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Physician and Pharmacy Pricing Quickly Become a Top Priority for Hospitals as They Struggle With Bundled Payment Challenges and Audit Risks

Feb 26 2013 12:00AM

Marketwire

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ST. PAUL, MN -- (Marketwire) -- 02/26/13 -- Panacea Healthcare Solutions, Inc. -- Increased hospital-physician integration coupled with healthcare reform and audit risk is creating new challenges for hospitals as they attempt to establish pricing for physician and pharmacy services. "We are seeing the shift from an episodic payment structure where the hospital, physician, and other providers get paid separately to a bundled payment system. And hospitals are struggling to manage this shift," says Greg Adams, FHFMA, Panacea President of Consulting Services.

Panacea Healthcare Solutions, Inc., a company specializing in hospital coding, compliance, reimbursement and financial systems and services, is pleased to announce that it has developed a new suite of physician and pharmacy pricing consulting services in order to address the evolving financial needs for hospitals and health systems. These new services are an extension of Panacea's widely-used Hospital Zero-Base Pricing ® technology. For details go to www.HospitalStrategicPricing.com

"During the past year Panacea has seen a dramatic shift in its client base in the number of hospital-employed physician specialists. Similar to hospital payer contracts, between 5 and 20% of physician reimbursement is still based on charges. In addition, there is a risk of physicians being paid the lesser of agreed upon fee schedules or charges if physician prices are not set at appropriate levels. "By leveraging our proven Hospital Zero-Base Pricing ® platform to develop a new Physician Based Pricing system and combining it with our expert consulting services, we have begun to help hospitals establish physician prices taking into account fee schedule rates, charge payer reimbursement, volume, payer mix and peer data by physician specialty by CPT code," says Fred Stodolak, Panacea Healthcare Solutions CEO.

On the Pharmacy front, numerous hospitals nationwide have experienced take-backs, fines and consumer complaints in the areas of pricing and charge practices. Many hospitals are also being underpaid due to under charging or improper or incomplete coding. Two years ago Panacea developed PHARMauditor.com which together with our pharmacy coding specialists can assist hospitals in assessing and implementing updated or entirely new pharmacy prices based on cost, tiered prices based on drug group and with consideration for price floors, dispense fees, volume, payer mix and reimbursement terms while at the same time verifying the accuracy of their coding, billable units, and more.

With more than 5,000 customers across its consulting, software and publishing divisions, Panacea continues to drive new solutions and technology to meet the growing needs of hospitals, health systems and other providers.

ABOUT PANACEA

Panacea Healthcare Solutions, Inc. provides coding, compliance, reimbursement and revenue cycle solutions through our consulting services, technology, publications and webcasts. All of our products and services are driven by specialized in-house consulting teams with unparalleled experience and credentials. For more detailed information about our new pricing services, visit www.HospitalStrategicPricing.com or call 863-450-3233 x718.



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Contact:
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Susan Woodard
Corporate Marketing Director
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Telephone: 863.450.3233 x718





Source: Marketwire


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