TransUnion Healthcare’s Insurance Discovery Solution Recognized by KLAS as a Revenue Cycle Unicorn
TransUnion’s Revenue Protection solutions have identified $6.4 billion in payment recovery for hospitals and health systems
TransUnion Healthcare (NYSE: TRU) today announced that its Insurance Discovery solution was recognized as a revenue cycle unicorn by KLAS®, a global research and insights firm addressing the healthcare IT (HIT) industry. TransUnion Healthcare was included as one of the companies featured in the KLAS Revenue Cycle Unicorns 2019 report.
The designation comes at a time when hospitals are struggling to collect on care provided. Earlier this month, the American Hospital Association issued a report that found hospitals spent $41.3 billion providing uncompensated care in 2018, an increase of 7.5% from $38.4 billion in 2017.
To meet the needs of its more than 1800 hospital and health system clients, TransUnion Healthcare’s Revenue Protection® solutions, including Insurance Discovery, have identified more than $6.4 billion in net revenue and cash. TransUnion’s solutions now enable its clients to recover more than $1.2 billion annually, helping reduce uncompensated care by nearly three percent.
“Receiving the revenue cycle unicorn distinction in KLAS’ report further reinforces the value of our innovative solutions. TransUnion Healthcare’s revenue recovery solutions help providers address complex reimbursement challenges. Our suite of products and technology-enabled services help improve patient financial experiences while maximizing reimbursements and accelerating cash flow for hospitals and health systems,” said Dave Wojczynski, president of TransUnion Healthcare. “We greatly value the extensive research and in-depth industry insights provided by KLAS and are proud to receive this recognition.”
In its latest annual report, KLAS examined those healthcare revenue cycle technologies that are outside the traditional healthcare revenue cycle management market segment and have the potential to disrupt the market. TransUnion Healthcare’s Insurance Discovery offering, part of TransUnion Healthcare’s Revenue Protection suite of solutions, was recognized by KLAS because of its unique approach to helping hospitals identify insurance coverage across all accounts.
Solutions were examined individually through the lens of the customer experience. TransUnion’s Insurance Discovery was selected for significantly improving revenue recovery for hospitals and health systems by searching for missed valuable coverage across a provider’s entire set of patient accounts.
In addition to converting self-pay accounts to an insured status, the solution also reviews Medicaid accounts to identify Medicare or Commercial coverage that should be billed as primary, and identifies Medicare/Medicaid dual eligible accounts for cost report preparation. TransUnion Healthcare continues to invest millions of dollars in research, development and acquisition of new data and technology to make its Insurance Discovery solution the most effective in the industry.
KLAS is a research firm on a global mission to improve healthcare delivery by enabling provider and payer voices to be heard. By working with thousands of healthcare executives and clinicians, KLAS gathers data on software, services and medical equipment to deliver timely reports, trending data, and statistical overviews about the healthcare industry. The research directly represents the provider voice and acts as a catalyst for improving vendor performance. Founded in 1996, KLAS has been providing transparency to the healthcare industry for over 20 years.
The complete KLAS Revenue Cycle Unicorns 2019 report can be found at https://klasresearch.com/report/revenue-cycle-unicorns-2019/1535.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®
TransUnion Healthcare, a wholly owned subsidiary of TransUnion, is a trusted provider of Revenue Protection® solutions that prevent revenue leakage by helping over 1,800 hospitals and 500,000 physicians engage patients early, ensure earned revenue gets paid and optimize collection strategies.
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.