Health System Taps MedeAnalytics’ Proven Financial Analytics Expertise
Emeryville, Calif. – (November 14, 2016) – West Tennessee Healthcare, a public, not-for-profit healthcare system, today announced it has expanded its partnership with MedeAnalytics, a pioneer in healthcare analytics, by adding Patient Access and Denials Management capabilities. Having already experienced success with MedeAnalytics’ ICD-10, Compliance and Revenue Cycle solutions, West Tennessee Healthcare hopes to create process efficiencies, further reduce denials and gain new insights into their entire revenue cycle across the system and its physician group. The new capabilities are being deployed across the organization’s hospitals and physician practices.
“In the wake of an evolving healthcare landscape, we recognize the need to better position ourselves for the future and have thus adopted a financial strategy to include all aspects of the revenue lifecycle – from patient access to mid-cycle to the business office,” said Jeff Blankenship, Chief Financial Officer of West Tennessee Healthcare. “We are expanding our partnership with MedeAnalytics to help execute on this strategy because of their expertise and proven results with our organization.”
Those results include over 4,000 record reviews, $3.7 million in refunds and $900,000 in appeals over a four-year period. In the midst of a new accounting system conversion, West Tennessee Healthcare recognized that MedeAnalytics could once again deliver value by helping identify revenue and workflow gaps during the transition and help manage processes between new centralized registrations, the denials team and the existing revenue cycle team.
“West Tennessee Healthcare is gaining a complete picture of their financial health by taking an end-to-end approach to their revenue lifecycle,” said Andrew Hurd, CEO of MedeAnalytics. “With a single, integrated view of their financial data, they will now have the insight needed to reduce and prevent denials and improve patient service collections. We look forward to growing our nearly decade-long partnership and providing West Tennessee Healthcare with the service needed to navigate the recent, and yet to come shifts in healthcare reimbursement.”
Since working with MedeAnalytics, West Tennessee Healthcare has progressively added capabilities for Revenue Cycle, Compliance, Self-Pay, ICD-10 and Revenue Integrity. With the recent addition of patient access and denials management, the health system plans to improve point-of-service cash collections, pre-registration rates and insurance verification, and reduce denials and bad debt across all four of their hospitals and physician group.
Taking an enterprise approach to managing the revenue lifecycle enables organizations to see the full picture – from the very first touch point in patient access, to documentation and coding in the mid-cycle, to billing and collections in the business office. MedeAnalytics’ solution to revenue lifecycle management includes the following capabilities:
- Patient Access provides real-time analytics during the patient registration and payment clearance processes to improve point-of-service collections.
- Revenue Integrity spots opportunities to improve revenue capture, minimize audit risk and measure and monitor the impact of ICD-10 on revenue.
- Business Office optimizes cash flow, manages denials and improves collections by bringing complex patient accounting data into a unified view to expose the black holes, bottlenecks and outliers that result in lost revenue and reimbursement delays.
For more information on managing your enterprise revenue lifecycle, visit www.medeanalytics.com/revenue-lifecycle.
MedeAnalytics provides evidence-based insights to solve a real problem that plagues healthcare – how to use the immense amount of patient data collected along the care continuum to deliver cost-effective care and promote a healthier population. Its analytics platform delivers intelligence that helps healthcare organizations detect their greatest areas of risk and identify opportunities to improve their financial health. It empowers providers and payers to collaborate and use data to strengthen their operations and improve the quality of care. MedeAnalytics’ cloud-based tools have been used to uncover business insights for over 1,500 healthcare organizations across the United States and United Kingdom. The company has also been named one of Modern Healthcare's top 100 Best Places to Work in Healthcare for 2014, 2015 and 2016. For more information, visit www.medeanalytics.com.
About West Tennessee Healthcare
West Tennessee Healthcare is a public, not-for-profit healthcare system with locations throughout 17 counties in West Tennessee. The mission of West Tennessee Healthcare is to improve the health and well-being of the communities we serve while providing exceptional and compassionate care. For more information, visit www.wth.org.