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® to the range of Craneware Revenue Integrity Solutions™ 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® – 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.
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.
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.