Phoenix, AZ, May, 2011 – Adreima, a leading advocate for hospitals nationwide in Medicaid eligibility and revenue cycle management (RCM) services, today announced Johnston Health, a 199-bed hospital in Smithfield, North Carolina, awarded the company management of Medicaid health insurance claims to increase reimbursements from the federal and state governments. Adreima was selected in a public request-for-proposal process.
"Partnering with Adreima provides our hospital with much-needed expert knowledge of Medicaid's complexities and relieves our case managers of the burden of administering claims so they can focus on providing patient care," said Hal Perlman, Johnston Health's administrative director of patient financial services. "We expect Adreima will significantly improve our bottom line."
The federal government rejects Medicaid claims for many reasons, including minor errors in the descriptions of patient care. Last year, for every dollar Johnston health billed to Medicaid, only 12% to 16% was reimbursed. Adreima's revenue cycle management services ensure accuracy of patients' requests for Medicaid eligibility and charges on bills. The company advocates for patients wrongfully denied Medicaid coverage and advocates for hospitals so they are reimbursed correctly.
"We're on a mission to help community hospitals, such as Johnston Health, increase their reimbursements so they have more funds to invest in patient services," said Tim Robertson, Adreima's vice president of business development. "We look forward to a long-term partnership with Johnston, our first client hospital in the North Carolina area."
Adreima advocates for hospitals nationwide, providing revenue cycle management services supported by a deep knowledge of state-specific issues and unparalleled in-house expertise in Medicaid and Disability eligibility and hospital reimbursement. Adreima improves financial performance for, and has built long-term trusting partnerships with, more than 70 hospital clients in 10 states. In addition to eligibility services, Adreima handles complex clinical reimbursement issues, manages wrongful denials of benefits or payments and recovers incremental post-payment revenue. Named one of the "Best Places to Work" by the Phoenix Business Journal, Adreima was founded in 1990 and is a portfolio company of Waud Capital Partners, a leading middle-market private equity firm based in Chicago with significant healthcare investment experience.
For additional information on Adreima, visit the Company's website at www.adreima.com.
About Waud Capital Partners
WCP is a leading middle market private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle market growth equity investments, industry consolidations, buyouts and recapitalizations. The firm seeks to invest $10 million to $100 million in private companies in the following four areas: healthcare services, business and consumer services, specialty distribution and value-added industrial businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million.
For additional information on WCP, visit the firm's website at www.waudcapital.com.
For Further Information:
David Neighbours, Partner
Waud Capital Partners
Connie Perez, Chief Executive Officer
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