VHA's Revenue Management Team Helps Members Identify at Least $100 Million in Additional Revenue Opportunities and Savings
IRVING, Texas, July 28 /PRNewswire/ -- Increasing supply costs, rising capital needs and declining reimbursements constantly keep hospital executives awake at night. To help its member hospitals, VHA Inc., the health care alliance, uses a formula that links its expertise in revenue cycle management with its clinical improvement capabilities and long-standing experience in supply chain management. In just 12 months, VHA has helped 20 member health care organizations identify or implement improvement opportunities that could yield an additional $100 million in revenue and many times that amount in cost savings. "Bringing all of VHA's competencies to bear on a member's circumstances can have an enormous impact on a health care organization's bottom line," said Jim Martin, VHA's senior director of revenue management consulting. Martin says that VHA's ability to connect clinical improvement initiatives that reduce costs, such as efforts to reduce inpatient infection rates, with efforts to improve operating margins through the effective utilization of high-cost physician preference supplies, while maximizing reimbursement for these items, creates an effective, comprehensive, long-term approach to financial improvement for health care organizations. "There are many levers a hospital can pull to increase revenue and improve its cost situation," said Martin. "Linking expensive supply purchases and their utilization by managing and monitoring the item master/charge master file can help members ensure accurate reimbursement and enable them to negotiate carve-out reimbursements for high-cost physician preference items. VHA provides members with access to services that enable them to better manage these activities." VHA provides members with guidance on other vital revenue cycle functions, including: optimal procedure pricing; business office enhancement; and front end optimization, including capturing accurate demographic and insurance information, as well as collecting co-payments and deductibles. VHA has also implemented cash acceleration projects and developed a front-end technology tool that aids in the advanced beneficiary/medical necessity notification process. VHA member organizations are currently piloting the tool. VHA's Revenue Management Services group has provided ever-increasing value to member organizations since Martin started the practice in early 2003. More than 150 VHA clinicians and financial experts are available to help member organizations. The projects have resulted in significant improvements in members' bottom lines. For example, a recent optimal pricing engagement at Norman (Okla.) Regional Hospital resulted in a potential net income improvement of more than $4.9 million. "By working with VHA, we developed more appropriate pricing strategies to offset the expenses we were incurring, and developed a revenue model that protected our long-term future in the community," said Melvin Alexander, chief financial officer at Norman Regional. At other health care organizations, the revenue management team has completed comparative measurement benchmarking studies, allowing members to share best practices, and assisted with improving health information management, denials management, and revenue cycle improvement for small hospitals. About VHA VHA Inc. is a national cooperative of leading not-for-profit health care organizations that work together to improve the health of the communities they serve. VHA leverages the collective strength of the membership to improve clinical, operational and financial performance. Through the VHA cooperative, members benefit from resources that assess critical needs and identify best practices to create customized solutions that lower costs and improve clinical quality. As a cooperative, VHA distributes income annually to members based on their participation. Based in Irving, Texas, with 18 offices across the U.S., VHA was named one of the "100 Best Companies to Work For" by Fortune in January 2004, for the fifth year in a row. For more information, go to http://www.vha.com . Contacts: Lynn Gentry 972-830-0798 email@example.com Andy Wilson 972-830-0047 firstname.lastname@example.org
SOURCE VHA Inc.
More by this Source
VHA Inc. Appoints Russell F. Lewis as Chief Information and Technology Officer
Feb 24, 2014, 14:29 ET
VHA names Anna Fox as senior vice president and executive officer of VHA Central
Jan 08, 2014, 09:00 ET
VHA Hospital Engagement Network Extended for Additional Year
Jan 06, 2014, 13:12 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.