ATLANTA, Nov. 18, 2010 /PRNewswire/ -- Craneware, Inc. (AIM: CRW.L, OTC: CRWRY), the market leader in automated revenue integrity solutions that improve healthcare providers' financial performance, announced a new contract with one of the largest healthcare provider organizations in the United States – Continuum Health Partners. Continuum has used Craneware's flagship Chargemaster Toolkit across its five distinguished teaching hospitals for more than three years. Under the new contract, Continuum will add Supplies ChargeLink® to its Craneware Revenue Integrity Solutions™. Also, Continuum purchased Supplies ChargeLink® Implementation, which ensures an efficient return on investment, best practices for ongoing use, and includes Craneware Professional Services' data review, reporting and training.
"Supply chain typically represents a significant portion of a hospital's operating expenses, closely following salaries," said Craneware CEO Keith Neilson. "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."
According to a 2009 Healthcare Financial Management Association member survey, most U.S. hospitals believe they are compensated for less than half of their reimbursable supplies.
"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."
Supplies ChargeLink is the newest offering in Craneware's Supply Management product family, which integrates supply chain and revenue cycle data to support revenue integrity. By identifying supply item inconsistencies - in both the chargemaster and the item master - the product automates optimal processes that align supply costs, charge capture and billing. This provides unsurpassed visibility into both supply costs and reimbursement, which helps hospitals better manage costs, monitor internal pricing policies, more accurately code chargeable supplies and capture appropriate revenue.
As supply costs fluctuate, Supplies ChargeLink helps hospitals' adjusted charges comply with their existing pricing policies – supporting defensible pricing. In today's complex, ever-changing healthcare business environment, Craneware software automates staying current and compliant. It provides flagged exceptions to industry best practices, and generates clearly defined reports. Ongoing access to actionable, current, comparative analysis empowers management to prevent revenue leakage.
The Supplies ChargeLink Implementation service helps hospitals ensure they efficiently achieve optimal return-on-investment and sustainable benefits from using the software. In addition, clients benefit from the industry-wide expertise, service and support that have made Craneware's flagship product, Chargemaster Toolkit®, the number one chargemaster management product in KLAS rankings for the last four years.
Craneware serves more than 1,000 healthcare provider organizations and maintains a focus on increasing hospitals' visibility into their business processes to ultimately prevent revenue leakage. As part of its commitment to financial performance improvement in healthcare organizations, Craneware launched the educational campaign, "Stop the Leakage." Industry best practices, in-depth white papers and success stories are available at stoptheleakage.com.
View the social media release at http://pitch.pe/102250.
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.
Continuum Health Partners was created in January 1997 as the parent company for the partnership between four distinguished voluntary hospitals: Beth Israel Medical Center-Milton and Carroll Petrie Division, Beth Israel Medical Center-Kings Highway Division, St Luke's Hospital and Roosevelt Hospital. Building upon the strength of these institutions, Continuum began the development of a broad-based, integrated health services network extending throughout the New York metropolitan region. Within two years, Long Island College Hospital of Brooklyn located in the Brooklyn Heights/Cobble Hill section, and The New York Eye & Ear Infirmary, located On Second Avenue and 14th Street in Manhattan and the oldest specialty hospital in the Western Hemisphere, joined the Continuum family, broadening the influence of each member institution and the partnership as a whole.
Each of Continuum's partner institutions was established more than a century ago by civic-minded individuals with a shared mission to improving health, and health care, in their communities. Acutely aware of this heritage, Continuum remains committed to delivering excellence in accordance with the highest standards of medical practice, while also pursuing groundbreaking research and striving for new ways to enhance services to patients.
Today, Continuum has an annual operating budget of over $3 billion and delivers inpatient care in six major hospital facilities in Manhattan and Brooklyn. The Continuum network also encompasses ambulatory health centers and group and private practice settings throughout the New York metropolitan region. Continuum operates more than 2,700 certified beds; provides for over 650,000 days of inpatient care and over 1.3 million outpatient visits; has more than 4,500 affiliated physicians; and a work force of over 15,500 individuals, making it the sixth largest private employer in the New York metropolitan region.
SOURCE Craneware, Inc.