YAKIMA, WA--(Marketwired - Jun 11, 2013) - VitalWare™, the leader in business intelligence for ICD-10 and beyond, and Panacea Healthcare Solutions (Panacea), a coding, compliance, reimbursement and revenue solutions company, today announced the formation of a strategic partnership aimed at helping hospitals defend their pricing strategies, boost productivity and provide a compliant workflow tool to assure pricing data stays within hospital policies. This Epic-friendly chargemaster and strategic pricing system leverages the latest in cloud-based technologies.
Hospitals and their chargemasters have been under increasing governmental, media and public scrutiny, and upcoming healthcare reform requirements will put CFOs and their chargemasters under even more strain. Read VitalWare's latest Opinion Piece titled: How to Avoid a Black Eye from Your Chargemaster.
VitalWare and Panacea will combine two powerhouse product sets -- VitalWare's CDM Navigator™ and Panacea's Strategic Pricing Suite -- to ensure CFOs cannot only ensure accurate CDM coding and compliance, but also defend and document their chargemaster pricing at the line item level.
"By combining our chargemaster solutions, we can offer hospitals a real one-two punch when it comes to strategic chargemaster pricing," said Kerry Martin, CEO of VitalWare. "Hospitals can now set pricing based on customized market data, unit costs, payer fee schedules, and other benchmarks and criterion with consideration to gross and net revenue objectives prior to implementation and defensibility."
"At both the federal and state levels, hospital pricing and the hospital chargemaster are under a microscope, and there will be increasing pressure for transparent hospital pricing," said Fred Stodolak, CEO of Panacea Healthcare Solutions. "VitalWare's CDM Navigator gives hospitals a robust, Epic-friendly platform for increasingly complex chargemasters to ensure ongoing and accurate CDM coding and compliance. Panacea's Strategic Pricing suite fits in nicely to ensure that hospitals can establish and maintain rational cost-based, market-based or hybrid pricing on an ongoing basis as costs, market data, coding regulations, payor contract terms and objectives change."
More information on the VitalWare/Panacea Chargemaster Products:
- CDM Navigator™ is an Epic-friendly, cloud-based chargemaster and regulatory reference application that engages clinical directors through automated work flow, continual charge analytics and ready access to regulatory information tailored to the services performed in the clinical departments.
- Panacea's Strategic Pricing Suite includes:
- Hospital Zero-Base Pricing,® which establishes prices based on actual or estimated unit costs, market data or a hybrid thereof; Comparative Hospital Data, which provides access to 5,000 hospitals worth of claims; and cost report data to establish custom peer group HCPCS average charge, average room rate and drug and supply charge-to-cost mark-up factor data
- Unit Cost Estimator Module for those hospitals in need of determining unit costs expediently but without the time and expense burden of a full blown cost accounting system.
VitalWare leads the market in transforming healthcare intelligence into useful and actionable information, thereby allowing their clients to focus their time and resources on core business. Headquartered in Washington State, VitalWare was established to help organizations with the overwhelming task of navigating the many regulatory changes taking place in today's healthcare environment. For more information visit www.vitalware.com, email firstname.lastname@example.org, or call 855.464.2310.
About Panacea Healthcare Solutions
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. Find out more at http://panaceahealthsolutions.com/