Hospital Software manages revenue and compliance.
Press Release Summary:
To help hospitals manage multiple physician operations, Physician Revenue Toolkit® - Corporate provides current information on Medicare and industry regulations and identifies missing or incorrect codes, descriptors, and invalid charges. Functionality lets users establish corporate chargemaster file to standardize aspects of physician charging for optimal operational efficiency and reimbursement as well as reduced compliance risk.
Original Press Release:
Craneware Launches New Physician Revenue Toolkit® - Corporate to Help Hospitals Optimize Revenue as They Employ More Physicians & Acquire Practices
Physician Revenue Toolkit - Corporate Simplifies Management of Multiple Chargemasters
ATLANTA -- Craneware, the U.S. healthcare market leader in automated revenue integrity solutions, today announced the availability of Physician Revenue Toolkit® - Corporate to help hospitals manage multiple physician operations. With this new solution, hospitals can establish a corporate chargemaster file to standardize aspects of physician charging for greater operational efficiency, optimal reimbursement and reduced compliance risks.
As hospitals seek to survive and thrive in the new world of bundled payments, ACO and medical home programs, many are actively seeking to employ more physicians and acquire community practices. In fact, a recent survey by the Medical Group Management Association shows a nearly 75 percent increase in the number of active doctors employed by hospitals since 2000. This shift has intensified the perennial challenge of making employed providers revenue positive for the organization. A recent study published in The New England Journal of Medicine estimated that hospitals lose between $150,000 and $250,000 per year over the first three years of employing a physician (Kochner and Sahni; "Hospitals' Race to Employ Physicians" - March 30, 2011).
"As the U.S. healthcare industry continues to evolve, we are committed to helping our customers stop revenue leakage in all of its forms," said Keith Neilson, CEO of Craneware. "Physician Revenue Toolkit is a logical extension of the software tools we offer that give hospitals vital insight into their business processes so that they can manage effectively for overall financial success."
Craneware will be exhibiting at HFMA's 2011 ANI: The Healthcare Finance Conference at the Gaylord Palms Resort and Convention Center in Orlando, Fl. from June 26 through June 29, in booth #813. Craneware InSight will exhibit in booth #1815.
Physician Revenue Toolkit® - Corporate provides the most up-to-date information on Medicare and industry regulations. The software then identifies missing or incorrect codes, descriptors and invalid charges. This information makes it easier to manage physician group charges, codes, pricing, relative value units (RVUs) and fee schedules - ensuring optimal reimbursement and compliance.
Physician Revenue Toolkit® - Corporate is part of Craneware's Revenue Cycle product family, which includes the Chargemaster Toolkit® -- the industry's leading chargemaster management solution, having been ranked number one in the KLAS Revenue Cycle -- Chargemaster Management market category for the last five years.
Craneware's educational campaign, "Stop the Leakage," shares valuable information on hospital financial performance, including common sources of revenue leakage and best practices to achieving revenue integrity. Find out more at stoptheleakage.com.
About Craneware
Craneware (AIM: CRW.L) is the leader in automated revenue integrity solutions that improve financial performance for healthcare organizations. Craneware's market-driven, SaaS solutions help hospitals and other healthcare providers more effectively price, charge, code and retain earned revenue for patient care services and supplies. This optimizes reimbursement, increases operational efficiency and minimizes compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit craneware.com and stoptheleakage.com.
