ATLANTA, April 10, 2019 /PRNewswire/ -- Craneware (AIM: CRW.L), the healthcare market leader in automated value cycle solutions, today announced the addition of a new product to its SaaS-based Trisus platform, (Trisus Pricing Analyzer). This represents an evolution of the company's Pricing Analyzer product, which for years has helped U.S hospitals and health systems take control of strategic pricing through an automated process that adapts to payor and competitive conditions.
According to Public Agenda research, 56 percent of Americans researched healthcare pricing before getting care. This rise in consumerism has created an environment where hospitals and health systems are under intense scrutiny and pressure to develop transparent and defensible pricing while maintaining already slim margins. Without an automated process in place, these organizations leave themselves susceptible to underachieving financials, compliance risks and a lack of market competitiveness.
Through use of Trisus Pricing Analyzer, healthcare organizations can achieve the following benefits:
- Maximize net revenue with a strategic pricing policy. Trisus Pricing Analyzer gives healthcare organizations the ability to model complex payor reimbursement rates by providing visibility into Net Patient Revenue through claim based price modeling. Real-time modeling includes regulatory, reimbursement, cost, and market information to help establish pricing that is compliant, defensible, and competitive.
- Simplify pricing evaluations. Complex reimbursement language modeling can often make pricing transparency time consuming and difficult. Craneware imports the detailed patient claim file allowing our models to reveal the net revenue based on specific payor nuances. Our team of experts builds your contract reimbursement rules into Trisus Pricing Analyzer, removing the need for organizations to spend time and resources managing and maintaining contract rules.
- Ensure compliance and competitiveness. Understanding pricing, when compared with other hospitals, is essential to price modeling. Trisus Pricing Analyzer provides comparative pricing data, including the market low, high, average, and median charges. Health Price Index and Consumer Price Index data is also included to help account for inflation.
"With reimbursements shrinking and more cost shifting to consumers, the ability to adapt quickly is essential to establish defensible and optimal pricing," said Brian Workinger, vice president payor and pricing analytics at Craneware. "Industry research reveals that 10 to 25 percent of a hospital or health system's total business is charge-related, and that even a modest price increase can improve operating margin."
As the healthcare industry evolves beyond traditional, "old-school" revenue cycle management and towards value-based economics, outcomes are increasingly evaluated on both cost and quality of care. Craneware is uniquely qualified to partner with healthcare providers to plan, execute, and monitor the success of these critical initiatives. Click here to find out how.
Craneware (AIM: CRW.L), the leader in automated value cycle solutions, collaborates with U.S. healthcare providers to plan, execute and monitor value-based economic performance. Our flagship solution, Chargemaster Toolkit®, has earned the KLAS No.1 ranking in Revenue Cycle – Chargemaster Management for 12 of the past 13 years and is part of our value cycle management suite, which includes charge capture, strategic pricing, patient engagement, claims analytics, patient engagement, revenue recovery and retention, and cost and margin analytics solutions. Learn more at craneware.com.