TPC and Healthfuse Team Up to Improve Vendor Management for Hospitals and Health Systems
TPC Selects Healthfuse as Vendor Management Resource for all Member Health Systems
MILWAUKEE, August 23, 2018 - Healthfuse, the industry leader in managing and sourcing revenue cycle vendors for hospitals and health systems, has been selected by TPC, a partnership of ten independent health systems in four states with over $1B in purchasing volume, to be the vendor management resource for all TPC Members.
“The vast majority of revenue cycle leaders aren’t sure what they’re getting out of their growing number of vendors,” says Nick Fricano, president and chief executive officer of Healthfuse. “We provide complete transparency into outsourced accounts, work with vendors and health systems to strengthen processes and relationships and increase accountability and trust through a comprehensive suite of best practice tools. TPC is serious about driving value, and we look forward to helping build a successful revenue cycle program for its Members.”
Healthfuse combines technology, analytics and research to improve vendor performance and help healthcare organizations establish revenue cycle best practices. Their platform automates technical and administrative vendor management activities that can increase vendor collections by 20-30 percent and reduce vendor costs by 10-20 percent. Based in part on Healthfuse’s performance in helping secure over $16M in savings and performance improvement for two TPC Members, the TPC membership committed to implement Healthfuse across all Member health systems.
Implementation began late last month and will be completed for the majority of TPC Members by mid-November.
“In today’s dynamic revenue cycle environment of mergers and acquisitions, changing reimbursement structures and increasing patient pay, we want to help our Members remain independent and financially viable in their communities,” says Cody Waldrop, TPC vice president of revenue cycle. “With Healthfuse, we offer a high impact solution to our Members that not only looks at the expense side of the equation, but also at the revenue side. Their 100 percent audit capability and extensive industry knowledge have already been tremendous resources. The results that Healthfuse has generated have us excited at the opportunity for the other TPC Members.”
Based in Plano, Texas, TPC is a network of independent healthcare providers that work together as a single system to aggregate business volume and leverage economies of scale without sacrificing individual independence or local ownership. By working through a committed platform, TPC drives collaboration and innovation across a range of clinical, operational and economic areas enabling providers to maximize the financial and non-financial value they receive. TPC represents ten health systems in four states, totaling $1 billion in purchasing volume, and has achieved more than $230 million in documented savings since 2010. TPC exists for the sole purpose of helping community-based healthcare organizations remain strong and independent. For more information, visit www.tpc1.com, or follow us on LinkedIn and Twitter.
Healthfuse works with over 90 hospitals and health systems to provide revenue cycle vendor management services that reduce cost and increase collection performance of revenue cycle vendors. Its automated auditing solution for all hospital account collection provides clients with a 24/7 approach to improving the efficiency of all vendor functions and processes by eliminating variability. Healthfuse guides hospitals and health systems as they create a viable, sustainable vendor structure that increases outputs and saves money. http://healthfuse.com