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Health care organizations stand to recover millions with new Denial Management Software and Workflow Improvements
NORWELL, MA & LYNN, MA, March 24, 2004 ¡V Recognizing the need for innovative solutions to assist the health care industry develop a more effective approach to revenue cycle management, Beacon Partners and Revenue Enhancement Strategies today announced an alliance focused on offering tools and services that support an efficient, proactive denial management methodology. This alliance unites expertise and knowledge with powerful, proven software to provide health care organizations the ability to improve business processes and increase cash flow.
Beacon and Revenue Enhancement Strategies (RES) have developed a collaborative approach to provide hospitals, physician groups and health systems services and products that will identify lost revenue, develop an action plan for improvement, establish written policies and procedures and implement systems to monitor progress. This structured approach maximizes opportunities to improve overall revenue cycle while targeting denials that represent a significant portion of lost revenue in every health care organization.
The Beacon-RES alliance offers a solution for an issue that is prevalent throughout the industry - information systems that are unable to provide data compiled in a format that allows for proactive, rather than reactive, management. This failure results in lost revenue in the range of 4% to 7%, according to industry experts. Identifying gaps in the process and implementing solutions, rather than short-term fixes, can result in a significant improvement in cash flow and elimination of redundant processes.
Under the agreement, Beacon and RES will jointly market the respective services and technology of each company. Beacon will endorse RES technology as its exclusive provider of revenue cycle denial management software. RES will market Beacon as a business partner for revenue cycle management, process redesign and implementation services. Health care providers will benefits from increased cash flow through improved denied claims and revenue cycle management.
"Lost revenue due to ineffective management of denied and pending claims can be the monster lurking in the closet," says Glen Johnson, Partner, RES. No one wants to talk about it because the issues seem insurmountable. By utilizing both Beacon's services and RES' software, health care organizations can address the problem head on, proactively identifying and resolving the root cause of the problem."
According to Ralph Fargnoli, President and CEO of Beacon Partners, "Health care organizations have historically relied on incomplete data produced by information systems designed to simply provide month end reports. Our solution puts information in managers' hands on a daily basis, allowing them to address problems as they occur, rather than after they have aged for thirty days. Our alliance with RES provides a solution that generates real time information, eliminating the issue and ensuring future claims are processed appropriately. This allows organizations to develop strategic plans, negotiate payer contracts and manage staffing needs using accurate data."
Click here to download more detailed information on Beacon Partners' Denial Management services utilizing RES' Revenue Cycle Denial Management software (PDF).
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Beacon Partners has provided a wide range of consulting services to health care organizations for over fifteen years. Our consultants are health care specialists with an average of 16 years of experience in the industry. We offer strategic management, clinical and information technology consulting services to health care organizations throughout the country. Our approach is client focused and results oriented. Only when our clients are able to independently achieve their organizational goals do we consider ourselves successful. To learn more about Beacon Partners' health care consulting services, call 1-800-4BEACON or visit www.beaconpartners.com.
Revenue Enhancement Strategies, Inc. is a unique health care consultancy focused on assuring our clients receive optimal reimbursement for the services they provide. Our philosophy is to bring policies, procedures, training and knowledge to your staff so that an infrastructure is established to respond to the constantly changing reimbursement world in which we work. www.revstrategy.com.
For more information:
Beacon Partners
Charles Anastos, Vice President
(781) 982-8400, x409
cra@beaconpartners.com
Revenue Enhancement Strategies
Glen Johnson, Partner
(617) 480-3213
gjohnson@revstrategies.com
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