ATLANTA, March 15 According to a recent Healthcare Financial Management Association (HFMA) InstaPoll, a majority of hospitals believe they are reimbursed for less than half of their chargeable supplies. With pending healthcare reforms and proposed cuts to government reimbursement for healthcare services, hospitals face increased demands from the government and patients this year, which force them to do more with less. As healthcare organizations look for ways to improve their financial performance, it is vital to ensure that supplies are being priced, charged and coded effectively to capture all legitimate revenue. This will be the topic of discussion in an upcoming HFMA Audio Webcast sponsored by Craneware, Inc. (AIM: CRW.L), the market leader in automated revenue integrity solutions.
The Webcast, "Chargeable Supplies: How You Can Ensure Proper Reimbursement," will address how hospitals can capture optimal legitimate revenue for chargeable supplies. Supply chain managers are realizing that improving margins is not just about managing cost, but also about optimizing revenue for chargeable supplies. The panel will provide insights into the importance of carefully examining the revenue cycle components of supply chain, and will give effective tips for optimizing related business processes.
"Most hospitals are missing significant revenue by under-billing and not billing for chargeable supplies used in patient care," said Michael Whitacre, business solutions consultant at Craneware. "Operational breakdowns preventing supply reimbursement go unnoticed as healthcare organizations struggle to connect the disparate systems that contain relevant information on everything from purchase history to pricing, coding, charging and reimbursement. This is a huge source of revenue leakage. To fix it, hospitals need to better reconcile their item master data with supply item information in the chargemaster to ensure their revenue integrity for continuing success. Whether a hospital thrives or fails, vastly impacts the communities it serves."
The Webcast, scheduled for Monday, March 22, 2010, from 2:00 p.m. to 3:45 p.m. CDT, will educate attendees on:
Industry experts, from both the revenue cycle side and supplies side, will provide an overview of the existing reimbursement process - highlighting areas of improvement for both sectors. Attendees will gain a firm understanding of ways to improve operational efficiency, reduce risk and optimize appropriate reimbursement.
The panel includes Lisa Killam, reimbursement charge supervisor at St. Joseph Healthcare in Maine, Brian Patterson, RN, chargemaster coordinator of the revenue management department at University Hospital in Georgia, and Mike Brown, director of materials management at University Hospital in Georgia. Whitacre will moderate the panel.
The Webcast is free to HFMA members who are also members of an HFMA Forum. Those members may register for "Chargeable Supplies: How You Can Ensure Proper Reimbursement" at www.hfma.org/events/webcasts/AWC032210.htm. Pricing information for non-members is also available at that location.
View the social media release at http://pitch.pe/51934.
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.
-- What supplies should be addressed first for a faster return on efforts? -- What common errors prevent optimal reimbursement for supplies? -- How can a hospital establish a communications framework to improve reimbursement?