LONDON and PHILADELPHIA, April 28, 2020 /PRNewswire/ -- Healthcare Business Insights (HBI), a part of Clarivate Analytics Plc (NYSE: CCC), announced the 2019 winners of its annual Revenue Cycle Awards. In its eighth year, the Revenue Cycle Awards recognize healthcare organizations for their outstanding performance on revenue cycle KPIs, based on data from their most recent, and preceding, full fiscal year. The 2019 Revenue Cycle Awards recipients include Liberty Hospital - MO, Nebraska Medicine - NE, Novant Health - NC and The Valley Hospital - NJ.
Launched in 2012, the HBI Revenue Cycle Awards were established to recognize hospitals and health systems who demonstrated strong performance on revenue cycle KPIs that indicate the fiscal health of an organization. This year's recipients faced challenges common to all in the healthcare community, including increasing payer stringency and shrinking reimbursement rates, rising patient out-of-pocket costs, and revenue cycle staff turnover. Through their renewed commitment to process efficiency, forward-thinking initiatives, and the patient experience, this year's winners reinforced the foundation for revenue cycle operations - achieving high-performing revenue cycles and demonstrating top-decile performance in multiple studied metrics.
Beth Reed, Principal Analyst, HBI said, "We are proud to recognize this year's recipients, who are a true representation of healthcare organizations that have demonstrated remarkable achievements, implemented innovative strategies to meet evolving challenges, and shown strong year-over-year improvement."
Winners were selected based on many KPIs, including collections, A/R days and aging, charge performance, CDI impact and cost to collect, among others. Evaluation also included narratives provided by awards entrants describing recent revenue cycle initiatives. While all winners have high-performing revenue cycles in common, they represent varied segments of the healthcare landscape as defined by annual net revenue.
HBI 2019 Revenue Cycle Awards Winners
Liberty Hospital - 2019 REVENUE CYCLE AWARD WINNER - $250 MILLION OR LESS REVENUE
Located 20 minutes north of Kansas City, Missouri, Liberty Hospital is a comprehensive medical center with a full range of services, 226 licensed beds, the latest technology, and a compassionate staff of 1,800 employees and 330 physicians. The hospital, founded in 1974, serves Clay, Platte and Ray counties, as well as the northwest Missouri corridor. It generates approximately $170 million in annual net revenue. Liberty Hospital is a public hospital and a political subdivision district hospital under Chapter 206 of the Revised Statues of Missouri. It is governed by a six-member, publicly elected board of trustees that serves six-year terms.
- Top decile performance on net A/R days in most recent full fiscal year: 30.68
- Top decile year-over-year improvement on net A/R days: 8.85% decrease
- Top decile year-over-year improvement on point-of-service collections as a percentage of net revenue: 234.27% increase
- Improved the patient experience by standardizing POS collections practices, increasing ease of access to financial assistance, expanding payment plan options, redesigning statements, enhancing the patient portal, and more
The Valley Hospital - 2019 REVENUE CYCLE AWARD WINNER - $251 MILLION TO $1 BILLION NET REVENUE
Based in Ridgewood, New Jersey, The Valley Hospital is a fully accredited, acute-care, nonprofit hospital serving more than 440,000 people in 32 towns in Bergen County, New Jersey, and adjoining communities. The Valley Hospital features 431 beds and has generated approximately $699 million in annual net revenue.
- Top decile performance on initial denials as a percentage of net revenue in most recent full fiscal year: 3.84%
- Top decile performance on gross days A/R discharged-not-final-billed in most recent full fiscal year: 2.94 days
- Top decile year-over-year improvement on final denial write-offs as a percentage of net revenue: 38.46% decrease
- Deployed artificial intelligence that prevents denials by increasing the accuracy of patient status assignment, improving coding and billing accuracy, and more
Nebraska Medicine - 2019 REVENUE CYCLE AWARD WINNER - $1 BILLION TO $2 BILLION NET REVENUE
A two-time HBI Revenue Cycle Award winner, Nebraska Medicine is an academic, nonprofit health system based in Omaha, Nebraska. A research and education partner of the University of Nebraska Medical Center, Nebraska Medicine transforms lives to create a healthy future for individuals and communities through premier educational programs, innovative research, and extraordinary patient care. Nebraska Medicine includes two hospitals, features 809 beds, employs over 1,000 physicians, and has generated approximately $1.4 billion in annual net revenue.
- Top decile performance on cost to collect in most recent fiscal year: 1.14%
- Top decile performance on initial denials as a percentage of net revenue in most recent full fiscal year: 4.12%
- Top decile year-over-year improvement on percentage of claims initially denied: 39.48% decrease
- Automated insurance follow-up processes and work queue management; enhanced staff engagement by providing personalized scorecards and expanding options for remote work
Novant Health - 2019 REVENUE CYCLE AWARD WINNER - $2 BILLION OR MORE NET REVENUE
Based in Winston-Salem, North Carolina, Novant Health is a nonprofit integrated system of 15 hospitals featuring 2,719 licensed beds. With over 29,000 team members and physician partners, Novant Health serves patients in communities in North Carolina, Virginia, South Carolina, and Georgia. Novant Health has generated approximately $3 billion in annual net revenue.1
- Top decile performance on POS collections as a percentage of net revenue in most recent fiscal year: 1.22%
- Top decile performance on percentage of self-pay A/R aged over 90 days in most recent fiscal year: 27.96%
- Top decile year-over-year improvement on gross days A/R discharged-not-final-billed: 62.62% decrease
- Top decile year-over-year improvement on cash collections as a percentage of net revenue: 5.05% increase
Healthcare Business Insights is a proud partner to over 2,000 U.S. hospitals and health systems HBI supports healthcare leaders by enabling them to optimize performance, as well as engage and retain employees, by providing insights to help navigate the evolving market - such as adapting to new pressures imposed by the COVID-19 pandemic – all while putting the patient first. As part of the Revenue Cycle Awards program, throughout 2020, HBI will highlight the work behind the numbers with exclusive content, connecting leaders from the winning organizations with the HBI community. Submissions for the 2020 HBI Revenue Cycle Award will open later this year.
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1 Net revenue and key achievements for 13 hospitals
SOURCE Clarivate Analytics Plc