During MedAssist’s recent quarterly business review meeting with Aspen Valley Hospital (AVH), hospital CEO Dan Bonk and CFO Terry Collins announced that AVH had been recognized by the National Rural Health Association as one of the top twenty Critical Access Hospitals in America for financial performance. Mr. Bonk then presented the MedAssist team with an award noting: “You deserve this as much as we do.”
AVH, because of its location in a resort community, faced unique challenges in recruiting and retaining the skilled employees required to support the complex processes associated with healthcare receivables management and processing. As a result, AVH had an even greater challenge maintaining business office performance at or above industry standards. Their business office performance began to suffer, claims processing slowed, accuracy was impacted and payer denials increased dramatically. In addition, cash flow dropped and receivables increased.
Faced with growing financial hardship, AVH engaged MedAssist in 2005 to assume responsibility for all back-end business office functions. Since our partnership began, AVH’s days cash on hand grew from 4 to in excess of 400, AR days have decreased from 175 to 35 and bad debt write-offs have decreased by 25%.
Today, AVH is a vibrant and growing organization in the midst of a multi-million dollar expansion and renovation project.
Kudos to the Aspen Team in the Belleville processing center headed by Mickey Verheyen and Karen Sullivan and all the support areas across the company for their efforts. MedAssist would also like to extend special appreciation to Dan, Terry and the entire staff at AVH. Without their trust, this story would not be told.