43 Hospitals to Focus on a Defensible Pricing Strategy; 10 Hospitals to Improve Charge Capture Processes
ATLANTA--MedAssets Net Revenue Systems announced today a new agreement with Tenet Healthcare Corporation to provide Defensible Price Modeling services for 43 hospitals. MedAssets will also conduct Charge Capture Auditing services for ten Tenet facilities to identify opportunities for improvement in charge capture processes and increases in net revenue. The agreement is effective July, 2006.
MedAssets’ Defensible Price Modeling service and accompanying technology, CRM.Net, ensure the defensibility of hospital charges through market comparisons, examination of charge-to-cost relationships, and an analysis of the impact of pricing changes on net revenue.
“MedAssets Net Revenue Systems will assist Tenet in ensuring that charges for services delivered are rational and reasonable in their respective communities,” said Kate Banks, senior vice president, MedAssets Net Revenue Systems. “Utilizing MedAssets’ customized local and regional benchmarks allows each facility in various parts of the country to compare their pricing with similar providers in their area.”
The charge capture audit process in ten Tenet facilities will review 100% of the itemized bills for a specified period of time to flag potential missed charges, identify overcharges, and reclaim missed net revenue.
“In order to improve patient satisfaction and ensure accurate reimbursements, MedAssets Net Revenue Systems will analyze Tenet’s charge capture process,” continued Banks. “Performing this review will highlight sources of potential errors in patient bills, so Tenet facilities can correct business processes and eliminate potential billing issues.”
“Our relationship with Tenet Healthcare Corporation is an excellent example of the flexibility and customization of services offered by MedAssets,” stated Rand Ballard, chief operating officer, MedAssets, Inc. “By tailoring our net revenue solutions to meet the needs of selected facilities, we can focus on the most relevant issues for individual hospitals for the maximum impact to operations.”
To learn more about MedAssets revenue cycle management tools, view a short video at http://nrs.medassets.com/NRS/OvrvwVideo.htm or visit www.medassets.com.
About MedAssets
MedAssets, headquartered in Atlanta, Georgia, improves healthcare providers' margin and cash flow through revenue cycle and supply chain initiatives and decision support technology and services. As a strategic business partner, MedAssets can replace multiple vendors and decrease supply costs by 3-10 % and increase net patient revenue by 1-3 %. MedAssets Net Revenue Systems provides best-of-breed revenue solutions including defensible pricing, pre-bill charge capturing, and ongoing chargemaster management tools, all of which have been Peer Reviewed by the Healthcare Financial Management Association. MedAssets Net Revenue Systems also offers denials management and a tool to link supply cost data with charge data. MedAssets Supply Chain Systems is one of the fastest growing group purchasing organizations in the U.S. and builds customized solutions encompassing procurement of common medical supplies, pharmaceuticals, physician preference supplies, food and nutrition items, and capital equipment. The newly formed MedAssets Analytical Systems offers supply chain analytics and decision support tools while clinical and operational consulting services are provided through MedAssets’ subsidiary, Aspen Healthcare Metrics. Avega Health Systems, a subsidiary of MedAssets, ranked "Best in KLAS" in Business Decision Support - KLAS Enterprises, LLC 2005. For more information about MedAssets go to www.medassets.com or contact Gary Johnson, corporate senior vice president of Marketing and Marketing Services, 100 North Point Center East, Suite 200, Alpharetta, GA 30022.
