Clarivate Healthcare Business Insights Unveils 2023 Revenue Cycle Award Winners
Recognizing Roper St. Francis Healthcare, Bon Secours Mercy Health, and Bronson Methodist Hospital for excellence in Physician and Hospital Groups
LONDON, Nov. 13, 2024 /PRNewswire/ -- Clarivate Plc (NYSE:CLVT) a leading global provider of transformative intelligence, announced the 2023 winners of the Clarivate Healthcare Business Insights™ annual Revenue Cycle Awards. Now in its 12th year, the Revenue Cycle Awards recognize U.S.-based healthcare organizations for exceptional performance on revenue cycle KPIs, based on data from their most recent and preceding full fiscal years. The 2023 recipients include Roper St. Francis Healthcare (Physician Group) – SC; Bon Secours Mercy Health (Physician Group) – OH; Bronson Methodist Hospital – MI; and Roper St. Francis Healthcare – SC.
The Clarivate Healthcare Business Insights Revenue Cycle Awards honor healthcare organizations demonstrating excellence in KPIs critical to fiscal health. This year's winners achieved top decile performance across diverse metrics and implemented forward-looking initiatives to address key challenges in the healthcare landscape.
Brad Cording, Vice President, Product Management, Life Sciences and Healthcare, Clarivate, said: "We are honored to recognize the outstanding achievements of this year's Revenue Cycle Award recipients, whose commitment to excellence sets a benchmark for the healthcare industry. By demonstrating innovation and resilience in the face of today's complex challenges, these organizations underscore the importance of effective revenue cycle management in fostering financial health and enhancing patient care. We are proud to support and celebrate their successes within the healthcare community."
In addition to financial outcomes, recipients were selected based on effective revenue cycle operations, including initial denial percentages across revenue cycle areas that reveal insights into root causes and workflow accuracy. Entrants also highlighted initiatives focused on revenue cycle data analytics, process optimization, and payer management.
While all winners share high-performing revenue cycles, they represent varied segments within the healthcare landscape, as defined by annual net revenue. The 2023 Healthcare Business Insights Revenue Cycle Awards winners are:
- Roper St. Francis Healthcare (Physician Group) – 2023 Revenue Cycle Award Winner: $250 Million or Less Net Revenue
Roper St. Francis Healthcare is a not-for-profit health system with locations throughout South Carolina. Roper St. Francis Healthcare generated approximately $160 million annual net revenue in 2023 and is a first-time Revenue Cycle Award winner. Ensemble Health Partners manages revenue cycle operations for Roper St. Francis Healthcare.
Key achievements:- Top decile performance on cash collections as a percentage of net revenue: 108.3%
- Top decile performance on overall appeal success rate: 98.7%
- Roper St. Francis Healthcare, through its partnership with Ensemble Health Partners, utilizes various revenue cycle analytics reporting packages and uses proprietary automation and AI software to improve revenue cycle processes and financial outcomes.
- Bon Secours Mercy Health (Physician Group) – 2023 Revenue Cycle Award Winner: $250 Million to $500 Million Net Revenue
Bon Secours Mercy Health is a not-for-profit healthcare system based in Cincinnati, Ohio. Bon Secours Mercy Health (Physician Group) generated approximately $333 million annual net revenue in 2023 and is a first-time Revenue Cycle Award winner. Ensemble Health Partners manages revenue cycle operations for Bon Secours Mercy Health (Physician Group).
Key achievements: -
- Top decile year-over-year improvement on cash collections as a percentage of net revenue: 13.2% improvement
- Top decile performance on percentage of dollars initially denied by payers due to coding errors: 1.6%
- Bon Secours Mercy Health has implemented initiatives to hold payers accountable when performance is not meeting contractual obligations and to address inappropriate claim delays and denials.
- Bronson Methodist Hospital - 2023 Revenue Cycle Award Winner - $500 Million to $1 Billion Net Revenue
Bronson Methodist Hospital is regional medical center and children's hospital in Michigan and is part of Bronson Healthcare. It generated approximately $915 million annual net revenue in 2023 and is a first-time Revenue Cycle Award winner.
Key achievements:- Top decile year-over-year improvement on initial denials due to patient access errors: 26.8% improvement
- Top decile year-over-year improvement on initial denials due to coding errors: 6.7% improvement
- Bronson Methodist Hospital has a revenue cycle business analytics department that uses data to help improve performance, implemented an internal staff development program, developed a metric to help identify the impact of payer denials on actual cash yield versus expected, and more.
- Roper St. Francis Healthcare (Hospital Group) - 2023 Revenue Cycle Award Winner: $1 Billion+ Net Revenue
Roper St. Francis Healthcare is a not-for-profit health system with locations throughout South Carolina. Roper St. Francis Healthcare generated approximately $160 million annual net revenue in 2023 and is a first-time Revenue Cycle Award winner. Ensemble Health Partners manages revenue cycle operations for Roper St. Francis Healthcare.
Key achievements:- Top decile year-over-year improvement on net A/R days: 0.4 day improvement
- Top decile performance on initial denials due to patient access errors: 19.7%
- Roper St. Francis Healthcare, through its partnership with Ensemble Health Partners, utilizes various revenue cycle analytics reporting packages and uses proprietary automation and AI software to improve revenue cycle processes and financial outcomes.
Clarivate Healthcare Business Insights proudly partners with over 1,900 hospitals and health systems across the United States, supporting healthcare leaders in optimizing performance, enhancing employee engagement and retention strategies, and navigating an evolving market—all with a focus on putting patients first. Through the Revenue Cycle Awards program, Clarivate Healthcare Business Insights not only highlights the achievements reflected in the metrics but also showcases the initiatives behind them with exclusive content, fostering connections between leaders from award-winning organizations and the broader healthcare community.
To learn more about Clarivate Healthcare Business Insights, visit www.clarivate.com/products/healthcare-business-insights/.
About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com.
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SOURCE Clarivate Plc
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