Navigation Links
Craneware's New Product Reduces Supply Chain Revenue Leakage
Date:1/19/2010

ATLANTA, Jan. 19 /PRNewswire/ -- Craneware  (AIM: CRW.L), the market leader in automated revenue integrity solutions that improve healthcare providers' financial performance, announced today a new product and its first customer.

Supplies ChargeLink™ is a software solution that helps hospitals better manage and optimize reimbursement for chargeable supplies. It does this by establishing and maintaining dynamic links between the item master and supply items in the chargemaster. By establishing this linkage, Supplies ChargeLink creates unsurpassed visibility into supply costs and charges, identifying supply item inconsistencies in the chargemaster. This empowers hospitals to manage large amounts of data by exception and in accordance with industry best practices.

First to purchase the new software, made generally available on December 31, 2009, is Washington County Regional Medical Center, a 116-bed, non-profit organization serving east Central Georgia since 1960.

A recent survey completed by Porter Research found 75 percent of hospitals currently do not use any automation tools to compare their supply purchase histories with actual billing for supplies. Supplies ChargeLink automates the manual processes that most hospitals use to align their supply chain, charge capture and billing procedures.

"Today, most hospitals rely on spreadsheets, logbooks and other manual methods to coordinate their supply chain's charge capture and billing processes," said Keith Neilson, CEO of Craneware. "These inefficient measures don't provide hospitals with the necessary visibility into the enormous amounts of reimbursable supply charges that their facilities could be capturing."

"Craneware's innovation is focused toward helping customers transform business processes for improved operational efficiency and financial performance," continued Neilson. "Our industry-wide expertise enables us to pinpoint where we can significantly help customers through effectively automating their business processes. Supplies ChargeLink answers hospitals' need for an efficient, sustainable solution, which integrates supply chain and revenue cycle in support of revenue integrity."

According to a recent Healthcare Financial Management Association InstaPoll of members, currently more than 50 percent of hospitals believe they are reimbursed for less than half of their chargeable supplies. Supplies ChargeLink provides unsurpassed visibility into the supply chain and the supply item revenue stream, which enables hospitals to better manage costs, monitor internal pricing policies, more accurately code chargeable supplies and capture revenue to which they are entitled. This helps hospitals achieve sustainable financial performance improvement.

"As healthcare facilities continue to face demanding financial pressures, the need for increased visibility into revenue leakage has never been greater," said Neilson. "Craneware provides hospitals with a streamlined process to recover the revenues to which they are entitled and, at the same time, comply with important regulations."

Craneware's Supplies ChargeLink provides hospitals with an effective way to streamline the time-consuming process of building and updating supply items in the chargemaster. Supplies ChargeLink identifies coding, billing or pricing errors in the chargemaster, as well as inconsistencies in the item master. Correcting these errors, while identifying supply items subject to CMS, RAC or OIG guidelines, helps hospitals minimize compliance risk while providing an auditable communication trail between materials management, finance and appropriate compliance specialists.

As supply costs fluctuate, Supplies ChargeLink helps hospitals keep adjusted charges compliant with their existing pricing policies. This supports hospitals in creating and maintaining defensible pricing policies, particularly when the supply charge is based on acquisition cost. Checking margins for supplies against fee schedules, as well as benchmarked costs or charges, is essential to ensuring appropriate spending and pricing.

Craneware's Business Solutions Group provides a Supplies ChargeLink implementation service, which helps hospitals ensure that best practices and processes are in place to efficiently achieve an optimal return on investment and sustainable benefits from using the software.

Supplies ChargeLink, like all of Craneware's revenue integrity solutions, works at any hospital – regardless of GPO affiliation or size. In addition, clients benefit from the industry expertise, service and support that have made Craneware's flagship product, Chargemaster Toolkit®, the number one chargemaster management product in KLAS rankings for the last four years.

View the social media release at http://pitch.pe/41998.

About Craneware

Craneware partners with healthcare organizations to improve returns, increase productivity and manage risk, driving better financial and operational performance using market-driven revenue management solutions. By enhancing revenue capture processes, Craneware solutions enable healthcare organizations to optimize reimbursement, improve operational efficiency, and support compliance. Visit craneware.com.

About Washington County Regional Medical Center

Washington County Regional Medical Center (WCRMC) is a 116-bed, non-profit, healthcare organization accredited by The Joint Commission. Serving east central Georgia since 1960 by providing comprehensive inpatient and outpatient surgery, WCRMC strives to be a model for integrated rural healthcare in meeting needs across the continuum of care.

SOURCE Craneware

RELATED LINKS
http://www.craneware.com

'/>"/>

SOURCE Craneware
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. OTC Anti-Aging Products: Hype or Hope?
2. Vical Reports Second Quarter 2007 Financial Results, Allowance of Pandemic Influenza IND and Other Advances in Product Development Programs
3. Georgia Reproductive Specialists Participates in Largest-Ever In Vitro Fertilization Clinical Trial in the World
4. Acura Pharmaceuticals, Inc. Secures Financing to Fund Pivotal Phase III Clinical Trial for Lead Aversion(R) Technology Product Candidate
5. Zila Inc. Product Selected to Identify Pre-Cancer in Study of Leading Cancer Treatment Chemotherapeutic - ERBITUX
6. Keeping the Data Center Clean: ATEN Launches Industry-First KVM Switches with Antimicrobial Nanocoating to Protect Products from Bacteria Surviving on Surfaces
7. Raptor Pharmaceuticals Provides Update of Product Programs
8. ArtJen Announces Major Clinical Trial of Its Patented Weight Loss Product FBCx
9. Replidynes Investigational Antibacterial Agent REP3123 Prevents Toxin Production in Clostridium difficile
10. BiPar Expands Management Team to Advance Lead PARP Inhibitor Product Candidate Into Phase 2 Trials for Cancer
11. Genetic Differences Predict Anti-Inflammatory Benefits From Nutritional Products
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... , June 24, 2016 ... Markets has announced the addition of the " ... offering. This ... and provides an updated review, including its applications in ... the total market, which includes three main industries: pharmaceutical ...
(Date:6/24/2016)... Research and Markets has announced the addition of ... report to their offering. ... The World Market for Companion Diagnostics covers the world market ... the report includes the following: , World ... Region (N. America, EU, ROW), 2015-2020 , World IVD ...
(Date:6/23/2016)... June 23, 2016  MedSource announced today that ... e-clinical software solution of choice.  This latest decision ... value to their clients by offering a state-of-the-art ... relationship establishes nowEDC as the EDC platform of ... full-service clients.  "nowEDC has long been a preferred ...
Breaking Medicine Technology:
(Date:6/25/2016)... ... June 25, 2016 , ... Austin residents seeking Mohs surgery services, ... Mohs Surgery and to Dr. Russell Peckham for medical and surgical dermatology. , Dr. ... skin cancer. The selective fellowship in Mohs Micrographic Surgery completed by Dr. Dorsey was ...
(Date:6/25/2016)... ... ... First Choice Emergency Room , the largest network of independent freestanding emergency ... its new Mesquite-Samuell Farm facility. , “We are pleased to announce Dr. Ogunleye ... M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. , Dr. Ogunleye ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... On Friday, ... presented a Bronze Wellness at Work award to iHire in recognition of their exemplary ... part of the 7th annual Maryland Workplace Health & Wellness Symposium at the BWI ...
(Date:6/24/2016)... ... June 24, 2016 , ... Those who have experienced ... feelings, many turn to unhealthy avenues, such as drug or alcohol abuse, as a ... has released tools for healthy coping following a traumatic event. , Trauma sufferers tend ...
(Date:6/24/2016)... Texas (PRWEB) , ... June 24, 2016 , ... ... International Conference and Scientific Sessions in Dallas that it will receive two significant ... of the grants came as PHA marked its 25th anniversary by recognizing patients, ...
Breaking Medicine News(10 mins):