St. Paul, MN, February 12, 2019 --(PR.com
)-- Panacea, a leading provider of mid-revenue cycle management software, consulting and educational solutions, has expanded its nationally recognized Hospital Zero-Based Pricing system and services to help clients better meet the price transparency requirements recently clarified by the Centers for Medicare & Medicaid Services (CMS).
“Success under the CMS price transparency requirements is more than just posting a hospital’s chargemaster online,” said Ted Barduson, President and General Manager of Panacea. “Providers must also post their average charges by Diagnostic Related Group (DRG) for inpatients and their charges for drugs and biologicals—not usually included in a chargemaster—and charges need to be rational and defensible so that the hospital has a reasonable explanation for why the charge is what it is when patients start comparing prices. That is a tall order we have found many clients struggling with.”
In response to client needs, Panacea is expanding its successful Hospital Zero-Base Pricing system and services. The aim is to help clients better use technology to access and evaluate their data, enabling them to make more rational and defensible decisions and setting them up for pricing transparency success rather than public relations headaches.
With these new services, clients will be able to:
· Determine average charge profiles by DRG and for top outpatient surgical procedures and ED levels
· Create a profitability report by DRG for top outpatient procedures, shown by custom payer group and/or physician
· Get a review and assessment of their pharmacy pricing methodology
· Evaluate the impact of implementing a “best practice” drug pricing methodology
· Assess, update and maintain defensible physician pricing
· Establish average in-network and out-of-network payment profiles by major payor
These capabilities are new options that enable clients to expand upon Panacea’s long-standing Hospital Zero-Based Pricing system, which is trusted by prominent health systems nationwide. The system helps healthcare organizations establish and maintain rational and defensible chargemaster prices when a host of variables such as volume, case-mix, market data and more change each year. These new services expand on that goal by providing even more tools to analyze and draw insights from available data. For more information about Panacea’s Hospital Zero-Base Pricing system, visit panaceainc.com or call 1-866-926-5933.
Panacea, a Career Step company, helps healthcare organizations improve their bottom lines and strategic market positions with front-line expertise in revenue-cycle management, software and enterprise-level educational solutions. Designed for the healthcare professionals responsible for financial performance or compliance, Panacea helps identify opportunities and overcome today’s challenges, providing the clear answers needed to swiftly and cost-effectively achieve quality results. More information is available at panaceainc.com.