Northwell Health (Formerly North Shore-LIJ) and Optum360 Partner to Create Revenue Cycle Efficiencies and Improve Experience for Patients
June 17, 2015
North Shore-LIJ Health System (North Shore-LIJ), the nation’s third largest, non-profit, secular healthcare system, has announced a partnership with Optum360, an affiliate of UnitedHealth Group, to develop new revenue cycle management services capabilities aimed at improving patient experiences and satisfaction while reducing administrative costs for health care providers.
Optum360 and North Shore-LIJ will collaborate to enhance and redesign the existing, captive end-to-end revenue cycle operations, for 14 of the health systems 19 hospitals, to drive increased efficiency while creating a convenient, accurate, transparent and personal experience for patients. The partnership will jointly develop an operational model to leverage Optum360s software, technology and services into an integrated offering, including streamlining prior authorization/pre-registration, enhancing claims edit, improving analytical/reporting and simplifying administrative billing functions. A key focus of the operational model is to improve the interaction between providers and payers by opening channels of communication in the care process.
In addition to this collaboration, North Shore-LIJ will also be installing Optum360 technology and revenue management services to modernize and consolidate revenue cycle functions for the organization. Optum360 computer-assisted coding, clinical documentation improvement and billing technologies will be implemented in a phased approach at North Shore-LIJ facilities as part of their ongoing commitment to improve the service and experience for patients and providers.
Cain Brothers & Company LLC served as North Shore-LIJs exclusive financial advisor. Cain Brothers efforts included an independent valuation of North Shore-LIJs RCM operations and an analysis of RCM partnership strategic alternatives.
About North Shore-LIJ
North Shore-LIJ is the nation’s third largest, non-profit, secular healthcare system and cares for people of all ages throughout Long Island, Queens and Staten Island — a service area encompassing more than five million people. The health system consists of 19 hospitals, 18 long-term care facilities, The Feinstein Institute for Medical Research, three trauma centers, five home health agencies, a hospice network and dozens of outpatient centers. In addition, North Shore-LIJ is partnering with Hofstra University to develop a new medical school. North Shore-LIJ’s owned facilities house more than 6,400 beds, employ nearly 11,000 nurses and have affiliations with about 10,000 physicians. Its workforce of about 38,000 is the largest on Long Island and the ninth largest in New York City.
Optum360 is a leading revenue management services business dedicated to helping clients improve the patient experience by simplifying and streamlining the revenue cycle process. Optum and Dignity Health jointly launched Optum360 in 2013, using Optum technology and analytics to simplify billing and increase cost transparency as patients take a growing role in their health care decisions. From patient registration and care delivery through billing and payment, Optum360s 2,400 employees provide technology, services and consulting that benefit patients and drive financial performance for providers, hospitals and health systems.