LOS ANGELES, CA--(Marketwire - January 25, 2011) - Vengroff, Williams & Associates, Inc. (VWA), the global domain leader for Order to Cash Business Process Outsourcing, today announced a significant expansion of the company's healthcare practice with both the acquisition of new customers and the increase in scope of work from existing clients.
Currently, healthcare providers are looking for BPO solutions to increase net cash, achieve revenue cycle performance improvement, enhance operational efficiency and improve overall patient and physician satisfaction. VWA's proprietary Revenue Cycle Management (RCM) assessment models and tools with a dynamic operating platform in the healthcare industry enables new and existing clients the opportunity for VWA to rapidly assess their needs and execute on opportunities.
VWA's new customers -- although varied in their business models -- share a common initiative to improve economic efficiencies, increase cash flow performance and optimize working capital.
From the verification of patient's coverage, admission to the hospital, treatment and discharge to post discharge claims and accounts settling to focusing on billing, patient liability, collections and invoice/statement processing, VWA provides one of the industry's most comprehensive RCM solutions to best meet its clients' needs in an increasingly complex and competitive marketplace.
Outstanding revenues and an unsystematic revenue cycle are two major factors that can bring down the efficiency and cash flow of any healthcare service providers. Presently, according to recent research by Healthcare Finance News, the major complaint among hospital CEO's and private medical practices lies in the inefficiency of the billing system. Patient account representatives aren't properly equipped to deal with the growing ranks of high-deductible health plans and self-pay accounts and often don't collect the data they need to manage the accounts. Healthcare providers need to be more concerned about RCM, as equally as with patient service. By some estimates, hospitals and physician groups are losing three to five percent of their net revenue from inadequate revenue cycle management.
VWA's SaaS-based connectivity and scalable RCM technology solutions help healthcare providers meet today's needs, such as aggregating cumbersome claims processing for root cause analysis and performance refinement. By deploying revenue cycle analysis, cash flow is accelerated and operational efficiencies are streamlined. VWA delivers the critical infrastructure needed to manage finance and accounting functions effectively, while reorganizing process costs and reducing headcount.
VWA's proprietary 'smart' technology uses a multi-disciplinary approach to provide a unique 'command center' for automated RCM to drive significant cost-reductions and process improvements, while still ensuring maximum visibility across the financial services operations. To a greater extent, healthcare companies are turning to VWA to not only reduce costs, but to also help tighten up their RCM outsourcing processes to ensure their accounts receivables practice are fully optimized, thereby increasing their cash flow, enhanced staff productivity, accelerated reimbursements, and reduced days in A/R.
"As all portion of healthcare billing and collections increases, healthcare providers are increasingly turning to proven revenue cycle solutions," said Robert Sherman, President, of VWA. "Our RCM solutions help hospitals and physician groups nationwide to optimize their revenue cycle in relation to financial clearance and settlement. The hospitals and healthcare organizations that we engage with recognize that our solution can help them find the hidden cash in accounts payable and redirect that money towards funding patient care initiatives."
VWA's RCM services for healthcare organizations include:
- Technologies and automation
- Insurance verification on coverage and benefits
- Medical transcription and coding, patient health information entry and management
- Charge capture and claims entry
- Statement processing
- Medical billing
- Patient liability
- Payment posting and denial management
- Constant follow-up for outstanding payments/accounts receivables
- Review of reasons for non-payment and corrective measures adopted for better revenue realization
About VWA
VWA is the global domain provider of order to cash business process outsourcing for optimizing working capital. We provide a full range of solutions and technologies which allow clients to achieve substantial financial and operational benefits that enable operational efficiency which significantly influences the outcome of their businesses.
Founded in 1963, with over $23 billion dollars under management and 3,000 global customers, VWA strategically designs Order to Cash BPO solutions with an emphasis on technology innovation and partnership to drive ROI across the entire order to cash cycle, maximizing working capital.
Combining unequaled experience and comprehensive capabilities across a number of vertical industries and business functions, VWA collaborates with Fortune 1000 companies such as Ford Motor Company, Disney, Federal Express, Yamaha and mid-market companies such as D3P, Crescent Healthcare, Network Appliance and others to assist in becoming solid businesses with working capital management performance defined.
With extensive industry expertise in Order to Cash outsourcing, VWA provides a broad and evolving spectrum of service offerings including O2C, starting with credit, revenue cycle management, Deduction Management, Dispute Management, 3rd party collections, Subrogation, Credit Risk Mitigation Services and A/R technology solutions.
Named a Top 21 enterprise-level FAO service provider by FAO Today Magazine and to the Global Services Top 10 in the FAO Category and Top 50 in the enterprise FAO space in the BlackBook of Outsourcing, to learn more about the award-winning Vengroff, Williams and Associates, please visit www.vwainc.com or telephone (866) 393-4892.
Contact Information:
MEDIA CONTACT:
Beth Trier
Trier and Company for VWA
beth@triercompany.com
415.285.6147