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Board approves outsourcing revenue-cycle work to CodeQuik at 3% fee
Summary
The Share Medical Center board approved an amendment to move full revenue cycle management to CodeQuik at a 3% fee on patient-claim collections, replacing a higher-fee arrangement and keeping the existing RCM software platform in place.
The Share Medical Center Board of Trustees voted to approve Amendment 4 to its agreement with CodeQuik to outsource full revenue-cycle management, adopting a 3% fee on patient-claim collections and retaining the hospital's existing RCM software platform.
Board members said the change is intended to lower billing costs and align payments with patient-claim collections rather than all receipts to the hospital. The contract includes performance indicators and an early-exit clause if CodeQuik fails to meet those metrics, and legal review was completed before the vote.
CFO Kelly described the negotiations and said the board had discussed the change for some time and considered other vendors. Under the hospital's earlier arrangement with TruBridge, the board was paying about 4.69% on collections and, according to Kelly, that percentage was applied to all dollars coming into the center. The new CodeQuik arrangement, Kelly said, would apply the percentage only to collections from patient claims, not to unrelated receipts such as donations or cost-report settlements. Kelly also said the hospital will continue using its current RCM technology platform provided by TruBridge while outsourcing the operational billing work to CodeQuik.
Trustee Dr. Brown moved the amendment; Mr. Martin seconded. The motion passed by roll call vote: Burke — yes; Simon — yes; Mossberg — yes; Brown — yes; Hannaford — yes; Martin — yes; Bowman — yes. The board did not record any no or abstain votes.
Board members said they reviewed outcomes at a similar facility (Pratt) that previously made a comparable transition. The contract's performance measures and the narrower fee base were cited by trustees as the rationale for the change. Legal counsel Drew reviewed the agreement before the meeting.
The board authorized hospital staff to finalize the amendment with CodeQuik and to monitor the vendor's performance against the contract benchmarks.
