ST. PAUL, MN -- (Marketwired) -- 05/22/13 -- Panacea Healthcare Solutions, Inc. -- Panacea announces that after undergoing a rigorous review by The Healthcare Financial Management Association (HFMA), its Hospital Zero-Base Pricing system has been awarded the "Peer Reviewed by HFMA®" designation.
Panacea's Hospital Zero-Base Pricing system is a cloud-based program that allows hospitals and health systems 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 users to establish custom peer groups from a database of more than 5,000 hospital claims and cost reports within seconds. Once the peer groups are established, weighted average prices per HCPCS code, room rates and charge-to-cost mark-up factors for areas such as drugs and medical supplies can be loaded into the Hospital Zero-Base Pricing system as useful benchmarks for financial modeling and "what-if" scenarios. For those hospitals wishing to introduce cost into the pricing equation but do not have a cost accounting system, the Unit Cost Estimator option allows hospitals to quickly and accurately estimate the unit costs for their entire CDM. www.zerobasepricing.com
"At both the federal and state levels, hospital pricing and the hospital chargemaster, 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. CMS' release was preceded by a special report on hospital pricing published in the March issue of TIME magazine, and recent efforts by states including North Carolina and Maryland to enforce transparent hospital pricing."
"We were aware that it was essential for hospitals to establish rational cost-based pricing, so Panacea developed CDMauditor's Hospital Zero-Based Pricing, which provides hospitals with a viable means for defending and documenting their sound pricing strategies. Hospitals need to act quickly, says Stodolak, and the HFMA peer review designation for this tool comes at an important time, given the intense industry and consumer focus on hospital charges."
About the HFMA Peer Review Process
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."
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. panaceahealthsolutions.com
For more details on Panacea's Hospital Zero-Base Pricing visit www.zerobasepricing.com.
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