Article | Cost of Care

Craneware: Demystifying the costs of care

Sponsored by Craneware
Article | Cost of Care

Craneware: Demystifying the costs of care

How do you help healthcare organizations navigate their biggest challenges?

Major changes in reimbursement and care delivery models — in an effort to transition to a value-based healthcare economy — have made understanding the total cost of care mission-critical for every healthcare stakeholder. However, providers currently do not have all of the data points they need, which compounds the challenges posed by these changes even further. Simply, organizations must be willing to move away from traditional, old-school revenue cycle management to make this important transition.

For Craneware customers, old-school thinking and culture are replaced by a complete understanding of all revenue sources across multiple payers. This includes a systematic, management approach to understanding the costs of care delivery by precisely identifying root causes and cost implications at a deeper and more actionable level. This allows our customers to know which levers will generate sustainable margins that can be invested in their future.

What advice would you offer to healthcare leaders when choosing among vendors?

It is imperative for healthcare leaders to have a clear understanding of which attributes and accolades truly serve as indicators of excellence among vendors. Offering more than just a product and impact to margin, a vendor should support improved team performance and organizational culture for their customers.

In this context, a vendor must offer partnership based on a foundation of aligned values, demonstrated market success, organizational stability, and tenacious pursuit of innovation.

Growing and protecting the margin that supports an organization’s vital healthcare mission and legacy requires more than just a product that addresses today’s challenges. A vendor’s models and plans should demonstrate a commitment to continuous improvement and show that the vendor is just as concerned with the challenges their customers will face the day after tomorrow as it is with those faced today.

Finally, don’t take a vendor’s word for it. Ask for references. Speak with customers who are not only like you and your organization but who are already where you and your organization plan to be.

What advice you can give providers for a successful implementation of a new product or service?

Comprehensive training is critical and is best practice. Craneware has designed interactive e-learning courses to support onsite training, which uses customer data to ensure learners can identify, validate and correct real issues in their organizations. Following implementation, Craneware carefully monitors adoption, progress and achievement for the life of the partnership to protect your investment, optimizing value and sustaining success.

Quick Facts

Number of years on the Short List: 12 years.

94% of participants agree or strongly agree that they would recommend the product to colleagues.

About Craneware

Craneware (AIM: CRW.L), the leader in automated value cycle solutions, collaborates with U.S. healthcare providers to plan, execute and monitor value-based economic performance. Our flagship solution, Chargemaster Toolkit®, has earned the KLAS No. 1 ranking in Revenue Cycle — Chargemaster Management for 12 of the past 13 years and is part of our value cycle management suite, which includes charge capture, strategic pricing, patient engagement, claims analytics, revenue recovery and retention, and cost and margin intelligence solutions.

Advertisements

Related Articles | Cost of Care

Blog | Coronavirus

Impact of the COVID-19 pandemic could cause more hospitals to breach debt covenants

If Congress does not take action to prevent financial penalties for already financially distressed hospitals, another financial hit could be the final blow for many healthcare organizations already feeling the financial impact of the pandemic.

News | Coronavirus

Hospital ED visits still down 26% following declines stemming from COVID-19, CDC reports

The CDC found hospital emergency department use remained 26% below normal by the end of May.

Blog | Medicare Payment and Reimbursement

Safety net hospitals could see increase in payments if CMS updates estimates of uninsured in 2021 IPPS final rule

HFMA's Chad Mulvany explains why a small percentage point increase in the uninsured rate could significantly impact the UC DSH dollars available to safety net hospitals at a time when they are financially struggling due to COVID-19.

News | Coronavirus

Amid looming deadline, physician practices begin to receive federal coronavirus funding

Long-awaited federal coronavirus support to practices has begun to flow.