ATLANTA, June 24, 2014 (GLOBE NEWSWIRE) -- MedAssets (Nasdaq:MDAS) today announced the introduction of Contract Analytics, the first module of Revenue Cycle Analytics, a robust analytical discovery product suite designed to improve revenue cycle efficiency and visibility into reimbursement performance. MedAssets is showcasing Contract Analytics, along with its full portfolio of revenue cycle management solutions at the 2014 HFMA National Institute, June 22-25 in Las Vegas (Booth #412).
Contract Analytics provides dynamic access to critical revenue cycle data to enable executives and front-line associates alike to gain timely insights into reimbursement trends, recognize issues and variances in payor performance, and identify impacts to operational goals. As a result, health system leaders are empowered to take swift action with fact-based decisions. Tool features include:
- Data aggregation from multiple sources including data from MedAssets Contract Management product and the health system's patient accounting system(s)
- Interactive key performance indicator dashboards. Each dashboard provides analytical discovery through summary views and drill down capabilities to line item level
- Standard and ad hoc reporting capabilities that leverage hundreds of revenue cycle data elements to enable root cause analysis in minutes
- Accessibility via iPad application enabling on-the-go performance monitoring and decisions
"Many providers struggle with the massive amount of healthcare information plus scarce time, technology and project management resources to unlock data into usable business intelligence," said Amy Amick, president, Revenue Cycle Management, MedAssets. "Contract Analytics combines MedAssets extensive payor and reimbursement expertise with our innate understanding of the inner working of a hospital's operational and financial data. It's the first of in a series of business intelligence tools we're introducing to support financial leaders, analysts and front-line employees to improve operational efficiency, optimize reimbursements and minimize risk."
Unlocking valuable revenue cycle data to optimize reimbursement and performance
Sentara Healthcare, a not-for-profit health system based in Virginia, is among the first health systems to adopt the MedAssets Contract Analytics tool.
"Eight of our 12 hospitals are live on the new revenue cycle product from MedAssets and at this early stage its capabilities are very impressive," said Andrew P. Weddle, vice president, Revenue Cycle, for Sentara Healthcare. "We are excited to leverage this powerful analytical tool to help us better identify ways to optimize reimbursement."
A comprehensive portfolio of analytics and insight
As hospitals contend with increased regulation and public scrutiny, there is increased need for data transparency to support fact-based decisions across multiple constituents across provider organizations. The introduction of Contract Analytics builds upon the wide array of proprietary data and analytics tools MedAssets offers to multiple hospital departments and constituents to improve quality of care, efficiency and financial performance. Whether the focus is Cost Analytics for clinical utilization standardization, such as supply and pharmacy spend expense, Revenue Cycle Analytics for sustained margin improvement, Operational Analytics for clinical resource management and strategic planning, or Clinical Analytics to identify risk and savings opportunities related to bundled payments, MedAssets offers business intelligence solutions to help drive decisions that reduce the total cost of care, enhance operational efficiency, align clinical delivery and improve revenue performance.
About Sentara Healthcare
Sentara Healthcare celebrates a 125-year history of innovation, compassion and community benefit. Based in Norfolk, VA, Sentara is a diverse not-for-profit family of 12 hospitals, an array of integrated services and a team 27,000 strong on a mission to improve health every day. This mandate is pursued through a disciplined strategy to achieve Top 10% performance in key measures through shared best practices, transformation of primary care through clinical integration and strategic growth that adds value to the communities we serve in Virginia and North Carolina. For more information, please visit www.sentara.com.
MedAssets (Nasdaq:MDAS) is a healthcare performance improvement company focused on helping providers realize financial and operational gains so that they can sustainably serve the needs of their community. More than 4,400 hospitals and 122,000 non-acute healthcare providers currently use the company's evidence-based solutions, best practice processes and analytics to help reduce the total cost of care, enhance operational efficiency, align clinical delivery, and improve revenue performance across the care continuum. For more information, please visit www.medassets.com.