Amerinet Strategic Alliance for Financial Efficiency (SAFE) Member Craneware Brings Dramatic Financial Turnaround to Critical Access Hospital
St. Louis, May 15, 2012 – Amerinet, a leading national healthcare solutions organization and Craneware, the leader in automated revenue integrity solutions, announced Amerinet member Adams County Regional Medical Center (ACRMC), a 25-bed Critical Access Hospital (CAH) in the southern Ohio region, significantly improved financial performance, operational efficiency and compliance through the implementation of Craneware’s Chargemaster Toolkit – CAH®, Online Reference Toolkit® and Bill Analyzer software. As most of the healthcare industry continues to lose revenue, following more than five years of substantial revenue loss, in the first year of implementation ACRMC is now operating at a small profit on less revenue.
“The software has identified millions in financial performance improvement opportunities and has already significantly reduced errors. With Craneware’s help, we made a dramatic financial turnaround in time to help save our hospital as previously the hospital was losing an average of $3 million a year,” said Scott D. Smith, chief financial officer, Adams County Regional Medical Center.
In order to achieve this dramatic financial improvement, ACRMC needed visibility into their processes to ensure they were receiving all earned reimbursement through proper pricing, charging and coding. Immediate access to current regulatory changes and competitive pricing data was a top priority.
An Amerinet member since 1987, ACRMC obtained Craneware’s solutions and services through Amerinet. Craneware is a partner in the Amerinet Strategic Alliance for Financial Efficiency (SAFE), a unique partnership of market-leading companies, spearheaded by Amerinet, providing best-of-class revenue cycle and financial performance improvement solutions that support healthcare facilities of all sizes.
To meet ACRMC’s needs, Craneware’s Chargemaster Toolkit – CAH, designed specifically for CAHs to establish and maintain a complete and accurate chargemaster, was packaged with a CAH version of Craneware’s Online Reference Toolkit, a software which provides instant access to financial and regulatory coding resources. The solution immediately identified $1.3 million in potential financial performance improvements at Adams County.
To improve visibility into its revenue cycle and save significant rework by improving charge capture accuracy for compliant claims, Adams County also implemented Craneware’s Bill Analyzer solution. Bill Analyzer identifies potentially missed charge items and prioritizes these issues to help address root causes of revenue leakage and prevent recurrence.
“Prior to implementing Chargemaster Toolkit and Bill Analyzer, we were losing an average of $2.5 million a year. Now we’re projecting a profit for the first time in five years, and Craneware’s technology, training and support helped get us there,” said CFO Scott D. Smith.
SAFE provides Amerinet members with a unique cost effective menu of best-in-class software, services and support focus on specific areas encompassing: scheduling, pre-registration, patient access and estimates, charge capture, coding, utilization, collection, accounts receivable management and remittance processing.
Leveraging a three-step process to optimize financial efficiency, SAFE offers aligned solutions to reduce costs, generate revenue and achieve financial health for member organizations. The partnership also addresses issues specifically related to financial efficiencies for alternate care sites.
About Adams County Regional Medical Center
Adams County Regional Medical Center is recognized as a leading provider of quality healthcare services in the Southern Ohio Region. The 25-bed Critical Access Hospital (CAH) has provided a wide range of medical, surgical and pediatric healthcare services for patients, families and their community since 1951.
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.
As a leading national healthcare solutions organization, Amerinet collaborates with acute and non-acute care providers to create and deliver unique solutions through performance improvement resources, guidance and ongoing support. With better product standardization and utilization, new financial tools beyond contracting and alliances that help lower costs, raise revenue and champion quality, Amerinet enriches healthcare delivery for its members and the communities they serve. To learn more about how Amerinet can help you successfully navigate the future of healthcare reform, visit www.amerinet-gpo.com.