 2022 Revenue Cycle Awards Recipients
- Valley Medical Group, Fairfield Medical Center, Valley Hospital, and Ballad Health are the winners of the 2022 Revenue Cycle Awards
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Winners include Valley Medical Group, Fairfield Medical Center, Valley Hospital and Ballad Health
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
Valley Medical Group is part of Valley Health System, with locations throughout
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.
- Top decile performance on overall appeal success rate in most recent fiscal year:
- Fairfield Medical Center – 2022 Revenue Cycle Award Winner:
$250 Million $500 Million
Fairfield Medical Center is a not-for-profit healthcare system based in
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.
- Top decile year-over-year improvement on cost to collect:
- The Valley Hospital - 2022 Revenue Cycle Award Winner -
$500 Million $1 Billion
The Valley Hospital is an acute care, not-for-profit hospital in
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.
- Top decile performance on cost to collect in most recent fiscal year:
- Ballad Health - 2022 Revenue Cycle Award Winner:
$1 Billion
Ballad Health is an integrated community health improvement organization with 21 hospitals serving
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
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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SOURCE Clarivate Plc
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