ATLANTA, October 19, 2011 – In a changing economic landscape where hospitals are looking for ways to ensure operational efficiency, quality and financial success while managing compliance risks, the Healthcare Financial Management Association’s (HFMA) Measure, Apply, Perform (MAP) metrics have established valuable benchmarks for revenue cycle excellence. Healthcare industry leaders have worked with the HFMA to develop the HFMA MAP Keys, which serve as unbiased indicators that can be used to accurately measure revenue cycle performance. Alongside The Bellevue Hospital, Craneware, Inc., the market leader in automated revenue integrity solutions, will be presenting on revenue integrity at the 2011 HFMA MAP Event, to be held at the Doral Resort in Miami, Fla. from October 26-28, 2011.
Marianne Schoen, RHIT, director of Revenue Cycle and Quality Management for The Bellevue Hospital, and Craneware Professional Services Consultant Michael Najera will give a presentation on Wednesday, October 26, from 4:40 – 5:30 p.m., titled, “The Bellevue Hospital: Achieving Revenue Integrity Excellence Using Chargemaster Toolkit®.” This presentation will focus on The Bellevue Hospital’s performance improvement achievements in HFMA MAP Key areas. The Bellevue Hospital will share insights gained from their revenue integrity initiatives, including the successful implementation of revenue integrity solutions that helped them to improve the accuracy and efficiency of charge processes, find missed revenue and strengthen compliance. Among The Bellevue Hospital’s revenue integrity accomplishments are:
- Reduced denial write-offs from $1.8 million (2009) to $155,000 (2010)
- Decreased days in Accounts Receivable (A/R) by about 30 percent
- Nearly doubled bad debt collections
- Achieved a net revenue potential impact of more than $1 million
One quarter of registered U.S. hospitals use Craneware Revenue Integrity Solutions™. In 1999, Craneware introduced the industry’s first effective chargemaster management solution. Today, Craneware’s flagship product, Chargemaster Toolkit® has achieved HFMA Peer-Review status for eight consecutive years and for the last five years, 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.
The Healthcare Financial Management Association (HFMA) provides the resources healthcare organizations need to achieve sound fiscal health in order to provide excellent patient care. With more than 37,000 members, HFMA is the nation’s leading membership organization of healthcare finance executives and leaders. HFMA helps its members achieve results by providing education, analysis, and guidance, and creating practical tools and solutions that optimize financial management. The organization is a respected and innovative thought leader on top trends and challenges facing the healthcare finance industry.
About The Bellevue Hospital
A voluntary, not-for-profit healthcare facility The Bellevue Hospital is committed to offering patients the most advanced technology and medical treatment possible while providing the highest level of personal care. Serving their community since 1914, The Bellevue Hospital received the Outstanding Patient Experience Award, HealthGrades™, 2010/2011. This award makes the hospital one of only 48 hospitals ranked in the Top 5% of U.S. hospitals for the fourth year in a row. Among the largest employers in the city of Bellevue, Ohio, The Bellevue Hospital was voted one of the 100 “Best Places to Work in Healthcare” in the U.S. in 2008 by Modern Healthcare magazine.
Craneware (AIM: CRW.L) 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, code and retain earned revenue for patient care services and supplies. 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.
Healthcare Financial Management Association
(800) 252-HFMA, ext. 329