SOURCE: Panacea Healthcare Solutions, Inc.

Panacea Healthcare Solutions, Inc.

September 03, 2014 08:00 ET

Panacea Healthcare Solutions Announces Expanded Hospital Pricing Services in Response to Hospital Affordable Care Act Requirements to Make Prices Transparent and Pressures From Free Standing Competition

ST. PAUL, MN--(Marketwired - Sep 3, 2014) -  Panacea Healthcare Solutions, Inc., a company specializing in provider coding, compliance, reimbursement and financial systems and services, today announced that in response to ever-increasing competition from free-standing providers and the Affordable Care Act requirements, which was recently reinforced by the Centers for Medicare and Medicaid Services (CMS) in their FY 2015 Final Inpatient Prospective Payment System (IPPS) Rule, it will be expanding its Hospital Zero-Base Pricing® services, currently used nationwide by many hospitals and health systems. 

The Affordable Care Act and CMS rules require and encourage hospitals to make available to consumers their standard prices for services in order to provide them the ability to compare such prices to other area providers. The rules encourage hospitals to make their charge policies public and to communicate effectively with consumers about such policies and what their liability might be.

Accordingly, in addition to Panacea's traditional Hospital Zero-Base Pricing® service which assists hospitals in aligning line item charges for services to be rational and defensible based on customized hospital market area peer group norms and the actual or estimated unit cost for the procedure, it will be expanding its offering to include:

  • DRG and Bundled Charge Grid: Panacea will utilize historical claims and payment data and incorporate estimated cost or actual cost data to provide by DRG and by top Surgical and Medical (inpatient and outpatient) procedure a matrix showing the average cost, alongside the low, average and high charge and payment levels. With this data patient estimates and patient discount initiatives can be supported. Moreover, this data will be useful for comparisons to other hospital and freestanding providers for both price re-alignment and transparency.

  • DRG and Bundled Charge Comparisons: Panacea will compare the DRG and Bundled Charges to available market area hospital and freestanding data. Results can be used to re-align charges and to make available to consumers in accordance with the Affordable Care Act.

"We are pleased that Panacea's state-of-the-art technology, data and talent will assist hospitals comply with CMS's final IPPS rule. Our CLAIMSauditor.com system, ZeroBasePricing.com and ComparativeHospitalData.com systems along with our expert consulting team and current free-standing and hospital charge data, together will provide our clients with the tools needed to not only establish rational transparent prices, patient estimates and discount levels but to update and maintain them each year," said Frederick Stodolak, Chief Executive Officer at Panacea Healthcare Solutions, Inc.

Panacea's technology has received the coveted Healthcare Financial Management Association's (HFMA) Peer Review Designation whereby Panacea's technology and services went through a rigorous review process by a panel designated by HFMA. 

For more information, contact John Anderson as janderson@panaceainc.com.

ABOUT PANACEA HEALTHCARE SOLUTIONS, INC.
Panacea Healthcare Solutions, Inc. provides coding, compliance, reimbursement and revenue solutions delivered through our consulting, software, publications and webcasts to more than 4,000 U.S. providers. Hospitals nationwide utilize Panacea's Strategic Pricing services and technology each year to re-align, update and maintain rational and defensible Hospital and Physician pricing and to perform "what-if" modeling before implementation and to utilize the technology for budgeting and look-back analytics.

Contact Information

  • Contact:
    Media
    John Anderson
    Senior Vice President
    Email Contact
    Telephone: 800-252-1578 x3425