EMERYVILLE, Calif., Nov. 3, 2015 /PRNewswire/ -- Wise Health System, a health system based in Decatur, Texas and affiliated with Baylor Scott & White Health, has expanded its partnership with MedeAnalytics by adopting its Revenue Lifecycle Management solution which provides a unified analytics view of revenue across the enterprise. By leveraging the MedeAnalytics' platform and deep financial expertise across all segments of the revenue cycle – patient access, mid-cycle and the business office – Wise Health System plans to reduce revenue leakage and ensure financial viability today and in the future.
"As we continue to grow and diversify our patient offerings, it is clear that we need a continuous process for revenue cycle management across the system. We need the ability to follow patients not only while they receive hospitals services, but also include information from the clinical areas with the hospital services," said Lynn Giddens-Branscum, Revenue Cycle Director at Wise Health System. "Our decision to adopt an enterprise approach to managing our revenue cycle was motivated not only by our desire to better connect and engage with our expanding physician community, but also because of our proven success with MedeAnalytics' offerings in the past. We look forward to incorporating MedeAnalytics in our strategic revenue lifecycle team."
Wise Health System hopes to accomplish multiple goals with the solutions that make up MedeAnalytics' Revenue Lifecycle Management: Patient Access, Revenue Integrity and Business Office. With Patient Access, the health system plans to streamline admissions, authorization and financial assistance processes to reduce the possibility of lost revenue. As Wise Health System prepares for more bundled payments and population health in the future, the health system will leverage Revenue Integrity for a more thorough review of data in the mid-cycle, where clinical operations impact the revenue cycle. Revenue Integrity will also help Wise Health System track denials throughout the organization, including its subsidiary clinics. The health system expects to be live with all solutions by June 2016.
Wise Health System has been using MedeAnalytics solutions since 2006 to aggregate patient data, pinpoint revenue bottlenecks and streamline collection efforts. They have also leveraged MedeAnalytics Compliance solution to protect healthcare revenue by identifying at-risk areas such as billing processes, coding and physician practices through the same audit methodologies that health plans use. Both solution areas have helped Wise Health System be more proactive with managing revenue risks and opportunities and drive accountability across the organization.
"Wise Health System is a model provider who understands the need for a holistic approach to the entire revenue lifecycle in today's ever-changing healthcare landscape. We look forward to expanding our nearly decade long work with the health system," said Andrew Hurd, CEO of MedeAnalytics. "With the ability to provide visibility into all the different data silos across the enterprise, we can truly be strategic partners with Wise Health System by providing more value to their revenue lifecycle management and ultimately help them optimize their financial health."
Specific capabilities of each solution within Revenue Lifecycle Management include:
- 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 prepare for ICD-10.
- Business Office optimizes cash flow and improves collections by bringing complex patient accounting data into a unified view and exposing the black holes, bottlenecks and outliers that result in lost revenue and reimbursement delays.
To learn more and schedule a demo of Revenue Lifecycle Management please 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 health plans 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 and 2015. For more information, visit www.medeanalytics.com.
About Wise Health System
Wise Health System is affiliated with Baylor Health Care System, one of the most highly regarded health care systems in the world today. Wise Health System currently provides inpatient and outpatient services at more than two-dozen locations. These include hospital facilities, primary care/specialty clinics, physical therapy and rehabilitation centers, imaging centers and bariatric surgery program offices. For more information, visit wiseregional.com.
Amy Ferretti, Senior VP, Marketing