Siemens wins contract for revenue cycle managed services

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Siemens Medical Solutions has inked a five-year agreement with St. Joseph's Hospital and Medical Center in Paterson, N.J., to provide business office outsourcing services.

To improve business office operations, the 792-bed hospital will install a combination of information technology (IT) systems along with process and organizational redesign. The systems will improve revenue cycle workflows, reduce operating costs, improve cash collections, and enhance accounts receivable performance, Siemens said.

In addition, Siemens will provide site, project, and operations management resources to direct and manage the outsourcing agreement, beginning with a transition plan and continuing throughout the five-year term.

According to Siemens, the contract is the largest of its kind to date.