ATLANTA, June 17, 2013 /PRNewswire/ -- Underpayments for pharmaceutical supplies continue to be a significant revenue drain on hospitals as they struggle to improve financial performance. It's hard to identify these losses without bringing together both purchasing and charge data sets and looking at exceptions. Craneware, Inc., the healthcare market leader in automated revenue integrity solutions, today announced that it will lead an education session discussing best practices for preventing common pharmacy discrepancies that lead to underpayment at the Healthcare Financial Management Association National Institute (HFMA ANI) 2013, alongside its client, Billings Clinic, a community-owned healthcare organization based in Billings, Mont.
The session is featured in the HFMA ANI conference's Financial Management: CFO Strategies track. The presentation, "Transforming Pharmacy Revenue Integrity through Clinical and Financial Collaboration," will be held on Tuesday, June 18, 2013 at 10:00 a.m. EST.
When instituting a revenue integrity program, the pharmacy area can often be overlooked. This presentation will detail best practices for improving pharmacy revenue cycle performance and compliance through clinical and financial collaboration and automation. During this presentation, Kathy Schwartz, Craneware project manager; Jennifer Carmody, director of reimbursement services at Billings Clinic; and Kyle Townsend, clinical manager of pharmacy services at Billings Clinic, will explain how Billings implemented an enterprise-wide revenue integrity initiative, deploying automated solutions to aid chargemaster and pharmacy management, ensure compliant pricing and drive financial performance across the clinic's diverse rural locations.
"As healthcare organizations across the nation are facing a multitude of challenges related to increased regulations and changing legislation, collaborating and sharing best practices in a setting like ANI is vital to improving pharmacy revenue cycle management specifically, and revenue integrity overall," said Keith Neilson, CEO of Craneware. "We are honored to present alongside our client, Billings Clinic, and share our combined revenue integrity best practices with an audience of our peers."
To enable hospital organizations to efficiently realize the value inherent in the validation of their pharmacy charges, and to mitigate risk for one of healthcare's most costly supplies, Craneware pioneered an automated solution in 2008. To learn how hospitals and health systems can proactively ensure their revenue integrity, request a meeting or visit Craneware's booth #1501 during HFMA ANI 2013. View enhancements to the # 1 in KLAS* solutions Chargemaster Toolkit® and Bill Analyzer, as well as Online Reference Toolkit® and Craneware's Pharmacy ChargeLink® June 16-19.
About Billings Clinic
Based in Billings, Montana, Billings Clinic is the largest health care system in Montana and is a physician-led health care organization, consisting of a multi-specialty physician group practice, a 272-bed hospital, and a 90-bed skilled nursing and assisted living facility. Billings Clinic is the only Montana MAGNET-designated health care organization and member of the Mayo Clinic Care Network. The Billings Clinic system includes partnerships with ten critical access hospitals serving markets in Montana, Wyoming and the western Dakotas with the highest standards of care for quality, safety and value. Billings Clinic is recognized as U.S. News' #1 hospital in Montana, is a Top 100 hospital as ranked by Truven, and is a recipient of the Women's Choice Award for "Best Hospitals for Patient Experience". For more information, visit www.billingsclinic.com.
The Healthcare Financial Management Association (HFMA) provides the resources healthcare organizations need to achieve sound fiscal health in order to provide excellent patient care. With more than 39,000 members, HFMA is the nation's leading membership organization of healthcare finance executives and leaders. HFMA helps its members achieve results by providing education, analysis, and guidance, and creating practical tools and solutions that optimize financial management. The organization is a respected and innovative thought leader on top trends and challenges facing the healthcare finance industry. From addressing capital access to improved patient care to technology advancement, HFMA is an indispensable resource on healthcare finance issues. hfma.org
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 helps customers optimize reimbursement, increase operational efficiency, minimize compliance risk, and retain more earned revenue. 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.
**Chargemaster Toolkit® is ranked No. 1 in the Revenue Cycle – Chargemaster Management market category for the seventh year in a row (2006 – 2012), and Bill Analyzer is ranked No. 1 in the Revenue Cycle – Other market category the second year in a row (2011 – 2012). "2012 Best in KLAS Awards: Software & Services" report, published December 2012. Data © 2012 KLAS Enterprises, LLC. All rights reserved. www.KLASresearch.com