CHICAGO – The Huron Consulting Group is offering a new product that aims to help healthcare providers steer a straight path through the revenue cycle management maze.
The Chicago-based provider of business consulting services has unveiled the RevenueAscent solution for hospitals and health systems. Part of the Huron Healthcare platform, the new solution is designed to “synchronize hundreds of process steps spanning multiple departments and (enhance) existing client revenue cycle tools to provide end-to-end workflow management and comprehensive performance insight.”
Company officials say RevenueAscent will deliver net revenue gains of 3 percent to 6 percent each year while increasing patient, physician and staff satisfaction and improving the work environment.
“The healthcare marketplace continues to address the implications associated with evolving healthcare reform. What was once acceptable financial performance will not sustain hospital operations today or in the future,” said Gordon Mountford, executive vice president of Huron Healthcare, in a press release. “RevenueAscent supports our clients’ ability to respond to changes in this dynamic healthcare environment. The solution also helps our clients make the kinds of internal operational and technological advances they need to ensure continued benefit from their revenue cycle investments.”
"The RevenueAscent solution encompasses the entire revenue cycle from patient access through service delivery and revenue realization,” added Ken Saitow, Huron Healthcare’s managing director and revenue cycle solution leader. "In a typical revenue cycle there are hundreds of potential places for revenue leakage. RevenueAscent is focused on ensuring that clients receive full and accurate reimbursement for services provided. The solution also further enhances revenue by optimizing charge capture, strategic pricing, managed care contracting and clinical documentation."
Among the early users of the new solutions are Allegiance Health, the HealthEast Care System and the UCLA Health System.
“What Huron Healthcare brings is a proven solution and an ability to change an organization’s way of thinking about the revenue cycle,” said David Feinberg, MD, chief executive officer of the UCLA Health System, in a press release supplied by Huron. “They bring an ability to change your culture to a point where you’re performing at a higher level.”
RevenueAsecnt is the latest in a number of moves made by Huron to bolster its healthcare business to deal with changes in the landscape brought about by reform. Last November, Huron Healthcare’s Wellspring+Stockamp unit announced an alliance with Conshohocken, Pa.-based Apollo Health Street to bolster its revenue cycle solution to handle particularly tough financial challenges.
"Revenue cycle processes are complex and can include thousands of tasks that span dozens of departments with hundreds of people and many third parties," Saitow said at that time. "Consequently, process breakdowns and lapses in communication are common and often result in lost revenue. This alliance will further address those issues facing healthcare organizations through a seamless, integrated solution."
