Waltham, MA (PRWEB) February 05, 2014
Connance, Inc. (http://www.connance.com), a leading provider of predictive analytic programs for healthcare enterprises, and Huron Healthcare, a division of Huron Consulting Group (NASDAQ: HURN), a leading provider of business consulting services, today announced a multi-year agreement in which Connance’s predictive analytic technologies are now part of Huron Healthcare’s Revenue Cycle solutions. The alliance will offer revenue cycle solution workflows that incorporate advanced analytics to drive more effective, efficient, and patient friendly solutions for clients.
“Coupling Connance’s predictive analytics and technology with Huron Healthcare’s deep revenue cycle expertise provides significant financial, operational, and patient service improvements for clients. We are also pleased to work with Connance to identify new, innovative analytics and technologies to meet the rapidly changing needs of our healthcare clients,” said Ronnie Dail, Huron Healthcare Managing Director and Revenue Cycle solutions leader.
This effort is focused on patient liability revenue, including uninsured patients and patients with payment responsibility after insurance. The opening of health exchanges as part of the Affordable Care Act and the continued adoption of high-deductible plans by employers are leading to rapid escalation in the number of patients with significant payment responsibility. This growth means a substantial and critical share of a healthcare provider’s revenue is now paid directly by the patients. Patient receivables are the most expensive to work and take the longest time to resolve, with the cost to collect being two to three times that of other healthcare revenue. With budgets under pressure, health systems are in critical need of solutions that help them efficiently and cost-effectively manage this rise in patient-pay revenue while preserving patient goodwill and building loyalty.
“We are pleased to expand our relationship with Huron Healthcare’s Revenue Cycle solutions,” said Steve Levin, CEO of Connance. “Healthcare operations are experiencing an incredibly complex transformation today. With this alliance, we believe that we have made it significantly easier for providers to adopt leading-edge technologies and quickly realize significant financial benefits. We also believe that our organizations’ collective insights will unlock significant new opportunities for innovation as well as accelerate time to market, critical in today’s rapidly changing marketplace.”
Since 2008, Connance's predictive analytics, workflow and vendor management technology have enabled thousands of healthcare operations to realize step-change improvement in cash, cost, employee productivity and patient experience. Connance solutions are high-return and integrate with existing provider infrastructure and teams enabling them and their business partners to optimize legacy investments.
About Huron Healthcare
Huron Healthcare is the premier provider of performance improvement and clinical transformation solutions for hospitals and health systems. By partnering with clients, Huron delivers strategy and solutions that improve quality, increase revenue, reduce expenses, and enhance physician, patient, and employee satisfaction across the healthcare enterprise. Clients include leading national and regional integrated healthcare systems, academic medical centers, community hospitals and physician practices. Modern Healthcare ranked Huron Healthcare third on its 2013 list of the largest healthcare management consulting firms. Learn more at http://www.huronconsultinggroup.com/healthcare or follow us on Twitter: @Huron.
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, CHRISTUS 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.
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