HARTFORD, CONN. & WASHINGTON--(BUSINESS WIRE)--Connecticut Children’s Medical Center and Guidehouse, a leading consultancy and solutions provider for commercial and public sectors, today announced an operating agreement to create a new company to provide revenue cycle management (RCM) technology and services to children’s hospitals and health systems nationwide.
The new company, Children’s Health Consortium, will initially be jointly owned by Connecticut Children’s and Guidehouse and manage RCM operations across all Connecticut Children’s locations, including its outpatient facilities and physician group. In the future, Children’s Health Consortium plans to expand to allow children’s providers from across the country to become owners and members, leveraging revenue cycle services beyond what any one individual hospital or health system could support directly. The Consortium will offer members access to industry-leading RCM processes, technology, and expertise, helping them standardize revenue cycle operations and scale them as the Consortium attracts additional providers.
“While Connecticut Children’s has faced our share of challenges through the COVID-19 pandemic, we remain a mission-driven, innovative healthcare leader as we work to transform the way we deliver care — a direct reflection of all of our team members’ passion and dedication,” said James E. Shmerling, DHA, FACHE, president and CEO of Connecticut Children's. “We selected Guidehouse as our partner in this endeavor because we believe their deep industry knowledge and expertise in process and technology, combined with our highly skilled team and focus on quality service, will help us achieve RCM improvements, which is more critical than ever at a time when hospitals are losing millions of dollars each day, while at the same time furthering our ability to provide exceptional patient care.”
Children’s Health Consortium will aim to help children’s provider members improve revenue cycle performance while also reducing the cost to collect by assuming the administrative burden of this process. This can allow hospital members more time to focus resources on clinical care and the child and family experience.
“For hospitals and health systems across the country, 2020 continues to be a year of unprecedented uncertainty and volatility,” said Dave Zito, chief growth officer at Guidehouse. “Amid these challenges, it is critical for providers to understand and plan for the future, while remaining committed to serving their missions and communities. Children’s Health Consortium will focus on assisting children’s provider members with enhancing the value of their revenue cycle functions. By leveraging the innovative solutions, technologies, and scale provided by the Consortium, members will be better equipped to maintain their focus where it is needed most — on children, families, and the health of their communities.”
Guidehouse’s revenue cycle managed services practice, including its innovative processes and technology, is recognized as one of the best in the industry, having earned multiple Best in KLAS Awards. The firm also has experience in successfully developing and leading health system RCM organizations.
“Connecticut Children’s remains committed to exploring new strategies and partnerships to adapt and further our mission to improve access to healthcare for all children,” said Bridgett Feagin, senior vice president and CFO of Connecticut Children's. “We’ve experienced Guidehouse’s revenue cycle expertise and capabilities firsthand and believe this partnership will enable us to further achieve efficiencies and create a more seamless experience for our patient families.”
Children’s Health Consortium will officially launch in early 2021.
About Connecticut Children’s
Connecticut Children’s is the only hospital in Connecticut dedicated exclusively to the care of children and ranked one of the best children’s hospitals in the nation by U.S. News & World Report and a Magnet® designated hospital. Connecticut Children’s provides more than 30 pediatric specialties along with community-based programs to uniquely care for the physical, social, and emotional needs of children. Our team of pediatric experts and care coordinators bring access to breakthrough research, advanced treatments for both rare and common diseases, and innovative health and safety programs to every child. Connecticut Children’s is a not-for-profit organization with a mission to improve access to healthcare for all children through convenient locations, care alliances and partnerships. For more information, please visit: www.connecticutchildrens.org.
Guidehouse is a leading global provider of consulting services to the public and commercial markets, with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation, and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington, D.C., the company has more than 7,000 professionals in more than 50 locations. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.