Winners include Liberty Hospital, four ArdentHealth Services hospitals, University ofIowa Hospitals & Clinics and Novant Health
LONDON, April 4, 2022 /PRNewswire/ -- Today, ClarivateHealthcare Business InsightsTM, a part ofClarivate Plc(NYSE: CLVT), a global leader in providingtrusted information and insights to accelerate the pace ofinnovation, announced the 2021 winners of its annual Revenue CycleAwards. In its 10th year, the Revenue Cycle Awardsrecognizes healthcare organizations for achieving outstandingperformance on revenue cycle KPIs, based on data from their mostrecent and preceding full fiscal years. The 2021 Revenue CycleAwards recipients include Liberty Hospital– MO; four ArdentHealth Services hospitals -ID, NJ and TX; University of Iowa Hospitals & Clinics – IAand Novant Health – NC.
Launched in 2012, the Clarivate Healthcare Business InsightsRevenue Cycle Awards were established to recognize hospitals andhealth systems demonstrating strong performance on revenue cycleKPIs that indicate the fiscal health of an organization.Participants can opt to enter a full health system, a flagshiphospital or a subgroup of facilities within a system. This year'srecipients faced challenges, including the ongoing COVID-19pandemic, disrupted cash flow, rising patient out-of-pocket costsand revenue cycle staff turnover. Through their renewed commitmentto process efficiency, forward-thinking initiatives, staffengagement and the patient experience, this year's winnersreinforced the foundation for revenue cycle operations - achievinghigh-performing revenue cycles and demonstrating top-decileperformance in multiple studied metrics.
Winners were selected based on many KPIs, and the studiedmetrics were adapted in light of the COVID-19 pandemic. In pastyears, metrics have been heavily focused on financial outcomes. Forthe 2021 Awards, alternative metrics were included to assess theeffectiveness of revenue cycle operations, such as the percentagesof initial denials attributed to varying root cause categories,which provides insight into the efficiency and accuracy of staffworkflows. Evaluation also included narratives provided by awardsentrants describing recent revenue cycle initiatives, efforts madeto improve the patient experience, strategies for staff retentionand more.
Beth Reed, Principal Analyst,Clarivate Healthcare Business Insights: "This year's winnersdemonstrated skill in adapting to the challenges created by theCOVID-19 pandemic. Each participant emphasized staff engagement toprevent turnover and support efficient day-to-day operations whilealso investing in the patient experience. Balancing the needs ofstaff and patients in the coming years will be crucial for revenuecycle success."
While all winners have high-performing revenue cycles in common,they represent varied segments of the healthcare landscape asdefined by annual net revenue.
Healthcare Business Insights 2021 Revenue Cycle AwardsWinners
Liberty Hospital – 2021 REVENUE CYCLE AWARD WINNER -$250 MILLION OR LESS NET REVENUE
Based in Liberty, Missouri,Liberty Hospital (https://www.libertyhospital.org/) has 204 bedsand has generated approximately $191million annual net revenue. Liberty Hospital is a repeatwinner, having won a 2019 Revenue Cycle Award.
Key achievements:
- Top decile year-over-year improvement onbalance-after-insurance collection rate: 29.86% improvement
- Top decile year-over-year improvement on pure self-pay(uninsured) collection rate: 81.69% improvement
- Liberty Hospital leaders invested in digital self-servicetools, such as online medical record release, and automation, suchas for scheduling and coding, to improve the patient experience;leaders supported remote revenue cycle through virtual events andteam recognition, which resulted in near-perfect staff engagementscores among Clinical Coding and HIM staff
Select Ardent Health Services facilities – 2021 REVENUE CYCLEAWARD WINNER - $250 MILLION TO$1 BILLION NET REVENUE
Based in Nashville, TN, Ardent(https://ardenthealth.com/) is a leading provider of healthcare incommunities across the country. Four of its 30 hospitals wererecognized as first-time Revenue Cycle Award winners: HackensackMeridian Health Mountainside Medical Center, Hackensack MeridianHealth Pascack Valley Medical Center, Portneuf Medical Center andSeton Medical Center Harker Heights,which total 763 beds. Ensemble Health Partners manages revenuecycle operations for these facilities.
Key achievements:
- Top decile performance on upfront collections as a percentageof net revenue in most recent fiscal year: 1.53%
- Top decile year-over-year improvement on percentage of dollarsinitially denied by payers due to billing errors: 99.22%improvement
- Leaders in professional development by implementing a "hirefrom anywhere" program for the revenue cycle, maintaining remotework options and soliciting staff feedback, all of which preventedturnover and improved productivity in 2022.
University of Iowa Hospitals &Clinics - 2021 REVENUE CYCLE AWARD WINNER - $1 BILLION TO $2BILLION NET REVENUE
Based in Iowa City, Iowa,University of Iowa Hospitals &Clinics (https://uihc.org/) is an academic health system featuringan 860-bed hospital and more than 200 clinics. The system hasgenerated approximately $1.7 billionnet revenue. University of IowaHospitals & Clinics is a repeat winner, having won a 2020Revenue Cycle Award.
Key achievements:
- Top decile performance on cost to collect in most recent fiscalyear: 2.22%
- Top decile performance on percentage of patient payments madeonline in most recent fiscal year: 57.59%
- University of Iowa Hospitals &Clinics leaders improved the patient experience by enhancing onlinefinancial services, such as bill pay and estimation, and planfurther investments in financial assistance processes for 2022;leaders supported revenue cycle teams by launching a staffsatisfaction task force that planned camaraderie events andprompted the development of the Outstanding Employee monthlyaward
Novant Health - 2021 REVENUE CYCLE AWARD WINNER - $2 BILLION+NET REVENUE
Based in Winston-Salem, NorthCarolina, Novant Health (https://www.novanthealth.org/)includes 15 hospitals and 750 clinics across North Carolina. The system features 2,649 bedsand has generated approximately $3.2billion net revenue. Novant Health is a repeat winner,having won a 2019 Revenue Cycle Award.
Key achievements:
- Top decile performance on combined patient and payer creditbalances as a percentage of net A/R in most recent fiscal year:2.10%
- Top decile performance on percentage of dollars initiallydenied by payers due to patient access errors in most recent fiscalyear: 20.69%
- Novant Health leaders invested in the patient experience bycreating combined hospital and professional charge estimates forsurgeries, which they plan to expand to additional service lines in2022; leaders improved revenue cycle workflows through strategicautomation, such as for late charges and billing
Clarivate Healthcare Business Insights is a proud partner ofover 2,000 hospitals and health systems in the United States. Clarivate HealthcareBusiness Insights supports healthcare leaders by optimizingperformance, engaging and retaining employees, and providinginsights to help navigate the evolving market – all while puttingthe patient first. As part of the Revenue Cycle Awards program,throughout 2022, Clarivate Healthcare Business Insights willhighlight the work behind the numbers with exclusive content,connecting leaders from the winning organizations with the HBIcommunity. Submissions for the 2022 Clarivate Healthcare BusinessInsights Revenue Cycle Awards will open later this year.
To learn more about Clarivate Healthcare Business Insights,visitwww.clarivate.com/products/healthcare-business-insights/.
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