Last checked at 22 Feb 2010 07:01
Craneware plc
("Craneware" or the "Company")
New York State's Largest Integrated Health System Chooses Craneware Revenue Integrity Solutions
22 February 2010 - Craneware (AIM: CRW.L), the leader in automated revenue integrity solutions that improve US healthcare providers' financial performance, is pleased to announce that North Shore-LIJ Health System has signed a multi-year contract for Craneware's Chargemaster Corporate Toolkit®, Online Reference Toolkit® and Bill Analyzer. Comprising 14 hospitals, 17 long-term care facilities, The Feinstein Institute for Medical Research, three trauma centres, five home health agencies, the Hospice Care Network and dozens of outpatient centers, North Shore-LIJ is the largest integrated healthcare system in New York State and winner of the 2010 NQF National Quality Healthcare Award.
These solutions will empower the heath system to proactively manage its revenue cycle in accord with industry best practices for improved financial performance, operational efficiency and compliance. The health system will also benefit from Craneware's Chargemaster Corporate Standardization Services and Charge Capture Performance Improvement Services.
"We took a long time evaluating the options open to us and chose Craneware based on the capabilities of its software and the company's track record," said Wendy Carnel, North Shore-LIJ's Vice President of patient financial services. "The Craneware software will enable us to better manage our system's revenue cycles and further align our processes with industry best practices."
"In the current climate of healthcare reform, the most successful healthcare finance leaders are focused on making the process and information technology changes that will deliver more value to their organisation for the services they provide," commented Craneware CEO Keith Neilson. "We are pleased to provide New York State's largest integrated health system with these Craneware Revenue Integrity Solutions™."
According to a recent Healthcare Financial Management Association InstaPoll of members, 50% of respondents indicate that the greatest cause of charge capture errors in their hospital organisations is lack of staff education regarding ever-evolving regulations. Almost 20% point towards changing regulatory guidelines not being present in charging systems as the greatest cause of charge capture errors. Craneware solutions help clients address these challenges in many ways - ranging from automated updates to the client's chargemaster via Chargemaster Toolkit, to ongoing educational and reference resources that come with Online Reference Toolkit, to the ability to effectively analyse for charge code issues so that adjustments can be made upstream in the revenue cycle with Bill Analyzer.
For further information, please contact:
| Craneware plc | KBC Peel Hunt | ICIS |
| +44 (0)1506 407 666 | +44 (0)20 7418 8900 | +44 (0)20 7651 8688 |
| Keith Neilson, CEO | Jonathan Marren | Caroline Evans-Jones |
| Craig Preston, CFO | Richard Kauffer | Fiona Conroy |
|
| Dan Webster |
|
About Craneware
Craneware (AIM: CRW.L) is the leader in automated revenue integrity solutions that improve financial performance for healthcare organisations. Craneware's market-driven SaaS solutions help hospitals and other healthcare providers more effectively price, charge and code for services and supplies associated with patient care. This optimises reimbursement, increases operational efficiency and minimises compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit craneware.com.
About North Shore-LIJ Health System
The nation's third largest, non-profit, secular healthcare system, the North Shore-LIJ Health System cares for people of all ages throughout Long Island, Queens and Staten Island - a service area encompassing more than five million people. The health system consists of 14 hospitals, 17 long-term care facilities, The Feinstein Institute for Medical Research, three trauma centers, five home health agencies, the Hospice Care Network and dozens of outpatient centers. In addition, North Shore-LIJ is partnering with Hofstra University to develop a new medical school. North Shore-LIJ's owned facilities house about 5,000 beds, employ more than 9,500 nurses and have affiliations with more than 7,500 physicians. Its workforce of about 38,000 is the largest on Long Island and the ninth largest in New York City. For more information, go to www.northshorelij.com.