CINCINNATI, Ohio, Dec. 2, 2024 — Spark, ranked consistently as the number one revenue cycle managed services company for healthcare organizations, has received three of the four 2023 Clarivate Healthcare Business Insights (“HBI”) annual Revenue Cycle Awards for strong performance for its clients on revenue cycle key performance indicators. Spark’s award-winning partners include Bon Secours Mercy Health – Physician Group, Roper St. Francis Healthcare – Hospital Group and Roper St. Francis Healthcare – Physician Group. This is the sixth time Spark, in partnership with its provider partners, has been recognized with this honor for implementing revenue cycle best practices and technology to improve financial performance for its clients.
Key achievements include:
- Top decile performance on cash collections as a percentage of net revenue: 108.3%
- Top decile performance on overall appeal success rate: 98.7%
- Top decile year-over-year improvement on cash collections as a percentage of net revenue: 13.2% improvement
- Top decile year-over-year improvement on net A/R days: 0.4 day improvement
In addition to financial outcomes, award winners 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. Recipients also highlighted initiatives focused on revenue cycle data analytics, process optimization and payer management.
“From day one, our clients know we’re committed to exceeding expectations and delivering an exceptional experience by maximizing their margin, competing with scale and fueling future growth,” said Shannon White, Spark’s Chief Operating Officer. “This recognition solidifies that commitment and how we’re delivering on our promise so they can focus on delivering care, not defending it.”
Spark manages $35 billion in annual net patient revenue, partnering with more unique health systems than any other firm to improve revenue cycle performance through end-to-end managed services. Spark focuses on delivering value quickly and sustaining high performance, meeting 100% of year-one client goals and 5% average net revenue improvement each year across clients.
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.
To learn more about Spark, visit SparkHP.com.
To learn more about Clarivate Healthcare Business Insights, visit Clarivate.com/products/healthcare-business-insights/.
About Spark
Spark
Health Partners is a full-service revenue cycle
management company, delivering holistic
financial health for hundreds of healthcare
organizations across the country. Through a
combination of 12,000+ certified revenue cycle
operators, data-rich intelligence and AI-infused
decisioning, Spark helps healthcare
organizations sustain best-practice revenue
cycle operations and maximize their current
technology, so providers can focus on delivering
exceptional care in their communities. For more
information, visit SparkHP.com.