ATLANTA, June 21 /PRNewswire/ -- Craneware, Inc. (AIM: CRW.L), the market leader in automated revenue integrity solutions that improve healthcare providers' financial performance, has launched a campaign to provide the industry with critical information on how to use technology to stop revenue leakage and better meet healthcare reform requirements.
"Stop the Leakage" (stoptheleakage.com) will share industry best practices for ensuring hospitals capture the legitimate revenue to which they are entitled. In-depth white papers and success stories that demonstrate how hospitals can achieve operational efficiency, compliance and legitimate reimbursement are available on the site. The "Stop the Leakage" campaign also will promote relevant discussion amongst leading healthcare industry professionals through various networking sites.
"The increased pressures facing hospitals, including more stringent healthcare reform requirements and narrowing margins, make it more critical than ever for hospitals to overcome the challenges to realizing revenue integrity," said Craneware CEO Keith Neilson. "Craneware will use its experience to implement a campaign to draw attention to the importance of hospitals leveraging technology to identify, correct and prevent revenue leakage and, as a result, achieve sustainable financial performance improvement."
Revenue leakage, the gap between the amount of revenue providers are entitled to and the reimbursement eventually received, regularly occurs throughout hospitals due to absent, incomplete or incorrect data in their financial systems. Today, most hospitals don't realize the sizeable revenue losses that occur when they manually manage the many points of contact between purchasing, patient care and reimbursement. Data can be lost or degraded anywhere along that path. Most hospitals cannot link purchasing history data to billing system data for comparison except through such manual methods as spreadsheets. These challenges combine with the trials of remaining current with continually changing charging, coding and billing requirements.
Automating chargemaster management processes and creating dynamic links that support effective communication between various departments – from finance, to clinical areas like the pharmacy, and to materials management – is the key to efficiently identifying and addressing revenue leakage. In addition, such automation enables hospitals to readily provide more accurate, understandable estimates to patients before delivering services, which promotes upfront payment, cash flow and compliance.
Hospitals that recognize the importance of revenue integrity often reap significant ROI, such as Catholic Health East in Pennsylvania. The large multi-hospital system used Craneware Revenue Integrity Solutions™ to standardize the chargemaster for 10 of its hospitals – resulting in approximately $3 million in net revenue improvement.
"We must move from a reactive culture of responding to denials, to a more proactive culture of ensuring revenue integrity upfront," said Cynthia Fry, vice president of revenue at Catholic Health East. "I am invigorated by the opportunity to align the revenue cycle with clinical excellence to provide an ideal patient experience."
By proactively addressing revenue integrity challenges, hospitals ensure that they can better serve their communities, remaining competitive through affording the newest service offerings, and providing more accurate service estimates. These, in turn, lead to increased patient loyalty and satisfaction.
Two Craneware-exclusive white papers are available on stoptheleakage.com to further educate readers on the importance of proper use of available technology and related process improvement. "Revenue Integrity in Healthcare – The solution to revenue leakage," explores the impact of revenue leakage, identifies the primary sources of revenue leakage, and provides real-life examples of hospitals that have made revenue integrity a priority. "Ensuring Proper Reimbursement for Hospital-Administered Drugs," focuses on how hospitals can facilitate appropriate pricing, accurate billing, and optimal reimbursement for facility-dispensed medications.
Providers can join the movement to stop preventable revenue leakage at stoptheleakage.com.
For more than a decade, Craneware has helped hospitals achieve improved financial improvement with its solutions. From providing the industry's first effective automated chargemaster maintenance tool to now serving more than 1,000 healthcare providers, Craneware maintains its focus on increasing hospitals' visibility into their business processes to ultimately prevent revenue leakage.
View the social media release at http://pitch.pe/71221.
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.
SOURCE Craneware, Inc.