Winners include Valley Medical Group, Fairfield Medical Center, Valley Hospital and Ballad Health
LONDON, Oct. 11, 2023 /PRNewswire/ -- Today Clarivate Plc (NYSE: CLVT), a global leader in connecting people and organizations to intelligence they can trust to transform their world, announced the 2022 winners of the Clarivate Healthcare Business Insights annual Revenue Cycle Awards. In its 11th year, the Revenue Cycle Awards recognizes U.S. based healthcare organizations for achieving outstanding performance on revenue cycle KPIs, based on data from their most recent and preceding full fiscal years. The 2022 Revenue Cycle Awards recipients are Valley Medical Group - NJ and NY; Fairfield Medical Center OH; Valley Hospital - NJ and NY and Ballad Health - TN, VA, NC and KY.
The Clarivate Healthcare Business Insights Revenue Cycle Awards recognize hospitals and health systems which demonstrate strong performance on revenue cycle KPIs that indicate the fiscal health of an organization. These organizations implemented forward-thinking initiatives to address numerous challenges in the healthcare landscape and demonstrated top decile revenue cycle performance across various studied metrics.
In addition to financial outcomes, the 2022 Awards recipients were selected based on the effectiveness of revenue cycle operations and the percentages of initial denials attributed to various revenue cycle areas, which provide insight into root cause categories as well as the accuracy of staff workflows. Entrants also described recent revenue cycle initiatives centered on staff engagement and retention, automation and artificial intelligence, payer relations, compliance with the No Surprises Act and more.
Brad Cording, Vice President Product Management, Provider Solutions, Clarivate Healthcare Business Insights, said: "Last year, revenue cycle leaders were faced with a myriad of challenges including the enactment of the No Surprises Act, continued staffing shortages, and the integration of technologies like robotic process automation and artificial intelligence. The 2022 Revenue Cycle Awards recipients are thinking forward, leveraging innovative methods to engage their teams, expand capacity with limited budgets and more. These companies have ensured the continued success of both the revenue cycle department and their respective organizations despite a difficult operational environment."
While all winners have high-performing revenue cycles in common, they represent varied segments of the healthcare landscape as defined by annual net revenue. The Healthcare Business Insights 2022 Revenue Cycle Awards Winners are:
- Valley Medical Group - 2022 Revenue Cycle Award Winner: $250 Million or Less Net Revenue
Valley Medical Group is part of Valley Health System, with locations throughout Northern New Jersey and Southern New York. Valley Medical Group generated approximately $173 million annual net revenue in 2022 and is a first-time Revenue Cycle Award winner.
Key achievements:
- Top decile performance on overall appeal success rate in most recent fiscal year: 97.5%
- Top decile year-over-year improvement on percentage of dollars initially denied by payers due to patient access errors: 82.8% improvement
- Valley Medical Group leaders invested in staff engagement and retention by updating salaries, offering career ladders, and rolling out compressed work weeks; and utilized AI for various functions, including charge capture.
- Fairfield Medical Center - 2022 Revenue Cycle Award Winner: $250 Million to $500 Million Net Revenue
Fairfield Medical Center is a not-for-profit healthcare system based in Lancaster, Ohio. Fairfield Medical Center generated approximately $277 million annual net revenue in 2022 and is a first-time Revenue Cycle Award winner. Ensemble Health Partners manages revenue cycle operations for Fairfield Medical Center.
Key achievements:
- Top decile year-over-year improvement on cost to collect: 42.1% improvement
- Top decile performance on percentage of dollars initially denied by payers due to patient access errors in most recent fiscal year: 8.5%
- Leaders invested in professional development by implementing career paths and focusing on succession planning; and invested in automation by implementing solutions for providing Good Faith Estimates, coding, digital payment reminders and more.
- The Valley Hospital - 2022 Revenue Cycle Award Winner - $500 Million to $1 Billion net revenue
The Valley Hospital is an acute care, not-for-profit hospital in New Jersey with 431 licensed beds. It is part of Valley Health System and generated approximately $940 million annual net revenue in 2022. The Valley Hospital is a repeat winner, having won a 2019 Revenue Cycle Award.
Key achievements:
- Top decile performance on cost to collect in most recent fiscal year: 1.7%
- Top decile performance on late charges as a percentage of gross revenue in most recent fiscal year: 0.01%
- Leaders invested in staff engagement and retention by offering hybrid work, providing bonuses, implementing a "pal" program for new hires and more; implemented a patient communication package that allows patients to pay bills through phones, tablets or computers; and implemented various measures to ensure compliance with the No Surprises Act, including weekly meetings, tracking NSA accounts, partnering with an attorney to handle the dispute process, and more.
- Ballad Health - 2022 Revenue Cycle Award Winner: $1 Billion + Net Revenue
Ballad Health is an integrated community health improvement organization with 21 hospitals serving Tennessee, Virginia, North Carolina and Kentucky. Ballad Health generated approximately $1.8 billion annual net revenue in 2022 and is a first-time Revenue Cycle Award winner. Ensemble Health Partners manages revenue cycle operations for Ballad Health.
Key achievements:
- Top decile year-over-year improvement on patient and payer credit balances as a percentage of net A/R in most recent fiscal year: 78.1% improvement
- Top quartile performance on gross A/R days in most recent fiscal year: 40.2%
- Leaders invested in staff engagement and retention by soliciting staff feedback and implementing action plans as a result, offering career development and mentorship programs, and creating a flexible work environment; leaders also implemented automated coding that increased coded charts from 4.1 to 4.7 per hour and increased the median final code set volume by one code per chart.
Clarivate Healthcare Business Insights is a proud partner of over 1,900 hospitals and health systems in the United States. Clarivate Healthcare Business Insights supports healthcare leaders by optimizing performance, sharing strategies for engaging and retaining employees, and providing insights to help navigate the evolving market - all while putting the patient first. As part of the Revenue Cycle Awards program, Clarivate Healthcare Business Insights highlights the work behind the numbers with exclusive content, connecting leaders from the winning organizations with the community. Submissions for the 2023 Clarivate Healthcare Business Insights Revenue Cycle Awards will open in early 2024.
To learn more about Clarivate Healthcare Business Insights, visit www.clarivate.com/products/healthcare-business-insights/.
About Clarivate
Clarivate is a leading global information services provider. We connect people and organizations to intelligence they can trust to transform their perspective, their work and our world. Our subscription and technology-based solutions are coupled with deep domain expertise and cover the areas of Academia & Government, Life Sciences & Healthcare and Intellectual Property. For more information, please visit www.clarivate.com.
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