The right software simplifies the pricing review and revenue budgeting processes.
Undertaking a full pricing review is a daunting task. Determining a pricing strategy that meets the goals of your organization demands in-depth data coordination and manipulation. After finding that traditional software solutions were not equipped to handle both the massive amounts of data and the sophisticated financial modeling required, a five facility health system in the Midwest purchased MedCom's pricing software, which had been used internally for many years to perform pricing reviews for healthcare institutions nationwide. The health system has now used the product for the past several years to fully execute a comprehensive pricing review efficiently and effectively. Their strategy has included the use of a market-based pricing benchmark along with the software's built-in defensibility modules that electronically change prices to ensure price uniformity, appropriate price relationships, and fee schedule thresholds have been addressed. The revenue modeling features have allowed the health system to accurately budget the projected revenue increases associated with the price changes, and the reporting capabilities have made dissemination of pricing information to the clinical areas simple. The finance manager has commented that the pricing process has never been easier to coordinate.
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