Tennessee health system boosts revenue cycle technology
The Wellmont Health System in Kingsport, Tenn., is expanding its revenue cycle management technology to include charge integrity, revenue capture and revenue recovery software.
Wellmont will use RCM technology from Atlanta-based MedAssets. The health system has a long-standing business relationship with the company.
Alice Pope, vice president of finance and corporate treasurer at Wellmont, said the health system wants to enhance its chargemaster compliance to develop transparent and defensible pricing across the health system.
"In today's environment it is critical to maintain a high performing revenue cycle," she said. She noted that Wellmont has already used its RCM technology to gain better control over revenue leakage and margin improvement.
Wellmont Health consists of eight hospitals in northeast Tennessee and southwest Virginia and a staff of more than 6,500, including 600 physicians.
Brent Petty, vice president of supply chain at Wellmont, said the health system would implement MedAssets' newest spend analytics solution, Service Line Analytics, to help benchmark its supply chain performance.
"We are excited to identify opportunities for margin improvement across our service lines, creating a roadmap for sustainable savings," he said. "We also see using Service Line Analytics as a positive way to further engage our physicians as a key stakeholder in our financial improvement process."