TIDMCRW
RNS Number : 7171H
Craneware plc
02 June 2011
Craneware plc
("Craneware" or the "Company")
Craneware InSight Contract Win
2 June 2011 - Craneware plc (AIM: CRW.L; OTC: CRWRY), the market
leader in automated revenue integrity solutions for the US
healthcare market, is pleased to announce a new multi-year
agreement with Kingman Regional Medical Center, a 235-bed
non-profit medical center in Kingman, AZ. Recognised as one of the
nation's five star hospitals in community value, Kingman Regional
Medical Center will add Craneware InSight Denials(R) to the range
of Craneware Revenue Integrity Solutions(TM) the organisation
already uses to support optimal financial performance.
Craneware InSight Denials is one of the new Craneware InSight
solutions recently added to the Craneware suite of revenue
integrity offerings through the Company's acquisition of
ClaimTrust, Inc. of Murfreesboro, TN. With the addition of the
InSight product line, Craneware provides the industry's most
effective revenue integrity solutions.
"Kingman Regional is one of the most efficiently-run hospitals
in the U.S., and its selection of our new InSight Denials solution
is a tremendous validation of the benefits that our newly acquired
solutions can bring to our longstanding clients," said Craneware
CEO, Keith Neilson. "We have seen very strong interest in the
InSight suite from organisations like Kingman Regional that are
already very advanced in terms of revenue performance, but see the
opportunity to optimise even further. Denials management in
particular is an area of very keen interest today for hospitals of
all sizes."
The typical U.S. hospital can easily lose seven to ten percent
of its revenue to denied claims that could be successfully
corrected and resubmitted. Craneware's InSight Denials uncovers the
root causes leading to denials, then helps hospitals identify and
implement process improvements to permanently prevent specific
denial types.
"Craneware's proven revenue integrity solutions have been a
vital component of our revenue optimisation strategy and the new
denials solution promises to enhance our financial performance
results even further," said Kingman Regional's Chief Financial
Officer, Tim Blanchard. "Craneware's Pharmacy ChargeLink solution
has already found more than $1 million in annualised lost revenue
for us. InSight Denials will provide us further visibility to
ensure we are applying best practices to achieve superior revenue
cycle performance."
With the addition of InSight Denials, Kingman uses the following
Craneware Revenue Integrity Solutions to advance revenue integrity
and identify opportunities to prevent revenue leakage:
Revenue Cycle solutions:
Chargemaster Toolkit(R) - fully automates chargemaster
management processes to increase efficiency and promote compliance
and capture legitimate reimbursement.
Online Reference Toolkit(R) - provides easy access to
comprehensive clinical, coding, financial and regulatory reference
resources to help hospitals manage compliance, coding and medical
necessity information.
Interface Scripting Module - connects Chargemaster Toolkit to a
hospital's patient financial system to eliminate manual data entry
for greater data accuracy and efficiency.
Bill Analyzer- enables facilities to perform detailed audits
that find potentially missed charges on outpatient claims using
intelligence determined from Craneware's analysis of more than half
a billion hospital claims. The software identifies root causes of
missing claim data and links corrections back to the chargemaster,
preventing error recurrence.
Supply Management solution:
Pharmacy ChargeLink(R) - establishes and maintains a link
between a hospital's pharmaceutical purchases and its chargemaster
to reconcile medications and ensure they are accurately priced,
billed and reimbursed at an optimal level.
Audit & Revenue Recovery solution:
InSight Denials-optimizes denials management, eliminating
recurring denials, and performing denial data analysis, tracking,
trending and reporting.
Nearly 1,500 U.S. healthcare provider organizations use
Craneware Revenue Integrity Solutions. For the last five years,
Craneware's flagship product, Chargemaster Toolkit(R) is ranked
number one in the KLAS Revenue Cycle - Chargemaster Management
market category in the " Top 20 Best in KLAS Awards: Software &
Professional Services" report published in December 2010, 2009,
2008, 2007 and 2006.
For further information, please contact:
Craneware plc Peel Hunt Threadneedle Communications
+44 (0)131 550 +44 (0)20 7418
3100 8900 +44 (0)20 7653 9850
Keith Neilson, Dan Webster Caroline Evans-Jones
CEO
Craig Preston, Richard Kauffer Fiona Conroy
CFO
About Craneware
Founded in 1999, Craneware has headquarters in Edinburgh,
Scotland with offices in Atlanta, Arizona, Massachusetts and
Tennessee employing over 200 staff. Craneware is the leader in
automated revenue integrity solutions that improve financial
performance and mitigate risk for healthcare organisations.
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. These optimise
reimbursement, increase operational efficiency and minimise
compliance risk. By partnering with Craneware, clients achieve the
visibility required to identify, address and prevent revenue
leakage. To learn more, visit craneware.com and
stoptheleakage.com
About Kingman Regional Medical Center
Kingman Regional Medical Center is a 235-bed non-profit medical
center in Kingman, Ariz. that has earned repeated recognition as a
five star hospitals in community value, recipient of the Governor's
Arizona Innovation Award for its efforts to proactively enhance
healthcare in a rural community, and Arizona's first rural teaching
hospital. From modest beginnings in 1983, Kingman Regional Medical
Center has grown to become an example of the great things that can
happen when a hospital is owned and operated by the community it
serves. The medical center has grown into a facility capable of
providing highly technical and specialized care not normally
available to residents in a rural setting.
This information is provided by RNS
The company news service from the London Stock Exchange
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