MedAssets (NASDAQ: MDAS) today announced that Richmond University Medical Center (RUMC), a 510-bed facility located in Staten Island, N.Y., is among the latest health providers to select MedAssets Recovery and Collection Solutions in order to sustain best practice operational and financial performance. Under terms of the agreement, RUMC has renewed its longstanding use of MedAssets Extended Business Office Services to support fast and efficient conversion of accounts receivable (A/R) to revenue and cash flow.

Revenue Recovery, Billing and Collections Services Facilitate Streamlined Operations

Plans call for the MedAssets team to continue to provide supplemental support to RUMC as aged accounts are liquidated, accelerating cash flow. In addition, RUMC will continue to utilize MedAssets Claims and Billing Solutions, Revenue Cycle Performance Solutions and Patient Access Solutions. MedAssets exception-driven, web-based workflow technology helps to prioritize aged receivables, enabling providers to better manage net revenue collections, optimize reimbursement and reduce bad debt expense.

"Like many health systems looking to meet cash goals, we needed to entrust a partner with the expertise, best practice processes and tools to enhance compliance, collections and cash predictability," said Kevin Murphy, senior vice president and chief financial officer, Richmond University Medical Center. "MedAssets has proved to be that partner since 2007. The company understands our processes and offers the technology, proficiency and expertise to handle changing payment structures and reimbursement rates brought on by healthcare reform. In combination with the superior execution we've experienced, we look forward to building upon our positive relationship with MedAssets."

Providers Seek Multi-Pronged Approach to Improve Overall Business Performance

Industry statistics indicate that hospitals often lose between three to five percent of net revenue from inadequate revenue cycle management processes and procedures. As providers seek ways to improve operating margins in the face of declining reimbursement rates, MedAssets has seen an increase in the market demand for its Recovery and Collections Solutions, which address denials and underpayments and A/R collection and management. In addition to RUMC, other providers who have recently elected to renew or begin to use MedAssets revenue cycle services include:

  • CHRISTUS Health - Irving, Texas
  • HackensackUMC Mountainside - Montclair, N.J.
  • Southern Regional Medical Center - Riverdale, Ga.
  • University of New Mexico Hospitals and Clinics - Albuquerque, N.M.

"We are pleased to serve as a critical part of core business operations for RUMC, as well as the thousands of valued clients across the country that utilize our revenue cycle capabilities," said Amy Amick, president, Revenue Cycle Management, MedAssets. "For many providers, addressing lower, more complex reimbursements is too challenging to manage alone. Our approach is to become an extension of the client's organization through a unique combination of consultative services to create best practice workflow and processes, logic-driven, web-based technology, along with A/R services to augment billing and collections resources in order to address the range of challenges and the fast rate of change. By augmenting staff with our service experts, we help organizations to improve cash flow to sustain quality care delivery and support strategic investments required for current and future success in an era of health reform."

About Richmond University Medical Center

Richmond University Medical Center (RUMC), an affiliate of The Mount Sinai Hospital and Mount Sinai School of Medicine, is a 510-bed healthcare facility serving borough residents as a leader in the areas of surgery, gastroenterology, pediatrics and pediatric gastroenterology, endocrinology, urology, oncology, orthopedics, surgery and maternal health. With over 2,000 employees, RUMC is one of the largest employers on Staten Island. For more information, see www.rumcsi.org.

About MedAssets

MedAssets (NASDAQ: MDAS) is a healthcare performance improvement company focused on helping providers realize financial and operational gains so that they can sustainably serve the needs of their community. More than 4,200 hospitals and 122,000 non-acute healthcare providers currently use the company's evidence-based solutions, best practice processes and analytics to help reduce the total cost of care, enhance operational efficiency, align clinical delivery, and improve revenue performance across the care continuum. For more information, please visitwww.medassets.com.

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