McKesson has added another important piece to the revenue cycle management puzzle for hospitals and other healthcare providers.
The Atlanta-based developer of hospital information systems announced Tuesday that it is integrating Craneware’s Chargemaster Toolkit patient billing software into Horizon Enterprise Revenue Management, in a move designed to create a complete, end-to-end revenue cycle management solution for more than 1,200 providers now using McKesson’s RCM solutions.
“McKesson developed Horizon Enterprise Revenue Management to empower hospitals to improve the economics of care by redefining and supporting the processes, relationships and organizational structures associated with financial management,” said Loren Buysman, senior vice president and general manager of revenue cycle operations for McKesson Provider Technologies, in a press release. “Specifically, the integration of Horizon Enterprise Revenue Management with Craneware’s Chargemaster Toolkit creates a comprehensive revenue cycle platform that brings disparate applications into one powerful system.”
Craneware, based in Scotland and Orlando, Fla., offers customizable software that’s designed to capture legitimate reimbursements for healthcare providers by automating the chargemaster management processes. The Chargemaster Toolkit is in use in more than 1,000 healthcare organizations, according to company officials.
“By linking McKesson’s Horizon Enterprise Revenue Management, STAR, Healthquest and Series solutions with the Craneware Chargemaster Toolkit, customers will benefit from enhanced work and data flow for improved financial performance, greater efficiency and effectiveness,” said Keith Neilson, Craneware’s CEO, in the press release. “Creating an end-to-end approach to enterprise revenue management, McKesson and Craneware are together delivering the solution providers need to thrive in these challenging times.”
The news comes just days after Craneware announced $43.2 million in contracted sales for the fiscal year ending June 30, 2009, a 68 percent increase over the previous year’s total of $25.7 million, and a 23 percent increase in revenues this past year. Neilson credited the growth in part to partnership deals with Premier, Amerinet and Perot and $10.1 million in contracted sales of new product lines, and said he sees a bright future ahead with the McKesson deal.
"The US healthcare system is currently undergoing an unprecedented level of change and public scrutiny. This, combined with the global economic downturn means healthcare organizations are experiencing extraordinary levels of fiscal and legislative pressure,” Neilson said. “Craneware continues to invest in the development and deployment of software to help manage these pressures and we believe that our market leading position and reputation within the industry, combined with our strong business fundamentals, leaves us well positioned to serve this growing market demand."