ATLANTA, April 22, 2013 /PRNewswire/ -- In the first quarter of the U.S. federal government's 2013 fiscal year, Medicare Recovery Auditors collected a record high of $744.8 million in overpayments from hospitals and other providers, a 23 percent increase from the most recent quarter. In response to this staggering escalation of recovery audits and increased need for compliance, Craneware, Inc., the market leader in revenue integrity solutions, will be showcasing several enhancements to its #1 in KLAS Bill Analyzer solution, an automated claims analysis tool, at the HCCA 17th Annual Compliance Institute 2013, April 21-24, in National Harbor, MD.
Bill Analyzer enables hospitals to correct claim issues at the root cause by automatically reviewing claim information to identify missed charges, billing errors, and potential compliance issues, so they no longer have to allocate limited resources to correct the same errors over and over again. By understanding repeated patterns, hospitals can identify opportunities to capture additional legitimate revenue and mitigate compliance risk. Bill Analyzer now includes new enhancements that provide greater flexibility for claims analysis, including valuable overviews of issues, issue categories and improved revenue impact calculations. The new functionalities also include all-payer capabilities, and offer increased visibility into 100 percent of outpatient data, and the ability to prioritize claim issues to rapidly identify revenue opportunities and compliance risks.
"As U.S. healthcare evolves and healthcare organizations work to meet increased regulatory demands on thin margins, compliance officers have a strategic role in improving the bottom line through the ability to accurately identify sources of revenue leakage and to help optimize compliant, legitimate reimbursement," said Keith Neilson, CEO of Craneware. "Craneware is committed to meeting the needs of healthcare organizations as they work to achieve revenue integrity, and we look forward to HCCA to discuss best practices for compliance and how software helps compliance officers more efficiently improve compliance for their organization."
Craneware will also demonstrate its InSight Audit® solution, a comprehensive web-based audit management tool that helps hospitals develop and maintain an efficient and transparent audit process. InSight Audit provides a seamless interface with The Centers for Medicare and Medicaid Services (CMS) and is certified for electronic submission of medical documentation (esMD) to Recovery Auditors, Medicare Administrative Contractors and other review contractors.
To learn more about Craneware's Bill Analyzer, InSight Audit or the range of Craneware Revenue Integrity Solutions®, visit booth #415 at the HCCA 17th Annual Compliance Institute 2013 from April 21-24 in National Harbor, MD.
Craneware's Bill Analyzer is ranked No. 1 in the Revenue Cycle – Other market category in the "2012 Best in KLAS Awards: Software & Services" report, published December 2012. Data © 2012 KLAS Enterprises, LLC. All rights reserved. www.KLASresearch.com
The Healthcare Compliance Association (HCCA) is a member-based, non-profit, organization for compliance professionals in the healthcare field. HCCA currently has more than 8,600 members. HCCA exists to champion ethical practice and compliance standards and to provide the necessary resources for ethics and compliance professionals and others who share these principals.
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.
SOURCE Craneware, Inc.