Case Study: Monument Health
About the Client
Monument Health, located in Rapid City, South Dakota, is a community-based healthcare system serving 20 communities across western South Dakota and eastern Wyoming. Regional Health offers care in 33 medical specialties, has more than 4,500 physicians and caregivers, and is comprised of 5 hospitals, 8 specialty, and surgical centers, and more than 40 medical clinics and healthcare service centers.
With Healthfuse, we are better able to secure competitive vendor contracts and achieve optimal vendor performance.
Ted Syverson, Vice President
Revenue Cycle
Challenge
Monument Health, formerly Regional Health, now a part of the Mayo Clinic Care Network , recently completed a conversion to EPIC and needed a way to maximize financial performance to offset conversion costs. They decided to outsource portions of their revenue cycle to help fill gaps in internal resources and to improve collections, but they needed a way to ensure they were getting the most out of those vendor relationships.
Solution
Monument Health chose to partner with Healthfuse, the industry leader in the management of revenue cycle vendors for hospitals and health systems. Healthfuse identified above-market vendor contracts, renegotiated fees, and updated service-level agreements reflective of today’s market. Healthfuse performed account-level audits on 100% of placed accounts and scrubbed 100% of vendor invoices to help ensure accounts were being worked appropriately and stop inappropriate or duplicative fees from occurring.
Results
Healthfuse was able to identify a recurring P&L opportunity of $7.1 million with a three-year impact of $16.9 million.
Recurring P&L opportunity of
$7.1M
Three-year impact of
$16.9M
To date, Healthfuse has delivered:
Collections Improvements
Collections Improvements of $47M
New Initiatives of $238K
Cost Savings
Invoice Recoveries of $118K
Contract Savings of $3.2M
