ATLANTA, July 28 Under rising pressure to increase efficiencies, improve financial performance and achieve stricter regulatory objectives, innovative hospitals are now increasing transparency between materials management and the revenue cycle to be able to compare purchasing information with charges.
At the Association for Healthcare Resource & Materials Management's (AHRMM) Annual Conference on August 2, 2010, in Denver, Colo., Craneware, Inc. (AIM: CRW.L), the market leader in automated revenue integrity solutions that improve healthcare providers' financial performance, will co-present alongside their client University Hospital, a not-for-profit, acute care hospital with 581 licensed beds in Augusta, Ga. serving a 25-county region in Georgia and South Carolina.
Supplies and pharmaceuticals are typically the largest expenses for a healthcare organization, next to labor. Due to the complexity of today's coding and pricing methodologies, and the usually manual business processes for comparing supply and drug purchases with the charges for these items, there is commonly significant revenue leakage in the supply chain. Now hospitals are transforming their supply chain business processes by identifying gaps that cause revenue leakage, defining processes for systematic revenue improvement, and prioritizing focus areas for ongoing revenue management.
The 9:45 a.m. presentation, "Reduce Supply Chain Revenue Leakage," will cover:
Brian Patterson, RN, chargemaster coordinator for University Hospital's Revenue Management department, will discuss how hospitals can efficiently and accurately link supply expenses with patient and procedure charges - turning unbilled chargeable supply items into net revenue gain. Co-presenting with Patterson will be Kenneth Cyr, product manager for Craneware Supply Management product family.
Disparate information stemming from systems that manage supply chain and finance often results in data gaps that lead to revenue leakage. Today, linking the two systems is a resource-intensive process, which goes largely undone or partially done. Hospitals struggle to manage tracking whether expensive codable supplies, such as stents and orthopedic implants, are listed in the hospital's chargemaster. With supply costs accounting for nearly 17 percent of the median hospital's total operating expense, according to Thomson Reuters, it is critical that hospitals maintain the revenue integrity of supply charges. Patterson and Cyr will discuss how leading hospitals leverage technology to link necessary data to optimize reimbursement.
Using Craneware's Supplies ChargeLink®, hospitals can identify and update the chargemaster with missing reimbursable supply items, and correct errors in coding, billing unit and price. The solution is part of Craneware's Supply Management product family. Craneware serves more than 1,000 healthcare provider organizations, helping increase visibility into business processes to prevent revenue leakage.
Craneware will be exhibiting at the AHRMM Annual Conference August 1 - 4, 2010, at booth 231.
View the social media release at http://pitch.pe/78754.
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.
-- Why it is vital to consistently compare item purchasing information with associated charge data -- Real-world examples of challenges and key reasons hospitals today do not receive all the reimbursement to which they are entitled for chargeable supplies used in patient care -- Groundbreaking effective strategies to efficiently achieve business results
SOURCE Craneware, Inc.