After three years of using Craneware’s Chargemaster Toolkit at its five teaching hospitals, Continuum Health Partners will add new tools designed to improve revenue integrity.
The New York-based health system, which has an operating budget of more than $3 billion and delivers inpatient care at six hospitals in Manhattan and Brooklyn, has expanded its contract with Craneware to include the Supplies Chargelink solution. The newest of Craneware’s revenue cycle management applications, Supplies Chargelink is designed to help hospitals adjust their supply charges to comply with existing pricing policies, supporting defensible pricing practices and preventing revenue leakage.
“As one of the largest healthcare provider organizations in the country, we constantly look for strategic solutions to help us optimize financial performance,” said Michelle Leone, senior vice president of revenue cycle for Continuum Health Partners. “Craneware's Supplies ChargeLink will deliver a level of visibility that we, to date, have not had in the area of our reimbursable supplies. This increased visibility into one of our largest expenses will play a crucial role in helping us improve revenue integrity and meet our organization's financial goals.”
According to officials of the Atlanta-based developer of RCM tools, Supplies ChargeLink integrates a healthcare providers supply chain with its revenue cycle management system, identifying supply item inconsistencies in both the chargemaster and item master and aligning supply costs, charge capture and billing. The solution flags exceptions to industry best practices and generates an audit trail for administrators.
“Supply chain typically represents a significant portion of a hospital's operating expenses, closely following salaries,” said Craneware CEO Keith Neilson, calling attention to a 2009 Healthcare Financial Management Association survey that indicated most hospitals believe they are compensated for less than half of their reimbursable supplies. “Industry leaders like Continuum Health Partners are now using automation to support efficient financial management because pricing, charging and coding for healthcare supplies and services is a continually changing, highly complex process.”