Winners include Liberty Hospital, four Ardent
Health Services hospitals, University of
Iowa Hospitals & Clinics and Novant Health
LONDON, April 4, 2022 /PRNewswire/ -- Today, Clarivate
Healthcare Business InsightsTM , a part of
Clarivate Plc (NYSE: CLVT), a global leader in providing
trusted information and insights to accelerate the pace of
innovation, announced the 2021 winners of its annual Revenue Cycle
Awards. In its 10th year, the Revenue Cycle Awards
recognizes healthcare organizations for achieving outstanding
performance on revenue cycle KPIs, based on data from their most
recent and preceding full fiscal years. The 2021 Revenue Cycle
Awards recipients include Liberty Hospital– MO; four Ardent
Health Services hospitals -ID, NJ and TX; University of Iowa Hospitals & Clinics – IA
and Novant Health – NC.
Launched in 2012, the Clarivate Healthcare Business Insights
Revenue Cycle Awards were established to recognize hospitals and
health systems demonstrating strong performance on revenue cycle
KPIs that indicate the fiscal health of an organization.
Participants can opt to enter a full health system, a flagship
hospital or a subgroup of facilities within a system. This year's
recipients faced challenges, including the ongoing COVID-19
pandemic, disrupted cash flow, rising patient out-of-pocket costs
and revenue cycle staff turnover. Through their renewed commitment
to process efficiency, forward-thinking initiatives, staff
engagement 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.
Winners were selected based on many KPIs, and the studied
metrics were adapted in light of the COVID-19 pandemic. In past
years, metrics have been heavily focused on financial outcomes. For
the 2021 Awards, alternative metrics were included to assess the
effectiveness of revenue cycle operations, such as the percentages
of initial denials attributed to varying root cause categories,
which provides insight into the efficiency and accuracy of staff
workflows. Evaluation also included narratives provided by awards
entrants describing recent revenue cycle initiatives, efforts made
to improve the patient experience, strategies for staff retention
and more.
Beth Reed, Principal Analyst,
Clarivate Healthcare Business Insights: "This year's winners
demonstrated skill in adapting to the challenges created by the
COVID-19 pandemic. Each participant emphasized staff engagement to
prevent turnover and support efficient day-to-day operations while
also investing in the patient experience. Balancing the needs of
staff and patients in the coming years will be crucial for revenue
cycle success."
While all winners have high-performing revenue cycles in common,
they represent varied segments of the healthcare landscape as
defined by annual net revenue.
Healthcare Business Insights 2021 Revenue Cycle Awards
Winners
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 beds
and has generated approximately $191
million annual net revenue. Liberty Hospital is a repeat
winner, having won a 2019 Revenue Cycle Award.
Key achievements:
- Top decile year-over-year improvement on
balance-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-service
tools, such as online medical record release, and automation, such
as for scheduling and coding, to improve the patient experience;
leaders supported remote revenue cycle through virtual events and
team recognition, which resulted in near-perfect staff engagement
scores among Clinical Coding and HIM staff
Select Ardent Health Services facilities – 2021 REVENUE CYCLE
AWARD WINNER - $250 MILLION TO
$1 BILLION NET REVENUE
Based in Nashville, TN, Ardent
(https://ardenthealth.com/) is a leading provider of healthcare in
communities across the country. Four of its 30 hospitals were
recognized as first-time Revenue Cycle Award winners: Hackensack
Meridian Health Mountainside Medical Center, Hackensack Meridian
Health Pascack Valley Medical Center, Portneuf Medical Center and
Seton Medical Center Harker Heights,
which total 763 beds. Ensemble Health Partners manages revenue
cycle operations for these facilities.
Key achievements:
- Top decile performance on upfront collections as a percentage
of net revenue in most recent fiscal year: 1.53%
- Top decile year-over-year improvement on percentage of dollars
initially denied by payers due to billing errors: 99.22%
improvement
- Leaders in professional development by implementing a "hire
from anywhere" program for the revenue cycle, maintaining remote
work options and soliciting staff feedback, all of which prevented
turnover and improved productivity in 2022.
University of Iowa Hospitals &
Clinics - 2021 REVENUE CYCLE AWARD WINNER - $1 BILLION TO $2
BILLION NET REVENUE
Based in Iowa City, Iowa,
University of Iowa Hospitals &
Clinics (https://uihc.org/) is an academic health system featuring
an 860-bed hospital and more than 200 clinics. The system has
generated approximately $1.7 billion
net revenue. University of Iowa
Hospitals & Clinics is a repeat winner, having won a 2020
Revenue Cycle Award.
Key achievements:
- Top decile performance on cost to collect in most recent fiscal
year: 2.22%
- Top decile performance on percentage of patient payments made
online in most recent fiscal year: 57.59%
- University of Iowa Hospitals &
Clinics leaders improved the patient experience by enhancing online
financial services, such as bill pay and estimation, and plan
further investments in financial assistance processes for 2022;
leaders supported revenue cycle teams by launching a staff
satisfaction task force that planned camaraderie events and
prompted the development of the Outstanding Employee monthly
award
Novant Health - 2021 REVENUE CYCLE AWARD WINNER - $2 BILLION+
NET REVENUE
Based in Winston-Salem, North
Carolina, Novant Health (https://www.novanthealth.org/)
includes 15 hospitals and 750 clinics across North Carolina. The system features 2,649 beds
and has generated approximately $3.2
billion 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 credit
balances as a percentage of net A/R in most recent fiscal year:
2.10%
- Top decile performance on percentage of dollars initially
denied by payers due to patient access errors in most recent fiscal
year: 20.69%
- Novant Health leaders invested in the patient experience by
creating combined hospital and professional charge estimates for
surgeries, which they plan to expand to additional service lines in
2022; leaders improved revenue cycle workflows through strategic
automation, such as for late charges and billing
Clarivate Healthcare Business Insights is a proud partner of
over 2,000 hospitals and health systems in the United States. Clarivate Healthcare
Business Insights supports healthcare leaders by optimizing
performance, engaging and retaining employees, and providing
insights to help navigate the evolving market – all while putting
the patient first. As part of the Revenue Cycle Awards program,
throughout 2022, Clarivate Healthcare Business Insights will
highlight the work behind the numbers with exclusive content,
connecting leaders from the winning organizations with the HBI
community. Submissions for the 2022 Clarivate Healthcare Business
Insights Revenue Cycle Awards will open later this year.
To learn more about Clarivate Healthcare Business Insights,
visit www.clarivate.com/products/healthcare-business-insights/.
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Media Contact
Catherine Daniel
Director, External Communications, Life Sciences &
Healthcare
media.enquiries@clarivate.com
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