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| Healthcare IT and Biotechnology News Release |
| News Home :: Healthcare IT and Biotechnology News Releases :: More News Releases on this day |
| Date of Publication: Friday, June 22, 2007 |
HTP Helps Hospitals Turn Pricing Transparency Mandates into Revenue Opportunities |
| HTP RevRunnerTM now enables hospitals to estimate cost, uncover payment sources at point-of-service and collect payment with electronic cashiering. |
Columbus, Ohio -- HTP, Inc., which develops software that is transforming the healthcare industry, today announced a solution for hospitals to meet pricing t ransparency requirements and uncover new revenue sources. HTP RevRunner revenue management software now includes hospital pricing transparency and point-of-service bill estimation in advanced versions of its HTP AdvocateSM and HTP EstimatorSM modules.
“Given the rise of consumer-directed healthcare and today's razor-thin financial margins, hospitals have an urgent need to accurately estimate costs and payment ability before providing services," said HTP President and CEO Ray Shealy. & quot;By using HTP RevRunner to automatically estimate costs and uncover potential revenue sources, hospitals will see immediate financial gains and keep patients informed of their payment responsibility.”
St. Elizabeth Medical Center of Covington, KY, has already realized the benefits of HTP RevRunner. “Having an effective information management system is the key to improving our quality of care and patient experience,” said Joe Ruark, Assist ant Vice President of Patient Financial Services at St. Elizabeth. “We’re using HTP’s solutions because their software products produce significant financial results, integrate with our existing systems and are capable of growing with us into the future.”
As patients have become more responsible for their healthcare expenses it has placed tremendous pressure on hospital margins. Research indicates that patients who are underinsured and uninsured are on the rise. This means hospitals are beginning to see a significant shift in their receivables and are at risk of additional lost revenue. The advanced HTP Advocate and HTP Estimator modules included in HTP RevRunner provide a comprehensive revenue management solution that supports healthcare provider goal s of improved service quality, patient retention and return on investment.
HTP Advocate is a Web-based application providing hospitals instant access to a wide range of hospital, third-party and government data to assess each patient's insurance coverage, financial resources and ability to pay. Designed around industry-re cognized best practices, it easily integrates with existing hospital patient financial systems, enabling hospitals to collect co-payments and gauge the percentage of charges not covered by insurance at the time of registration. Depending upon the patien t's ability to pay, the hospital can collect from the patient via electronic cashiering, assist the patient in applying for government or charity programs or set up an appropriate payment schedule.
Key benefits of HTP Advocate include reducing denials, automating the financial aid application and qualification process, calculating patient out-of-pocket expenses, collecting payments and minimizing bed-debt write-offs.
HTP Estimator provides a powerful tool for calculating patient financial responsibility at the point of service. It meets and exceeds proposed federal mandates for pricing tra nsparency and fulfills best practices for patient-centric billing.
HTP Estimator is the first solution on the market to combine comprehensive eligibility information from payers with detailed information related to hospital pricing contracts to accurately estimate inpatient and outpatient charges. With the ability to q uickly estimate costs, hospital can collect payments or arrange a payment schedule prior to service delivery.
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