Clarivate Announces 2020 Revenue Cycle Awards Recipients

Winners of the annual award include ThedaCare Regional Medical Center, University of Iowa Hospitals & Clinics and Essentia Health

LONDON, May 7, 2021 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, today announced the 2020 winners of the annual Revenue Cycle Awards, issued by Healthcare Business Insights to US based companies since 2012. The Revenue Cycle Awards recognize healthcare organizations for achieving outstanding performance on revenue cycle KPIs, based on data from their most recent and preceding full fiscal years. The 2020 Revenue Cycle Awards recipients are: ThedaCare – WI, University of Iowa Hospitals & Clinics – IA and Essentia Health – MN.

The Revenue Cycle Awards were established in 2012 to recognize hospitals and health systems demonstrating strong performance on revenue cycle KPIs that indicate the fiscal health of an organization. While this year's recipients faced challenges common to the entire healthcare community, at the onset of the pandemic, each participant adjusted operations to support staff and increased communication with patients to prevent the spread of COVID-19. For example, many expanded remote work for revenue cycle staff and developed workflows to meet increased demand for telehealth services. While adapting to these unforeseen challenges, leaders at these organizations were preparing for CMS price transparency regulations, which took effect in 2021, and managing ongoing improvement initiatives intended to further increase efficiency and accuracy in revenue cycle operations.

Winners were selected based on multiple KPIs, and the studied metrics were adjusted for the COVID-19 pandemic. In past years, metrics have been heavily focused on financial outcomes. For the 2020 Awards, that focus was lessened, and new metrics were included to assess the effectiveness of revenue cycle operations, such as the percentages of initial denials attributed to varying root cause categories, which provides insight into the efficiency and accuracy of staff workflows. Evaluation also included narratives provided by awards entrants describing recent revenue cycle initiatives, COVID-19 pandemic response, and more.