CDMsync: The Industry's First Chargemaster Synchronization Tool
FOR: PANACEA HEALTHCARE SOLUTIONS, INC.
JUN 7, 2012 - 07:30 ET
Panacea Healthcare Solutions
New Technology Tool Synchronizes Coding and Pricing Practices for Health Systems
ST. PAUL, MN--(Marketwire - June 7, 2012) - In an era of ever-increasing provider merger and acquisition activity, hospitals often have disparate charge description masters that do not reflect common coding, descriptions and pricing within the organization.
A new innovation helps hospitals with inconsistent chargemasters within the health system.
Panacea Healthcare Solutions, Inc., a company specializing in hospital coding, compliance, reimbursement and financial systems and services, today announced that it has developed CDMsync, the nation's first automated synchronization tool, designed to help hospitals with disparate chargemasters within the health system.
"Inconsistent chargemasters within a health system can cause internal data integrity and reporting issues and coding, compliance and reimbursement anomalies, especially where payer contracts are negotiated for the system as a whole. Moreover, inconsistent pricing for like services and for providers of close proximity within a health system can trigger public relations or external audit activity," said Frederick Stodolak, Panacea CEO.
CDMsync is the newest addition to Panacea's comprehensive CDMauditor.com suite of software. Its capabilities include synchronizing patient care service descriptions, HCPCS or CPT codes, revenue codes and prices. The system utilizes a proprietary matching algorithm for similar services across multiple entities. The system also provides reports that flag all inconsistencies across entities within the health system and recommends common codes, descriptions or prices.
Field users over the past five years of development for CDMsync have been impressed with the tool's ability to improve financial performance. "Recently, a two-hospital system required mapping of two disparate chargemaster service codes into a common master code as part of a new Epic billing system implementation," said Stodolak. "CDMsync flagged inconsistent descriptions, codes and pricing and then proposed new common ones. We were able to complete the services in fewer than seven weeks, with no on-site time required. CDMsync got the job done swiftly and without a time and financial burden placed on the client."
CDMsync can be licensed for use by consulting firms or directly by health systems.
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. Information about CDMsync can be found at http://www.panaceahealthsolutions.com/index.php/financial-consulting/cdm-synchronization.html or call 863.450.3233 x704.
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Chief Operating Officer
Telephone: 863.450.3233 x704