Panacea Targets Transparent Pricing with its cloud-based Tool called ComparativeHealthData.com
ST. PAUL, MN- Panacea, a provider of consulting, technology and publishing services to thousands of healthcare providers nationwide, announced the launch of its cloud-based tool called ComparativeHealthData.com. It aims at assisting hospitals, physicians, and other healthcare organizations in developing rational prices as part of their overall transparent pricing strategy.
With its introduction, system can compare hospital unit costs and prices to any separate or group of hospitals, hospital ancillary charges to Free Standing Medical office or Facility charges, coding and pricing patterns and Utilization differences. Users would also be able to compare Room and Board rates at the HCPCS/CPT level. Healthcare Common Procedure Coding System(HCPCS) standardizes identification of medical services, supplies and equipments and Current Procedural Technology (CPT) is used to communicate uniform information about medical services and procedures among physicians, coders and patients.
“This online system provides the most important first step a healthcare provider requires to determine a rational and competitive charge for its services by allowing for the creation of custom market peer groups,” stated Frederick Stodolak, Panacea’s CEO.
The tool helps to create unlimited peer groups from a database rooted in recent claims consisting of more than 5,000 hospitals and 30,000 plus Physician medical offices and freestanding facilities such as Ambulatory Surgery Centers, Independent Labs, Imaging Centers. It also displays the competitor or other peer group hospital names, showcasing an outlier screening tool allowing the user to improve statistical validity of the data by screening off the outlier data at HCPCS/CPT code level.
It also features a price look-up tool for users to type in a procedure name to estimate the average charge for a custom peer group or type in the HCPCS or CPT code if it is known. The system can also export the developed peer group benchmarks for use in Panacea's popular Hospital and Physician Base Pricing systems to perform sophisticated net revenue modeling.