Waltham, MA (PRWEB) May 30, 2013
Connance, Inc. (http://www.connance.com), a provider of predictive analytic technologies that improve financial performance in healthcare enterprises, and Regional Medical Center, a leading regional healthcare provider serving patients throughout a five-state area surrounding Memphis, today announced that their contract has been extended through 2015. Regional Medical Center deployed Connance’s Vendor Performance and Presumptive Charity programs two years ago and have since realized significant and sustained revenue cycle performance improvement.
“The technology and operational insights that Connance has delivered to Regional Medical Center has enabled us to realize and sustain significant performance improvements in our revenue cycle operations. With Connance’s technology and insights we know that our patients are receiving the same excellent treatment in our revenue cycle as they do in our clinical settings,” said Rick Wagers, Senior Executive Vice President and Chief Financial Officer of Regional Medical Center. “Extending our agreement with Connance is a testament to the progress we have made thus far and as well as our expectations for the future.”
Leveraging Connance’s cloud-based platform, Regional Medical Center and their outsource partners are realizing improved visibility, integrity and efficiency in accounts moving through the collection process. With Regional Medical Center and its collection agency partners sharing the same financial and activity data, sharing the same reports and measures, while at the same time benefiting from automated work request processes, they are finding new opportunities for improvement and faster time to action. As a result, Regional Medical Center is seeing higher collection rates.
Regional Medical Center is also benefiting from the Connance Presumptive Charity program, which utilizes the PARO Score, to identify households meriting financial assistance but are either missed in, or unresponsive to, traditional financial counseling efforts. For Regional Medical Center, PARO is integrated into Connance’s platform so that accounts are automatically tested for presumptive charity prior to bad debt assignment and routed appropriately.
When providers combine these Connance programs, cash and charity efforts become automated for comprehensive and cost-effective work processes.
“Regional Medical Center has been an important partner to us for several years and we appreciate their forward-thinking and willingness to embrace innovative approaches to transforming financial performance. I am very proud of what we have accomplished together and fully expect that they will continue to realize further gains in the future,” said Steve Levin, CEO of Connance. “Providers have an increasingly tough challenge in front of them, balancing mission and margin. We believe that predictive analytics and process integrity are fundamental to sustained success over the long-term.”
About Regional Medical Center
Regional Medical Center is a healthcare system providing accessible, efficient, quality healthcare for individuals in the Mid-South. Its primary service area includes west Tennessee, east Arkansas and north Mississippi. Focusing on compassionate care and exceptional services, Regional Medical Center is anchored by highly respected Centers of Excellence including trauma, burn, neonatal intensive care and high-risk obstetrics. In addition to its notable Centers of Excellence, the hospital provides an array of primary care and specialty services through its Health Loop and subspecialty clinics. Regional Medical Center serves as one of the largest medical and surgical teaching sites for the University of Tennessee Health Science Center.
About Connance, Inc.
Connance brings world-class predictive analytics and insights from hundreds of clinical settings to transform the performance of financial processes at hospitals, physician groups and outsourcing organizations. Connance solutions sustainably increase cash flow, reduce operating costs and improve policy compliance in self-pay, denial management, charity, and outsourcing processes. With clients like Centura Health, Florida Hospital, and Geisinger Health System, Connance is changing the expectations of financial executives. Connance is headquartered in Waltham, Mass. For more information, visit http://www.connance.com or call (781) 577-5000.
# # #