A new Web-based pricing software tool aims to help healthcare providers to proactively address price defensibility and transparency by comparing across market benchmarks.
Atlanta-based MedAssets' PriceMaster is designed to enable healthcare providers to establish prices for hospital services by comparing current prices to market benchmarks, fee schedules, cost and relative value unit (RVU) data and CMS national, state and hospital benchmarks.
"Pricing of hospital services has never been more important," said Dan James, president of the MedAssets' revenue management segment. "The addition and integration of PriceMaster into our current suite of tools further equips our customers to create defensible pricing strategies while being properly reimbursed for the services they provide."
The tool is designed to allow modeling of different pricing scenarios and forecast the net and gross impact of pricing changes. Prices outside pre-established cost and benchmark thresholds are automatically identified in order to help providers adhere to established pricing policies.
PriceMaster is an integrated part of MedAssets' CDM Master chargemaster monitoring and maintenance product.
The company's revenue cycle solutions include revenue cycle technology and consulting, charge integrity and pricing services, claims, remittance and denial management, silent PPO recovery, concurrent and retrospective denial management, accounts receivable services and decision support technology.
According to MedAssets, their workflow solutions, together with data management and business intelligence tools, increase revenue capture and cash collections, reduce accounts receivable days and increase regulatory compliance.