ATLANTA, June 2, 2011 /PRNewswire/ -- Craneware, Inc., the
market leader in automated revenue integrity solutions, announced a
new multi-year agreement today with Kingman Regional Medical
Center, a 235-bed non-profit medical center in Kingman, AZ. Recognized as one of the nation's
five star hospitals in community value, Kingman Regional Medical
Center will add Craneware InSight Denials® to the range of
Craneware Revenue Integrity Solutions™ the organization 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 organizations like
Kingman Regional that are already very advanced in terms of revenue
performance, but see the opportunity to optimize 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 optimization 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 annualized lost revenue
for us. InSight Denials will provide us further visibility to
ensure we're 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® – fully automates chargemaster management
processes to increase efficiency and promote compliance and capture
legitimate reimbursement.
Online Reference Toolkit® – 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® – 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® 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.
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 hospital 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.
About Craneware
Craneware (AIM: CRW.L, OTC: CRWRY) is the leader in automated
revenue integrity solutions that improve financial performance for
healthcare organizations. 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. This optimizes reimbursement, increases operational
efficiency and minimizes 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 stop the leakage.com.
SOURCE Craneware, Inc.