Spectrum Health Earns National Award for High Performance in Financial Operations
September 9, 2011
Spectrum Health’s Grand Rapids hospitals were recently named a 2011 recipient of the Healthcare Financial Management Association’s (HFMA) MAP Award for High Performance in Revenue Cycle.
As a national award winner, Spectrum Health has met or exceeded stringent evaluation criteria addressing critical performance factors such as revenue cycle processes, financial performance, innovation, adoption of PATIENT FRIENDLY BILLING® principles, and patient satisfaction. Over 150 hospitals started the application process for this year’s award and 12 were selected.
“Through diligence and hard work, our finance employees have made Spectrum Health a leader in patient-centered billing and revenue operations,” said Matt Van Vranken, executive vice president, Spectrum Health Delivery System. “This well-earned recognition shows the commitment our employees have for our patients and our organization.”
Richard L. Clarke, President and CEO of HFMA said, “In light of the significant changes taking place in the health care industry, achieving revenue cycle excellence has never been more important than it is today. Spectrum Health is one of only 12 hospitals to receive HFMA’s MAP Award this year. I congratulate them on their outstanding performance and thank you for sharing your knowledge for the benefit of the patients and communities we serve.”
Created by health care leaders, the MAP Award recognizes acute-care hospitals that achieve excellence in the revenue cycle and serve as models for the healthcare industry. In addition, the award recognizes distinction, innovation, and effectiveness in revenue cycle process improvements, as well as sustainable financial performance that serves the mission of the organization. Criteria for the award are based on HFMA’s MAP Keys – revenue cycle key performance indicators.
MAP stands for measure performance, apply evidence-based strategies for improvement, perform to the highest standards in today’s challenging healthcare environment.
HFMA provides the resources health care organizations need to achieve sound fiscal health in order to provide excellent patient care. With over 36,000 members, HFMA is the nation’s leading membership organization of health care finance executives and leaders. They provide education, analysis, and guidance; lead change and innovative thinking; and create practical tools and solutions that help members get results. Addressing capital access to mproved patient care to technology advancement, HFMA is an indispensable resource on health care finance issues. www.hfma.org
Spectrum Health is a not-for-profit health system in West Michigan offering a full continuum of care through the Spectrum Health Hospital Group, which is comprised of nine hospitals including Helen DeVos Children’s Hospital, a state of the art children’s hospital that opened in January 2011, and 180 service sites; the Spectrum Health Medical Group and West Michigan Heart, physician groups totaling more than 600 providers; and Priority Health, a health plan with 625,000 members. Spectrum Health is West Michigan’s largest employer with more than 17,800 employees. The organization provided $115.9 million in community benefit during its 2010 fiscal year. In 2011 and 2010, Spectrum Health was named a Top 10 Health System by Thomson Reuters.