WINSTON-SALEM, N.C. – Novant Health has been named a 2019 Revenue Cycle Award winner by Healthcare Business Insights (HBI), a part of Clarivate Analytics Plc (NYSE:CCC). In its eighth year, the Revenue Cycle Awards recognize healthcare organizations for their outstanding performance on revenue cycle KPIs, based on data from their most recent, and preceding, full fiscal year.
Launched in 2012, the HBI Revenue Cycle Awards were established to recognize hospitals and health systems who demonstrated strong performance on revenue cycle KPIs that indicate the fiscal health of an organization. This year’s recipients faced challenges common to all in the healthcare community, including increasing payer stringency and shrinking reimbursement rates, rising patient out-of-pocket costs, and revenue cycle staff turnover. Through their renewed commitment to process efficiency, forward-thinking initiatives, and the patient experience, this year’s winners reinforced the foundation for revenue cycle operations – achieving high-performing revenue cycles and demonstrating top-decile performance in multiple studied metrics.
Beth Reed, Principal Analyst, HBI said, “We are proud to recognize this year’s recipients, who are a true representation of healthcare organizations that have demonstrated remarkable achievements, implemented innovative strategies to meet evolving challenges, and shown strong year-over-year improvement.”
Winners were selected based on many KPIs, including collections, A/R days and aging, charge performance, CDI impact and cost to collect, among others. Evaluation also included narratives provided by awards entrants describing recent revenue cycle initiatives. While all winners have high-performing revenue cycles in common, they represent varied segments of the healthcare landscape as defined by annual net revenue.
Novant Health – 2019 REVENUE CYCLE AWARD WINNER – $2 BILLION OR MORE NET REVENUE
Based in Winston-Salem, North Carolina, Novant Health is a nonprofit integrated system of 15 hospitals featuring 2,719 licensed beds. With over 29,000 team members and physician partners, Novant Health serves patients in communities in North Carolina, Virginia, South Carolina, and Georgia. Novant Health has generated approximately $3 billion in annual net revenue.[1]
Key achievements:
- Top decile performance on POS collections as a percentage of net revenue in most recent fiscal year: 1.22%
- Top decile performance on percentage of self-pay A/R aged over 90 days in most recent fiscal year: 27.96%
- Top decile year-over-year improvement on gross days A/R discharged-not-final-billed: 62.62% decrease
- Top decile year-over-year improvement on cash collections as a percentage of net revenue: 5.05% increase
Healthcare Business Insights is a proud partner to over 2,000 U.S. hospitals and health systems HBI supports healthcare leaders by enabling them to optimize performance, as well as engage and retain employees, by providing insights to help navigate the evolving market – such as adapting to new pressures imposed by the COVID-19 pandemic – all while putting the patient first. As part of the Revenue Cycle Awards program, throughout 2020, HBI will highlight the work behind the numbers with exclusive content, connecting leaders from the winning organizations with the HBI community. Submissions for the 2020 HBI Revenue Cycle Award will open later this year.
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