ATLANTA, Feb. 22 Craneware (AIM: CRW.L), the market leader in automated revenue integrity solutions that improve healthcare providers' financial performance, announced today that the largest integrated healthcare system in New York State and winner of the 2010 NQF National Quality Healthcare Award, North Shore-LIJ Health System, has signed a multi-year contract for Craneware's Chargemaster Corporate Toolkit®, Online Reference Toolkit® and Bill Analyzer. These solutions will empower the heath system to proactively manage their revenue cycle in accord with industry best practices for improved financial performance, operational efficiency and compliance. The health system will also benefit from Craneware's Chargemaster Corporate Standardization Services and Charge Capture Performance Improvement Services.
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"We took a long time evaluating the options open to us and chose Craneware based on the capabilities of its software and the company's track record," said Wendy Carnel, North Shore-LIJ's vice president of patient financial services. "The Craneware software will enable us to better manage our system's revenue cycles and further align our processes with industry best practices."
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"In the current climate of healthcare reform, the most successful healthcare finance leaders are focused on making the process and information technology changes that will deliver more value to their organization for the services they provide," commented Craneware CEO Keith Neilson. "We are pleased to provide New York State's largest integrated health system with these Craneware Revenue Integrity Solutions(TM)."
Craneware solutions support transforming healthcare organizations' revenue integrity processes. Revenue Integrity is an approach to revenue management that is focused on achieving optimal legitimate reimbursement, operational efficiency and compliance.
Craneware's Chargemaster Corporate Standardization Services leverage the industry-wide project management experience of Craneware Professional Services to fast track corporate chargemaster standardization and ensure optimal maintenance processes.
Craneware's Charge Capture Performance Improvement Services include analytic review of billing data to identify areas of highest financial risk, evaluate root causes of missing charges, and provide an action plan and customized process to improve charge capture that avoids additional staff resources and implements an expedited learning curve leading to a sustainable process for ongoing financial improvement.
According to a recent Healthcare Financial Management Association InstaPoll of members, 50% of respondents indicate that the greatest cause of charge capture errors in their hospital organizations is lack of staff education regarding ever-evolving regulations. Almost 20% point toward changing regulatory guidelines not being present in charging systems as the greatest cause of charge capture errors. Craneware solutions help clients address these challenges in many ways - ranging from automated updates to the client's chargemaster via Chargemaster Toolkit, to ongoing educational and reference resources that come with Online Reference Toolkit, to the ability to effectively analyze for charge code issues so that adjustments can be made upstream in the revenue cycle with Bill Analyzer.
Craneware's Revenue Integrity Solutions work at any hospital - regardless of GPO affiliation or size. In addition, customers benefit from the industry expertise, service and support that have made Craneware's flagship product, Chargemaster Toolkit, the number one chargemaster management product in KLAS rankings for the last four years.
View the social media release at http://pitch.pe/47903.
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 and code for services and supplies associated with patient care. 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.
About North Shore-LIJ Health System
The nation's third largest, non-profit, secular healthcare system, the North Shore-LIJ Health System cares for people of all ages throughout Long Island, Queens and Staten Island - a service area encompassing more than five million people. The health system consists of 14 hospitals, 17 long-term care facilities, The Feinstein Institute for Medical Research, three trauma centers, five home health agencies, the Hospice Care Network and dozens of outpatient centers. In addition, North Shore-LIJ is partnering with Hofstra University to develop a new medical school. North Shore-LIJ's owned facilities house about 5,000 beds, employ more than 9,500 nurses and have affiliations with more than 7,500 physicians. Its workforce of about 38,000 is the largest on Long Island and the ninth largest in New York City. For more information, go to www.northshorelij.com.
SOURCE Craneware
