Chicago — May 21, 2013 – The Healthcare Financial Management Association (HFMA) recently reviewed Panacea using the Peer Review process. After undergoing the rigorous review, Panacea’s CDMauditor.com Hospital Zero-Base Pricing (including ComparativeHospitalData.com and Unit Cost Estimator) has been awarded the “Peer Reviewed by HFMA®” designation.
Panacea’s Hospital Zero-Base Pricing system is a cloud-based system that allows the user to establish cost based, market based or hybrid chargemaster prices that are defensible, rational and ensure optimum net reimbursement. The system integrates with Panacea’s ComparativeHospitalData.com system that allows the user to establish custom peer groups from a database of more than 5,000 hospital claims and cost reports – thus enabling hospitals to also utilize Hospital Zero-Base Pricing for benchmarking, financial modeling and to “what-if” scenarios. For those hospitals wishing to introduce cost into the pricing equation but do not have a cost accounting system, the Hospital Zero-Base Pricing system includes the Unit Cost Estimator module which allows hospitals to quickly and with great accuracy estimate the unit costs for their entire CDM.
“At both the federal and state levels, hospital pricing and the hospital chargemaster, now more than ever, are under intense scrutiny,” says Fred Stodolak, CEO of Panacea Healthcare Solutions. “This is evidenced by CMS’s recent release of hospital charge data for the 100 most common Medicare claims, which brought to light huge variations not just across regions, but within cities. In anticipation of the need for hospitals to establish cost-based, rational prices, Panacea developed Hospital Zero-Base Pricing which is currently being utilized by many of the top hospitals and health systems around the country, and has recently received the prestigious HFMA Peer Review designation.”
“The rigorous HFMA Peer Review process has been an extremely valuable tool for us in terms of measuring product quality and value,” says Panacea’s Stodolak. “And it comes at an important time, given increased news coverage and government crackdown on hospital prices. The Hospital Zero-Base Pricing survey results stemming from this process provided qualitative measures which demonstrated very high levels of satisfaction with the product, its capabilities and the end result for its users.”
HFMA's Peer Review process is designed to provide healthcare financial managers with an objective third party evaluation of products and services used in the healthcare workplace. The rigorous, eleven-step process includes a Peer Review panel review made up of current customers, prospects who have not made a purchase, and industry experts. Peer Review status of the product or service and its performance claims are based on effectiveness, quality and usability, price, value, and customer and technical support.
“HFMA’s Peer Review process provides our membership with the assurance that those who have earned the designation have met a rigorous screening process,” says HFMA President and CEO Joseph J. Fifer, FHFMA, CPA. “The Peer Reviewed designation helps members and others identify and evaluate products and services that their organization may need. It can also create brand awareness and recognition in the healthcare finance marketplace for Peer Reviewed products and services."
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 40,000 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. From addressing capital access to improved patient care to technology advancement, HFMA is an indispensable resource on healthcare finance issues.
Healthcare Financial Management Association
Panacea Healthcare Solutions, Inc. provides coding, compliance, reimbursement and revenue solutions infused with intelligence and delivered through our consulting, software, publications and webcasts to more than 4,000 U.S. providers. Each one is rooted in Panacea's extensive frontline experience in healthcare finance, coding and compliance. zerobasepricing.com
Panacea Healthcare Solutions, Inc.
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