Focus’ Revenue Cycle Management Results in Award by MedAssets
Downey Regional Medical Center (Downey), a privately owned hospital located in Downey, California, was recently awarded the Revenue Cycle Best Practice Award for Rapid Implementation by MedAssets.
Focus Management Group (Focus) is serving as Financial Advisor for Downey and is guiding the hospital through its Chapter 11 bankruptcy proceeding. In this capacity Focus has worked with Downey to improve the overall revenue cycle management, computer system capabilities and management reporting of the hospital.
A key component of a revenue cycle management process is the implementation of a contingency plan to provide ongoing revenue cycle capabilities during unforeseen events such as natural disasters or vendor problems. In the case of Downey, this contingency planning work became critical to Downey’s success when the hospital decided to replace its revenue cycle management supplier. It was this successful planning and implementation work that resulted in Downey receiving MedAssets’ “Best Practice Award for Rapid Implementation.”
The Problem and the Solution
Prior to fully converting to MedAssets for its revenue cycle management platform, and following an evaluation by Downey and Focus of various vendors for this contingency planning service, Downey began utilizing MedAssets as a “hot back up” as an integral component of its contingency plan. An additional benefit of this contingency plan is the increased certainty provided to Downey’s asset-based lender Midcap Financial that cash flows would continue uninterrupted.
Focus’ extensive experience in revenue cycle management allowed Downey to make an informed decision regarding contingency providers. Downey and Focus visited MedAssets operating sites, viewed specific reports and systems, and evaluated work inflows and outflows. During this review, Focus worked with Downey to assess MedAssets’ claims management capabilities, including its process for handling denied claims. The MedAssets platform differentiated itself by providing real time views into the reports and the metrics that would be used by Downey management to gauge performance. Following the decision to use MedAssets for the contingency plan, Focus worked with Downey to set up MedAssets as the “hot back up” and to test the systems and procedures.
Less than two months after the “hot back up” contingency plan was established, Downey elected to switch to MedAssets for full time revenue cycle management support. A full conversion to MedAssets was accomplished in 72 hours with no interruption to patient billing – and therefore no interruption to Downey cash flow.
Ken Stropel, Chief Executive Officer of Downey, commented, “Contingency planning is an imperative when it comes to the financial management of a hospital. MedAssets and Focus rose to the occasion to provide the support required for our lender and for our hospital in a cooperative and timely fashion.”
The need for contingency plans in any industry is critical. Given the level of reliance on electronic data management today, hot back up sites and contingency plans have become a necessity.
The experience of Focus, specifically in the revenue cycle management process for healthcare providers, enabled Downey to make a highly successful transition to a new revenue cycle service provider – even with the concurrent complexities associated with Downey’s ongoing bankruptcy proceeding.
For further information regarding revenue cycle management or any aspect of healthcare operations and financial management, contact Focus’s healthcare team: Dan McMurray or by calling 813-281-0062.
One Response to “Focus’ Revenue Cycle Management Results in Award by MedAssets”
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