MILWAUKEE (PRWEB) December 10, 2019
Healthfuse, the industry leader in managing and sourcing revenue cycle vendors for hospitals and health systems, today announced a top-line growth of 40 percent in 2019.
"We had solid growth in 2019, accelerating our momentum of providing revenue cycle vendor management services that reduce cost and increase bottom-line impact," said Nick Fricano, president, and chief executive officer of Healthfuse. "With $30B spent annually on revenue cycle vendors, organizations are demanding more and looking for high-trust, high-value relationships. Our growth indicates that the market is increasingly aware of the value of performance-driven, tech-enabled revenue cycle vendor management, and our success in 2019 lays the foundation for accelerated growth in 2020."
As part of this growth, Healthfuse achieved a number of major milestones in 2019, including:
- Achieved more than 40 percent growth year-over-year
- Earned $500M in bottom-line improvement for clients
- Increased market penetration by adding 50 hospitals across 31 states to portfolio
- Average client size has increased 10 times ($300M net revenue-$3-5B)
- Processed more than 24M accounts per week via its AutoAudit solution
Healthfuse has also achieved compliance with the federally mandated standards of the Health Insurance Portability and Accountability Act (HIPAA) through the use of Compliancy Group's proprietary HIPAA methodology, The Guard® compliance tracking software, and HIPAA Seal of Compliance®.
Healthfuse combines technology, analytics, and research to improve vendor performance and help healthcare organizations establish revenue cycle best practices. Over the course of 2019, Healthfuse conducted in-depth reviews of 451 vendors and identified $86 million in recurring revenue for new clients and $186 million for existing clients, with a total three-year project impact of $258 million for 150 + hospitals.
Healthfuse works with 90+ hospitals and health systems to provide revenue cycle vendor management services that reduce cost and increase collection performance of revenue cycle vendors. Its automated auditing solution for all hospital account collection provides clients with a 24/7 approach to improving the efficiency of all vendor functions and processes by eliminating variability. Healthfuse guides hospitals and health systems as they create a viable, sustainable vendor structure that increases outputs and saves money. Learn more at healthfuse.com.