athenahealth Drives Financial Results Across Community Hospital Market; Cloud-Based Service Fills Traditional Software Marke...
October 19 2017 - 04:05PM
Hospitals Partnered with athenahealth Are Getting
Paid Faster and Achieving on Average Cash Collections of 5 Percent
Over Baseline1
athenahealth, Inc. (NASDAQ:ATHN), a leading provider of
network-enabled services for hospitals and ambulatory clients
nationwide, today announced the company’s sustained momentum and
strong ability to drive financial and operational results for
clients across the community hospital market.
As part of its national network of 106,000 providers and 102
million patients, athenahealth supports a growing list of 56
community, rural, and critical access hospitals. Before partnering
with athenahealth, many of these hospitals faced dwindling
operating margins, declining reimbursement, overworked providers,
and inadequate technology. Today, hospital clients live on
athenaNet for a full year are achieving on average cash collections
of 5 percent over baseline.
“One in three rural hospitals is at financial risk,2 which says
to me they need a partner to help them scale innovation as well as
eliminate underperforming processes and traditional software
tools,” said Kyle Armbrester, chief product officer of
athenahealth. “Earlier this year, KLAS reported athenahealth as the
primary leader in terms of net gains in the community hospital
market.3 We’ve been able to successfully tap into a market fiercely
underserved by current healthcare IT vendors and retain 95 percent
of hospital clients who we’ve brought live onto our network. We’re
thrilled with our growing roster of satisfied clients and the
overall industry shift4 from traditional software toward
cloud-based services. As we grow our footprint within the hospital
space, we will deepen and scale our services to even further
improve the financial and operational value we deliver.”
Client Testimonials
Minnie Hamilton Health System, a Federally Qualified
Health Center (FQHC) and critical access hospital in Grantsville,
West Virginia, was hemorrhaging money with its former EHR
and billing system. “We were drowning in fragmented workflows that
wasted precious provider time and ultimately cost us revenue,” said
Eric Ritchie, chief operating officer of Minnie Hamilton. “We were
promised that an expensive software upgrade would allow us to
report on certain measures, but it never did. Being able to see and
control the revenue cycle is a huge advantage for us, but our
former vendor couldn’t give us that insight.”
“Today athenahealth’s cloud-based network gives us a deeper
level of insight that allows us to identify bottlenecks and
streamline the revenue cycle. athena’s dashboards provide quality
measures that have helped us capture data we need to successfully
report. Thanks to increased efficiencies, we’ve reduced our days in
accounts receivable by 10 days, and 90 percent of providers are
completing their charts in the same day,” said Ritchie. “athena is
a true partner who is fully invested in the financial and quality
performance of our health system. There are no longer hidden costs,
expensive software upgrades, and forgotten promises. athena simply
listens and delivers.”
Cascade Medical Center in Cascade, Idaho and
Seiling Municipal Hospital in Seiling, Oklahoma
struggled through years of inconsistent cash flow because of their
previous vendor’s poor denial tracking and inferior quality
reporting. “Within just a few short months of going live on
athena’s cloud platform, we exceeded our expectations with a 75
percent increase in cash collections over baseline,” said Kimberly
Dalrymple, chief financial officer of Cascade Medical Center. “For
the first time ever, we’re fulfilling every single behavioral
Meaningful Use measure and are on track to attest successfully in
2017.” Seiling also saw a 21 percent increase of cash collections
over baseline after switching to athenahealth. “We were missing
critical charges with our previous vendor, but athena has been able
to fill in the gaps, ensuring we leave no revenue on the table,”
said Jennifer Coons, chief executive officer of Seiling.
Ellenville Regional Hospital in upstate New
York was hobbled by outdated legacy software that was
error-prone and inconsistent across departments. With athenaOne,
Ellenville now operates on a single network, giving providers
access to patient records updated in real-time across departments.
“In freeing up our providers from redundant data entry,
athenahealth has given us flexibility to be available for our
patients,” said Steven Kelley, chief executive officer of
Ellenville.
For more information about athenaOne for Hospitals and Health
Systems please visit: http://www.athenahealth.com/enterprise.
About athenahealth, Inc.athenahealth partners
with hospital and ambulatory clients to drive clinical and
financial results. We offer medical record, revenue cycle, patient
engagement, care coordination, and population health services. We
combine insights from our network of 106,000 providers and 102
million patients with deep industry knowledge and perform
administrative work at scale. For more information, please
visit www.athenahealth.com.
Contact Info:Holly
Springathenahealth, Inc.
(Media)media@athenahealth.com617-402-1631
Dana Quattrochiathenahealth, Inc.
(Investors)investorrelations@athenahealth.com617-402-1329
________________________________
1 “Baseline” is a measure of the client's cash collections prior
to being live on athenahealth.2 John Commins. “Rural America an
Afterthought in GOP Health Plan.” HealthLeaders Media. March 8,
2017.
http://www.healthleadersmedia.com/community-rural/rural-america-afterthought-gop-health-plan#3 “US
Hospital EMR Market Share 2017: Decision Energy Shifts to the Small
Market,” April 2017. © 2017 KLAS Enterprises, LLC. All rights
reserved. www.KLASresearch.com 4 HIMSS. “2016 HIMSS
Analytics Cloud Survey.” Oct.
2016. https://www.cleardata.com/wp-content/uploads/2016/12/2016-HIMSS-Analytics-Cloud-Study.pdf
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