Carris Health - Rice Memorial Hospital Revenue Team wins two national awards

Published in News Author: Carris Health

WILLMAR, December 2, 2014 – When Carris Health - Rice Memorial Hospital was presented with a Revenue Cycle Performance Award from Health Business Insights (HBI) last month, it marked the second national award the Revenue Team has received this year. It also marked one other notable accomplishment. Rice is the ONLY healthcare organization to ever win the HBI award TWICE.

“I was told we are the only provider in the nation to ever win this HBI award a second time,” said Jackie Hinderks, Director of Revenue Cycle at Rice. “Our team is pretty proud of that.”

Since receiving the HBI award two years ago in 2012, Rice has taken significant steps to improve its performance even further. Net days in accounts receivable was reduced by 10+ days—the most of any organization surveyed last year. The organization also increased its point of service collections by 0.8% of net revenue—which is also the largest increase among all organizations that submitted an application. The revenue that the hospital writes off due to denied claims is also impressive—less than half of a percent of net revenue, which was also in the top quartile of organizations surveyed.

Rice’s achievements can be traced back to several strategic improvements, including a new no-interest financing program for self-pay patients, many of whom are faced with high-deductible insurance plans and higher out-of-pocket costs. Rice also provides free cost estimates before scheduled visits, so patients know how much a procedure or hospital stay will cost ahead of time and can plan accordingly.

“Patient satisfaction and on-time payments both improve with communication,” said Hinderks.

Recent efforts have also focused on making patient statements easier to understand, providing a mobile app so patients can schedule and make payments directly from their smartphone or tablet, and transitioning some staff to work from home, which has resulted in improvements to productivity, quality, and job satisfaction.

But, this isn’t the only national award the Revenue Cycle team at Rice has received this year.

In August, Healthcare Financial Management Association (HFMA) awarded Rice Memorial Hospital with the 2014 MAP Award for Performance Improvement in Revenue Cycle.

The MAP Award for Performance Improvement recognizes healthcare organizations that demonstrate measurable improvement in MAP Keys – key performance indicators that set the standard for revenue cycle excellence in the healthcare industry.

“This award is a testament to the dedication of our Revenue Cycle staff in improving the quality of accounts receivable at Rice,” said Chief Financial Officer, Bill Fenske.” I am very proud of our team in achieving this accomplishment and award.”

Winners of the 2014 MAP Award for Performance Improvement were:

  • Carris Health - Rice Memorial Hospital — Willmar, MN (a 110-bed municipally-owned hospital)
  • Holy Name Medical Center — Teaneck, NJ  (361-bed acute care medical center, 850 physicians in 33 medical specialties)
  • Lafayette General Medical Center — Lafayette, LA (5 hospitals—2 are major teaching hospitals in medical education for a 10-parish area)

About the HBI Revenue Cycle Academy Performance Award
Each year, the Healthcare Business Insights (HBI) Revenue Cycle Academy recognizes those organizations within the membership community that have demonstrated achievements in revenue cycle performance. Hospital and health system members submitted a survey based on their financial from the past two fiscal years, answered questions regarding the revenue cycle practices in place, and had the opportunity to share via essay some of their most important initiatives in the last year. Winners are chosen based on their performance levels in one or more of the following categories: 1) overall revenue cycle performance; 2) improvements achieved in the last year; and 3) performance in a high uninsured/self-pay environment.

About HBI
Healthcare Business Insights (HBI) provides in-depth research and industry insights critical to every aspect of hospitals and health care systems nationwide. HBI does this through multiple Academy communities, which include: Revenue Cycle, Information Technology, Solution Provider, Supply Chain, Labor & Productivity, and Cost & Quality.

About the MAP Award
MAP stands for Measure performance, Apply evidence-based strategies for improvement, Perform to the highest standards in today’s challenging healthcare environment.

About HFMA
With more than 40,000 members, the Healthcare Financial Management Association (HFMA) is the nation’s premier membership organization for healthcare finance leaders. HFMA builds and supports coalitions with other healthcare associations and industry groups to achieve consensus on solutions for the challenges the U.S. healthcare system faces today.