Large Illinois Health System Improves Revenue Cycle Vendor Performance and Achieves $8.1M Impact to Date
Healthfuse, the industry leader in vendor management performance for hospitals and health systems, announced today that it has realized significant savings for its partner Edward-Elmhurst Health, one of the larger integrated health systems in Illinois.
Healthfuse combines technology, analytics and research to improve vendor performance and help healthcare organizations establish revenue cycle best practices. Edward-Elmhurst has been working with Healthfuse since July 2020 and was able to achieve $1.2M in cost savings to date, despite the challenges of the COVID-19 pandemic. Healthfuse helped to optimize revenue-cycle technology for Edward-Elmhurst, driving a substantial amount of the cost savings.
“76% of hospitals are paying more than market rates for revenue cycle products and services. We strive to provide a complete picture into outsourced accounts, work with vendors and health systems to strengthen processes and relationships and increase accountability and trust through a comprehensive suite of best practice tools,” said Nick Fricano, president and chief executive officer of Healthfuse. “Edward-Elmhurst Health has already achieved superior cost savings within only six months of working with Healthfuse. We are thrilled to continue to collaborate and generate additional bottom-line efficiencies.”
“Healthfuse came on board in the middle of the pandemic last year, and despite the many challenges that entailed, they were able to deliver $6.9M in cash factor improvement. Healthfuse was able to bring invaluable expertise in working with vendors and understood the complexity of our contracts off the bat,” said Gregory Arnold, system vice president, revenue cycle and payor strategy, Edward-Elmhurst Health. “We have been thrilled with our partnership with Healthfuse to date and know that over the course of this partnership we will significantly improve self-pay collections, reduce bad-debt and increase patient payment satisfaction.”
Healthfuse drives revenue cycle vendor performance by building, operating, and optimizing hospital vendor management offices. Working with 160+ hospitals and health systems, creating $650M in bottom-line improvement to date, the Healthfuse VMO platform provides a customizable suite of vendor management applications backed by a dedicated execution team to accelerate cost savings and collections improvement. Healthfuse ensures hospitals and their revenue cycle vendors operate in full transparency, delivering accountability, efficiency, and bottom-line results. Healthfuse is a New Capital Partners portfolio company.
About Edward-Elmhurst Health
Edward-Elmhurst Health is a 736-bed system that includes three hospitals – Edward Hospital in Naperville, Elmhurst Hospital and Linden Oaks Behavioral Health – and an extensive ambulatory care network that provides comprehensive healthcare to residents of the west and southwest suburbs of Chicago. Edward- Elmhurst Health has been named one of the nation’s 15 Top Health Systems by IBM Watson Health two years in a row (2019-2020). Edward and Elmhurst Hospitals have earned a reputation as a regional healthcare leader by providing advanced cardiac care, state-of-the-art cancer diagnosis and treatment, world class stroke care, the latest imaging technology, care for critically ill newborns, minimally invasive surgery and the latest clinical trials. In addition, Edward and Elmhurst have both earned the prestigious designation as Magnet hospitals for nursing excellence.
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