Cerner Revenue Cycle Expanding Boundaries of Clinically Driven Financial Models
October 06 2010 - 8:30AM
Hospitals currently spend approximately $30 billion in the U.S. on
collections. To significantly reduce that burden, Cerner
Corporation (Nasdaq:CERN) is expanding its revenue cycle offerings
to create one of the most integrated systems in the industry.
Combining clinical and financial data increases reimbursements,
ensures compliance and eliminates the majority of administrative
waste and delays. Cerner's revenue cycle offering drives
operational performance improvements and automates care management
and patient accounting. Adventist Health System (AHS), Shriners
Hospitals for Children® (SHC) and Bayfront Medical Center are the
first strategic partners to utilize Cerner® revenue cycle solutions
and services to make the shift to a clinically driven revenue
cycleSM process.
- AHS is collaborating with Cerner to enhance its existing
revenue cycle solutions and to develop several new supporting
solutions over the next three years. Florida Hospital Waterman, in
Tavares, Fla. and Shawnee Mission Medical Center, in Shawnee
Mission, Kan., participated in an assessment to evaluate current
state and will serve as living laboratories for testing new revenue
cycle solutions prior to deployment across the 25 participating AHS
hospitals. The first suite of solutions is expected to be deployed
in mid- 2011. AHS believes that by partnering in this development
effort they will obtain functionality critical for the revenue
cycle integrated with the clinical system.
- With a history of providing care to children regardless of the
patients' ability to pay, SHC selected Cerner because of its
ability to customize revenue cycle solutions to meet SHC's unique
needs for eligibility and claims management. In 2009, SHC made the
shift towards billing for third party pay to assist in the funding
of the endowment which pays for children's care. This new patient
billing system utilizes Cerner® solutions to maximize reimbursement
from services provided to the insured, while maintaining a focus on
providing quality care to meet the child's medical needs regardless
of the family's income or insurance status.
- Bayfront Medical Center, a long time user of Cerner clinical
and financial solutions, has strategically aligned with Cerner to
manage its revenue cycle operations. With the full suite of Cerner
revenue cycle solutions already in place, Bayfront will now utilize
Cerner's services to manage their access management, medical
records and billing departments. Updating Bayfront's revenue cycle
processes to be more clinically driven will increase the capability
of supporting clinical reporting required in the pay-for-quality
elements of healthcare reform as well as the new payment models
that will be required to support the formation of accountable care
organizations (ACOs).
The Cerner revenue cycle solutions and services automate revenue
cycle management from end-to-end, including processes for
scheduling, registration, clinical care, health information
management, billing and collections. The Cerner Millennium®
architecture provides the detailed clinical information needed to
accurately prepare claims, proactively guard against denials and
defend the right to bill. Benefits of the Cerner revenue cycle
model include:
- Increased reimbursement with accurate, defensible and timely
claims
- Ensured compliance with regulatory guidelines
- Elimination of waste and delay associated with preparing and
submitting claims
- Improved accuracy and completeness of coding and
documentation
- Captured revenue as a result of clinical automation
- Eased transition from ICD-9 to ICD-10 coding
About Cerner
Cerner is transforming healthcare by eliminating error, variance
and waste for healthcare providers and consumers around the world.
Cerner® solutions optimize processes for healthcare organizations
ranging in size from single-doctor practices, to health systems, to
entire countries, for the pharmaceutical and medical device
industries, employer health and wellness services industry and for
the healthcare commerce system. These solutions are licensed by
more than 8,500 facilities around the world, including
approximately 2,300 hospitals; 3,400 physician practices covering
more than 30,000 physicians; 600 ambulatory facilities, such as
laboratories, ambulatory centers, cardiac facilities, radiology
clinics and surgery centers; 700 home-health facilities; and 1,500
retail pharmacies. The trademarks, service marks and logos
(collectively, the "Marks") set forth herein are registered and
unregistered trademarks and/or service marks owned by Cerner
Corporation and/or its subsidiaries in the United States and
certain other countries throughout the world. Nasdaq: CERN. For
more information about Cerner, please visit www.cerner.com,
Twitter, Facebook, and YouTube .
This release contains forward-looking statements that involve a
number of risks and uncertainties. It is important to note
that the Company's performance, and actual results, financial
condition or business could differ materially from those expressed
in such forward-looking statements. The words "will", "expected" or
the negative of these words, variations thereof or similar
expressions are intended to identify such forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to: the possibility of
product-related liabilities; potential claims for system errors and
warranties; the possibility of interruption at our data centers or
client support facilities; our proprietary technology may be
subject to claims for infringement or misappropriation of
intellectual property rights of others, or may be infringed or
misappropriated by others; risks associated with our recruitment
and retention of key personnel; risks related to our reliance on
third party suppliers; changing political, economic and
regulatory influences; government regulation; significant
competition and market changes; Additional discussion of these and
other factors affecting the Company's business is contained in the
Company's periodic filings with the Securities and Exchange
Commission. The Company undertakes no obligation to update
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes in future operating
results, financial condition or business over time.
CONTACT: Cerner Corporation
Media Contact:
Kelly Johnson
(816) 777-8466
kelly.johnson@cerner.com
Investors Contact:
Allan Kells
(816) 201-2445
akells@cerner.com
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