SOURCE: Panacea Healthcare Solutions LLC

May 06, 2008 09:01 ET

Panacea Healthcare Solutions Announces National Healthcare Payer Networks Partnership to Improve Hospital Reimbursement

TAMPA, FL--(Marketwire - May 6, 2008) - Panacea Healthcare Solutions, LLC and National Healthcare Payer Networks, LLC ("NHPN") today announced their strategic relationship to market The Providers' Payer Network ("TPPN") solution to improve hospital reimbursement by restructuring revenue cycle and managed care initiatives. The NHPN solution set including TPPN is unique to the healthcare industry; services range from managed care consulting to claims processing through TPPN which is the only network that this designed to fit each Provider's actual needs.

"For years hospitals have allowed payers and managed care organizations to impose processes that exploit providers' dependence on managed care reimbursements and limited resources to minimize their loss ratio. The real cost of this process to the provider is lower revenue, decreased cash flow, and loss of control over its finances," said Frederick Stodolak, CEO of Panacea. "With federal and state program reimbursement declining, now more than ever, providers must ensure proper reimbursement from managed care and commercial insurance companies to remain financially viable."

"Providers today need to adapt to multiple forces that drive change management and NHPN is an organization that specializes in managed care and reimbursement imperatives with providers knowing that reengineering creates significant opportunities for providers," stated Ian J. Michel, President NHPN. "In an attempt to increase efficiencies, reimbursement and cash flow healthcare providers must endorse change and in recent years, many hospitals began to evaluate and adjust their managed care contracting philosophy," said Mr. Stodolak. "The integrity of these contracts -- given historical business practices -- has been compromised."

By deploying TPPN, hospitals can re-capture control over a subset of their revenue cycle and increase efficiencies, reimbursement and cash flow.

Mr. Stodolak is excited to announce that Panacea can offer TPPN, a wholly owned subsidiary of National HealthCare Payer Networks, LLC. This new solution enables the providers with a program that increases efficiencies, eliminates contractual abuses and creates a new revenue stream when fully implemented.

"NHPN has more than twenty years of management experience in hospital financial consulting with a stellar track record for customer service and expertise in managed care and reimbursement. Many hospitals utilize companies that retrospectively look at 'zero-balance' accounts to identify areas where payers may have improperly paid the accounts. These companies often disrupt operations and often charge exorbitant contingency fees. With TPPN the process is not retrospective and instead ensures that optimum payments are received the first time. TPPN is clearly a next generation model for hospitals to ensure proper reimbursement levels," stated Mr. Stodolak.

Mr. Michel stated about Panacea that, "They are fully qualified to support this exciting new program and bring with them the invaluable data mining, benchmarking and comparative pricing information needed to complement our program and successfully implement their Hospital Zero Base Pricing program."

"We look forward to working with Panacea to offer hospitals a responsive solution regarding their revenue improvement imperative," said Kurt Kozin, CEO of NHPN. "Bringing together Mr. Stodolak's nationally recognized expertise on hospital financial initiatives and combining it with our extensive provider managed care experience provides us with the ability and technology to effectively establish a new paradigm with our provider clients."

For more information on TPPN visit: http://www.panaceahealthsolutions.com/tppnAbout.html or contact us at 1-866-926-5933.

ABOUT PANACEA

Panacea Healthcare Solutions, LLC with offices in Florida and New Jersey, provides expert financial and information technology advice and systems to healthcare providers, payers, and software companies.

ABOUT NHPN

National Healthcare Payer Networks, LLC is a comprehensive suite of services and innovative consulting to the healthcare industry. The company provides a gateway to allow providers to optimize revenues throughout the health system revenue cycle. NHPN has developed programs that change the current reactive process to a proactive work-flow which allows the providers to increase revenue and lower administrative costs. NHPN Clients include small to large health system from the For-Profit to Non-Profit sectors.

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