Marietta Memorial Hospital, part of the Memorial Health System, celebrates achieving over one million dollars in retained cash and net revenue. The facility reached this goal just two months after CentraMed completed the training and implementation of a new Revenue Integrity Department at Marietta Memorial Hospital in Marietta, Ohio. In addition to the new Revenue Integrity Department, the facility has has also implemented CentraMed’s comprehensive portfolio of cloud-based revenue recovery solutions designed to improve net revenue throughout the patient lifecycle.
To celebrate Marietta Memorial Hospital becoming a member of CentraMed’s Million Dollar Club, the RID team’s picture will be placed on CentraMed’s Million Dollar Wall in Carlsbad next to all the other Revenue Management/Integrity Departments who have achieved this milestone.
What is the Million Dollar Club?
This is the program that you’ve been hearing and reading about – the $ Million Dollar (Net Revenue) Club.
Club members are facilities that have achieved a net increase of a million dollars in additional sustainable net patient revenue – using the CentraMed playbook to develop and grow their internal Revenue (cycle) Management Department (RMD) or Revenue Integrity Department (RID).
How fast can a facility reach club level? One facility with annual net revenues of approximately $250 million booked their first $1 million in additional net revenues in just seven (7) weeks after completing their initial RMD training at CentraMed’s education facility in Carlsbad, CA. Another facility with annual revenues less than $40 million, booked their first $1 million in additional net revenues in just a few months. By the end of their first year, they enjoyed an increase of 7% in net patient income attributable to their RMD. Typical returns range from 2% in very high performing facilities to 6% in those facilities that have more untapped opportunities.