Wellspring+Stockamp, Huron Healthcare and Apollo Health Street Announce Alliance Providing Comprehensive Revenue Cycle Solution Offerings to Healthcare Clients
CHICAGO & CONSHOHOCKEN, Pa., Nov 18, 2010 (BUSINESS WIRE) -- Huron Consulting Group (NASDAQ: HURN), a leading provider of business consulting services, today announced that Wellspring+Stockamp, Huron Healthcare has further expanded its proven revenue cycle solution offering by forming an exclusive alliance with Apollo Health Street, a leading provider of revenue cycle services focused on healthcare's toughest financial challenges.
"Macroeconomic trends such as an aging population combined with impending healthcare reform changes are causing increased margin pressures and forcing our clients to look closely at how to capture all revenue and transform their cost structure - the revenue cycle is a logical place to focus," said West Johnson, vice president, Healthcare Revenue Consulting, Huron Consulting Group. "The alliance with Apollo Health Street complements Wellspring+Stockamp, Huron Healthcare's leading revenue cycle solution, enabling us to increase revenue recovery for our clients while aggressively managing the cost to collect."
"We are excited to join forces with Wellspring+Stockamp, Huron Healthcare as both of our organizations are committed to leveraging proprietary technology, improved processes, and people with deep domain expertise to accelerate cash flow and reduce the cost of collections," said Karen Ferrell, president and CEO for Apollo Health Street. "Aggressively managing revenue cycle performance metrics and quickly implementing necessary changes can help our clients stay financially healthy. This will be essential in the new reality of healthcare reform. The alliance with Wellspring+Stockamp, Huron Healthcare expands our capabilities in this area."
In the typical revenue cycle at a hospital, health system, or physician practice, process improvements such as eliminating systemic process breakdowns, improving clinical documentation, strengthening managed care contracts, and tightly controlling revenue capture mechanisms can create a sustainable revenue improvement of three to six percent. This alliance will seamlessly integrate Wellspring+Stockamp, Huron Healthcare's comprehensive revenue cycle performance improvement approach with Apollo Health Street's broad account processing capabilities to increase client financial benefits and expedite revenue realization.
"Revenue cycle processes are complex and can include thousands of tasks that span dozens of departments with hundreds of people and many third parties," said Ken Saitow, managing director, Wellspring+Stockamp, Huron Healthcare. "Consequently, process breakdowns and lapses in communication are common and often result in lost revenue. This alliance will further address those issues facing healthcare organizations through a seamless, integrated solution."
About Wellspring+Stockamp, Huron Healthcare
Wellspring+Stockamp, Huron Healthcare partners with clients to provide comprehensive performance improvement solutions that improve quality, increase revenue, reduce expenses, and increase physician, patient, and employee satisfaction across the healthcare enterprise. Clients include national and regional integrated healthcare systems, leading academic medical centers, community hospitals and physician practices. Wellspring+Stockamp resides in Huron Consulting Group's Health and Education Consulting segment. This segment accounted for nearly 60% of Huron's revenues for the full year 2009. Modern Healthcare ranked Huron Healthcare third on its 2010 list of the top 15 largest healthcare management consulting firms.
About Apollo Health Street
Apollo Health Street partners with the nation's leading hospitals and healthcare organizations to achieve healthcare's True Return - the financial strength to offer excellent patient care today and tomorrow. Enhancing our clients' teams and resources, Apollo Health Street develops tailor-made, world-class solutions to tackle healthcare's toughest financial and IT challenges. Our solutions combine award-winning customer service with healthcare domain expertise, sophisticated technology and global resources.
Apollo Health Street provides customized strategic support services to more than 170 healthcare partners across the globe. Apollo Health Street has nine operational centers of excellence strategically located throughout the United States. For more information about Apollo Health Street, call 1.800.350.5781or visit www.apollohealthstreet.com.
About Huron Consulting Group
Huron Consulting Group helps clients in diverse industries improve performance, comply with complex regulations, reduce costs, recover from distress, leverage technology, and stimulate growth. The Company teams with its clients to deliver sustainable and measurable results. Huron provides services to a wide variety of both financially sound and distressed organizations, including leading academic institutions, healthcare organizations, Fortune 500 companies, medium-sized businesses, and the law firms that represent these various organizations. Learn more at www.huronconsultinggroup.com.
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SOURCE: Huron Consulting Group