WASHINGTON, Nov. 17, 2016 /PRNewswire/ -- More than 1,100
individual hospitals that are members of The Advisory Board
Company's research, technology, and consulting programs have
recorded more than $1.5 billion in
aggregate, directly attributed return on investment (ROI), the firm
announced today.
"It is inspiring to see how we are able to help members use best
practices to improve patient outcomes and community health, and
sustain and improve margins," said Robert
Musslewhite, Chairman and CEO at The Advisory Board Company.
"In the increasingly complex and competitive health care
environment, our members need to make data-driven decisions
tailored to their unique challenges. We are proud to partner with
our members in identifying and, through our technology and
consulting, helping to implement the best practices that work for
them."
Hospitals representing more than 65% of inpatient admissions in
the United States use Advisory
Board technology platforms. The firm's technology helps hospitals
and health systems reduce care variation, manage 10 million patient
lives, attract patient and physician referrals, improve medical
group performance, and increase operating margins.
Ranked by Modern Healthcare magazine as a Top 5
consulting firm, Advisory Board consulting has completed more than
2,300 engagements for strategy, population health, patient
experience, network development, care delivery and transformation,
electronic health record optimization, revenue cycle, labor
productivity, spend performance, and medical group performance. The
firm has more than 390 consultants, including management executives
and clinicians with operational experience running critical
hospital and medical group departments.
Institutions that have recently reported their ROI from their
Advisory Board memberships include:
Bellin Health Systems, based in Green Bay, Wisconsin, reduced its
reimbursement gap by more than $2.2
million in one year by uncovering key revenue underpayment
and denial opportunities. Bellin Health added a "second line of
defense," an Advisory Board workflow tool to identify
reimbursements that weren't recovered by its Patient Accounting
System. Advisory Board data show that health systems are typically
successful on 32% of their appeals to government payers but Bellin
Health won 83% of these appeals. For commercial payers, health
systems typically succeed 49% of the time but Bellin Health
prevailed on 69%.
Hunt Regional Healthcare, based in Greenville, Texas, added new initiatives for
its patient financial services and managed care teams, with whom
Advisory Board worked to maximize reimbursement recoveries and
recoup more than $1.3 million in 18
months. Hunt has found that challenges in underpayments, payer
contracts, and denials are all strongly interconnected and formed a
cross-functional team to increase collaboration between patient
financial services, patient account management, and contract
analysis. With support from Advisory Board data, these teams took
on appeals on underpaid and denied accounts, building and running
contract models to aid in contract renegotiations, and validating
rate schedule updates. Advisory Board also provided a specialist on
data and contract issues, aiding Hunt Regional's 65% improvement in
recoveries in 12 months.
Baptist St. Anthony (BSA)
Health System, based in Amarillo,
Texas, worked with Advisory Board and health system
physicians to consolidate spine supply vendors from 47 to two,
saving $2.8 million. The system's
director of materials management collaborated with Advisory Board
to analyze pricing opportunities and identified spine supply
vendors to consolidate. The system's materials team also shadowed
surgeons and proactively engaged them through weekly "rounding."
BSA Health now includes surgeons in every conversation with
vendors.
About The Advisory Board Company
The Advisory Board
Company (NASDAQ: ABCO) is a best practices firm that uses a
combination of research, technology, and consulting to improve the
performance of 5,500+ health care and education organizations.
Headquartered in Washington, D.C.,
with offices worldwide, The Advisory Board Company forges and finds
the best new ideas and proven practices from its network of
thousands of leaders, then customizes and hardwires them into every
level of member organizations, creating enduring value. For more
information, visit www.advisoryboardcompany.com.
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