Panacea Healthcare Solutions Announces New Software and Service to Help Providers Comply with CMS Hospital Price Transparency Rule
Summary
The intent is to provide an easy way for consumers to determine, in advance, the allowed payment for their prospective service based on their insurance or if with an interactive tool their patient pay obligation and for employers, vendors and payers to have access to the rates with hopes of driving down costs through transparency. Our new software makes building each of these lists painless by processing 100 percent of the patient population through algorithms utilizing clinical coding and financial logic and proprietary tables to eliminate the records that do not meet the ‘shoppable’ criterion. To download a whitepaper on the CMS2020 Price Transparency Rule Highlights and Next Steps, visit St. Paul, MN, March 03, 2020 --( PR.com )-- Panacea Healthcare Solutions, Inc., a company specializing in healthcare coding, compliance, pricing software, and consulting services, announced today that it has developed and launched new pricing transparency readiness software and consulting services to help providers prepare for and comply with the recently expanded Centers for Medicare & Medicaid Services (CMS) Hospital Price Transparency Rule requirements that will go into effect on January 1, 2021.With these new requirements, your health system must make accessible all standard charges, defined as gross charges and negotiated managed care rates, in a machine-readable format and for consumers as a list of 300 “shoppable” items - non-urgent, high-volume items and services - on your website or via an interactive tool. The intent is to provide an easy way for consumers to determine, in advance, the allowed payment for their prospective service based on their insurance or if with an interactive tool their patient pay obligation and for employers, vendors and payers to have access to the rates with hopes of driving down costs through transparency.Meeting this requirement will require a significant effort for most health systems, which is why Panacea has developed software tools and consulting services to assist clients.“Our new Shoppable Disaggregation Algorithm and Report Set will make it easy for hospitals and health systems to process hundreds of thousands of claims and payment data to compile their shoppable 300 list,” said Frederick Stodolak, CEO of Panacea. Our new software makes building each of these lists painless by processing 100 percent of the patient population through algorithms utilizing clinical coding and financial logic and proprietary tables to eliminate the records that do not meet the ‘shoppable’ criterion.
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