Spectrum Health Named One of Nation’s Best in Revenue Management by HFMA
Only health provider in Michigan to earn distinction
Grand Rapids, Mich., June 4, 2020 –Spectrum Health is among 23 health providers in the nation recognized for the quality of their revenue cycle management. It is the only organization in Michigan to earn this distinction.
The Healthcare Financial Management Association (HFMA) announced Spectrum Health as one of the 2020 winners of the MAP Award for High Performance in Revenue Cycle. Created by and for health care leaders, HFMA’s MAP initiative sets the standard for revenue cycle excellence in the health care industry. MAP is a comprehensive strategy that allows organizations to measure revenue cycle performance using the industry-standard MAP Keys; apply evidence-based strategies for improvement; and perform to the highest standards to improve financial results and patient satisfaction.
Award recipients are acknowledged as industry leaders and share proven strategies with their colleagues.
“Our revenue cycle team lives Spectrum Health’s mission and values, using best practices that align with patient expectations and needs,” said Matthew Cox, chief financial officer, Spectrum Health System. “Our team works diligently to help make Spectrum Health affordable and exceptional, and to see their hard work recognized by HFMA is remarkable.”
While revenue cycle management includes managing administrative and clinical functions associated with claims, payment and revenue generation, Cox said that creating a positive patient experience is at the center of their work. The following steps were taken to improve patient experience at Spectrum Health:
- Simplified and streamlined the ability for patients to access services at medical locations, delivering more self-service options when patients seek care with Spectrum Health.
- Improved price transparency to better inform patients of their cost of services prior to appointments.
- More proactively engaged and communicated with patients to offer support with financial counseling as well as education on payment plan options.
- Provided a more seamless experience in resolving medical debt, supporting patients through an often confusing and challenging time.
In congratulating the winners, HFMA President and CEO Joseph J. Fifer, FHFMA, CPA, said, “During a time when many consumers have lost jobs and health insurance coverage as a result of the COVID-19 pandemic, the consumer-friendly business practices exemplified by our 2020 winners are more important than ever.”
This year’s winners included three integrated delivery systems, five hospital systems, eight individual hospitals, two critical access hospitals and five physician practices.
The award will be formally presented on July 17 during a virtual session of this year’s HFMA Annual Conference. Click here for comments about this award from HFMA’s president and CEO.
Spectrum Health is a not-for-profit health system that provides care and coverage, comprising 31,000+ team members, 14 hospitals (including Helen DeVos Children’s Hospital), a robust network of care facilities, teams of nationally recognized doctors and providers, and the nation’s third-largest provider-sponsored health plan, Priority Health, currently serving over 1 million members across the state of Michigan. People are at the heart of everything we do. Locally governed and headquartered in Grand Rapids, Michigan, we are focused on our mission: to improve health, inspire hope and save lives. Spectrum Health has a legacy of strong community partnerships, philanthropy and transparency. Through experience, innovation and collaboration, we are reimagining a better, more equitable model of health and wellness.
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