CHICAGO and SAN DIEGO, July 8 /PRNewswire/ -- TransUnion and Benchmark Revenue Management announced today a partnership that will allow hospitals to provide better financial avenues to patients seeking assistance. The collaboration will marry TransUnion's patented healthcare revenue cycle platform and predictive analytics capabilities with Benchmark's Web-based business intelligence, dashboard reporting and workflow solution set.
TransUnion's healthcare revenue cycle platform -- Revenue Manager(SM) -- is a leader in several key patient access and revenue cycle areas, including patient registration, time of service collections, risk scoring, front-end financial counseling and entitlement and charity program qualification. Benchmark has enjoyed significant success in the revenue cycle market with a Web-based solution set that drives workflow in both patient access and the business office, allowing hospitals to maintain performance through powerful business intelligence, dashboards and real-time productivity monitoring coupled with a comprehensive alerting system.
"Together, our offerings ensure that a hospital protects its patient revenue and optimizes every opportunity to qualify patients for eligible programs," said Mike Snitman, vice president of TransUnion's healthcare group. "Hospitals face daily challenges to keep up with the enormous volume of information and complex processes related to charity and uncompensated care for patients. Offering our platform alongside Benchmark's solutions will enable hospitals to provide their patients with optimal financial advice and ensure that their team is working as efficiently as possible, on the right tasks."
Both Benchmark and TransUnion's solutions can be implemented and fully operational for customers in just six weeks. Tyson McDowell, CEO of Benchmark, commented on the timeframe: "The fact that we both feel strongly about implementing and returning on the customer's investment quickly underscores why this partnership will be a success. TransUnion shares our view that healthcare professionals simply don't have the time or resources to suffer through long implementation processes and huge learning curves. With our workflow and productivity advantages, and TransUnion's revenue cycle platform and analytic capabilities, a hospital will see substantial revenue improvement in a very short period of time. We think that's just what hospitals need today."
TransUnion's Revenue Manager instantaneously verifies patient identity and self-reported information at registration, and performs calculations based on patient information and eligibility requirements to pre-qualify applicants and their family members for optimal financial assistance programs. Patient demographic information is pre-populated on all enrollment forms; ready for immediate printing, signature and submission.
Additional benefits of TransUnion Revenue Manager include:
-- Verifies patient identity, insurance eligibility, and inaccuracies from self reported data.
-- Identifies opportunities to assist patients at the time of service through front-end integration within registration system.
-- Tracks, stores and provides audit-ready documentation of charity care.
-- Determines patient financial status for each hospital visit to eliminate the possibility of providing charity care to those who no longer qualify while easily validating those that are still eligible.
-- Reduces the potential for quarterly/year-end financial surprises and provides hospitals with the ability to modify charity policies throughout the year to stay compliant with federal, state, and local guidelines, specifically the new IRS required Form 990, Schedule H.
-- Pursues multiple financial assistance opportunities concurrently, providing significant labor savings to hospitals; reducing staff time spent gathering data and filling out forms.
Benchmark helps hospitals become more efficient and effective through administrative efficiency gains facilitated by front-end and back-end workflow, and sophisticated reporting technologies across the entire revenue cycle. Benchmark will:
-- Provide management and staff the information to understand what's happening in the revenue cycle.
-- Give the workers a system that empowers them to be more effective while automatically complying with the optimum work task flow at all times, ensuring every worker delivers like your star performers.
-- Ensure clients fully utilize the power of their solution through its
Revenue Engineers, who monitor results and workflows.
-- Provide a money-back guarantee for all of its results.
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion employs more than 3,600 employees in more than 25 countries on five continents. http://www.transunion.com/healthcare
About Benchmark Revenue Management
Benchmark Revenue Management is a fast-growing firm in the healthcare administration technology field. Benchmark delivers revolutionary administrative workflow, revenue analysis, management, and monitoring tools which are inherently integrated for maximum effectiveness and efficiency. Benchmark has important partnerships with Navigant Consulting and their customers include several hospitals such as St Joseph's in New Jersey and in Atlanta. More information about Benchmark can be found at http://www.benchmarkrevenue.com.
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