ATLANTA, April 22, 2014 /PRNewswire/ -- Hospitals and health systems can experience huge revenue losses from common oversights in pharmacy revenue cycle. To have confidence in their data integrity and charge capture process, hospitals must validate that their pharmacy data is compliant, correct and complete before billing. Today, Craneware, Inc., the healthcare market leader in automated revenue integrity solutions, announced new features for its supply management solution, Pharmacy ChargeLink®, which empowers hospital management to meet changing payor requirements, better account for drug expenditures, and more efficiently manage competitive pricing, accurate charging and the compliant billing that can avoid the operational expense of dealing with audits, denials and lost reimbursement.
One of the new capabilities announced today in the software is Worklist functionality, which simplifies the hospital-pharmacy business process for improved productivity and efficiency. The Worklist prioritizes action items by achievability, identifying the stakeholder role to manage each item to tackle pharmacy charge issues with the highest compliance risk and revenue value.
"Craneware is committed to helping hospitals and health systems achieve revenue integrity, and pharmacy is one of the most significant revenue and compliance opportunities for automation to benefit healthcare today," said Keith Neilson, Craneware CEO. "With more than a decade of experience in working with leading health systems across the country, Craneware has deep insight into the needs, priorities and best practices of hospitals of all sizes. The new enhancements to Pharmacy ChargeLink embed those best practices into health systems' daily process to ensure optimal accuracy, efficiency and value for pharmacy reimbursement."
Other new features to Pharmacy ChargeLink include:
- Benchmark pricing so hospitals can price more competitively by comparing drug prices across their organization and with the pharmacy prices of other hospitals in the market.
- Dose differentiation automatically identifies which drugs are single-dose versus multi-dose, to help validate the varied units-of-measure allowable for drugs when purchased, administered and for compliant billing.
- Interface enhancements, such as optimized data layout and tab features, streamline the user role so results can be generated on the fly.
"With Craneware's Pharmacy ChargeLink we are confident that we're being efficient in capturing appropriate pharmacy NDCs and reimbursement," said Manager of Pharmacy Program Durwin Logan, Effingham Hospital in Georgia. "Pharmacy ChargeLink helps us gain greater visibility into the pharmacy revenue cycle, and automate what would otherwise be a very manual, labor-intensive process, so we're excited about these new enhancements to further strengthen our pharmacy billing methods."
Pharmacy ChargeLink is part of Craneware's Supply Management product family. Craneware Revenue Integrity Solutions® span four product families, with the other three being: Audit & Revenue Recovery, Revenue Cycle, and Access Management & Strategic Pricing. Craneware developed the industry's first effective chargemaster management solution, Craneware's Chargemaster Toolkit®, which has ranked number one in the KLAS Revenue Cycle – Chargemaster Management market category for the past eight years.
To learn more about how hospitals and health systems can proactively work towards achieving revenue integrity through improved supply chain data management, visit craneware.com and revenueintegrityjourney.com.
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 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 and revenueintegrityjourney.com.
*Chargemaster Toolkit® is ranked No. 1 in the Revenue Cycle – Chargemaster Management market category for the eighth year in a row (2006 – 2013), and Bill Analyzer is ranked No. 1 in the Revenue Cycle – Charge Capture market category the third year in a row (2011 – 2013 ) in the "2013 Best in KLAS Awards: Software & Services" report, published January 2014. Data© 2014 KLAS Enterprises, LLC. All rights reserved. www.KLASresearch.com