Spark and ThedaCare have been named 2020 Healthcare Business Insights Revenue Cycle Award Winners for strong performance on revenue cycle KPIs. The organizations were recognized in the $251 million to $1 billion net revenue category.
Key achievements include:
- Top decile performance on first-pass appeal success rate in most recent fiscal year: 89.08%
- Top decile year-over-year improvement on cost to collect: 29.40% decrease
- Improved business office staff accuracy and efficiency, as well as payer relations, by integrating robotic process
Based in Neenah, Wisconsin, ThedaCare (https://thedacare.org/)
includes seven hospitals and more than 30 clinics. The system includes five
critical access hospitals and two general acute-care hospitals. ThedaCare
features 460 beds and has generated approximately $734 million annual net
revenue. The system operates under a partnership with Spark Health
Partners, which provides full revenue cycle outsourcing.
Spark
partners with more than 380 hospitals and 7,000 health care providers across
the United States to improve financial outcomes and patient experiences.
Spark works with its partners to create a hands-on approach to help
health systems forge a healthier path forward to improve financial
performance, the billing process and customer service, allowing providers to
focus on improving outcomes and reinvesting into patient care and the
patient experience.
Launched in 2012, the Healthcare Business Insights Revenue Cycle Awards were established to recognized hospitals and health systems demonstrating 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.
HBI members can view the full report here.