In today's healthcare environment, pricing has taken on new importance.
Defensibility is the word of the day when it comes to hospital and physician price-setting. Ensuring that your patient charges will pass public scrutiny, while also working to keep your organization competitive and financially sound, is a delicate balancing act. For over twenty years, MedCom Solutions has been providing pricing services for the healthcare industry using our patented pricing software. Pricing Strategist combines our years of industry experience with the latest in software development to deliver a hospital pricing tool that puts the power of expert consulting analysis at your fingertips.
Undertaking a full pricing review requires in-depth data coordination and manipulation.
Pricing Strategist provides a platform to combine key pieces of data from your hospital information systems. Chargemaster line item detail combined with detailed volume data by financial class breakdown ensures an accurate baseline point from which to generate potential pricing scenarios. Add to that the ability to load pertinent fee schedule information, reimbursement assumptions, market data and cost data, and the daunting task of an annual pricing review just became a whole lot simpler.
We've got the basics of pricing defensibility built right in.
At MedCom Solutions, we understand that each client has unique needs, so Pricing Strategist is flexible enough to offer many possible price manipulation tools. However, we've found that certain key analyses are important to any healthcare organization. That's why we've created the basic defensibility metrics as standard functions within the software. At the touch of a button, Pricing Strategist allows you the ability to review and change prices based on the following approaches:
| Cost Data: |
Do your prices align with your costs? |
| Fee Schedules : |
Are your prices above fixed-fee thresholds? |
| Benchmark Data: |
Do your prices make competitive sense? |
| Linking: |
Are your prices consistent across departments for the same services? |
| Tiering: |
Do your prices make common sense from a relational standpoint? |
| Modifiers: |
Do your prices appropriately reflect hard-coded modifiers? |
Accurate financial modeling leads to improved decision making.
MedCom Solutions knows that in the healthcare industry, informed financial decisions require an understanding of bottom-line impact. Our pricing software models net revenue changes associated with various price movements, and you have the flexibility to change the model as your contracts and reimbursement mechanisms evolve. Net revenue impact can be reported at the facility, department, carrier, inpatient/outpatient, line item level, and anything in-between.
Our technical and financial experts are available for your questions.
Whether it's answering a detailed technical question or assisting you in creating your desired pricing model, our team of expert support staff knows our software products, and we are always just a phone call away. With years of experience using Pricing Strategist internally, we've got your questions covered.
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