November 8, 2023
Running a hospital or health system and maintaining a positive operating margin is becoming more challenging every day.
Labor expenses have soared following the pandemic, and the costs for supplies, medications, and equipment have also climbed. There are new federal requirements around price transparency for consumers, putting pressure on hospitals to offer competitive rates. And finally, the rise of value-based payment models puts the onus on producing better patient outcomes at lower prices across the continuum of care. This means assuming more financial risk, and it underlines the importance of being able to conduct robust data analysis and knowing your true costs in providing high-quality care.
It is no longer enough to depend on revenue cycle management to remain solvent. Hospitals must establish a culture of continuous improvement, with the right tools, methodologies, and commitment to support it.
That’s why we invite you to consider the Trisus® Value-based Margin & Productivity Suite of solutions.
As The Craneware Group’s cloud-based platform, Trisus enables hospitals and health systems to harness disparate data, refine it, and turn it into useful information. Hospitals use Trisus to build effective strategies to address their biggest revenue, pricing, cost, and compliance challenges and improve financial and operational performance.
The Value-based Margin & Productivity Suite brings together complementary solutions that help healthcare providers create ongoing, cost-effective, and high-quality care by optimizing their margins, revenue, and staffing levels. The suite empowers users to easily identify and implement strategies to better manage the financial aspects of their operations for long-term success. It features applications that help hospitals:
- Manage service line margins with detailed financial decision support
- Optimize staffing and planning with real-time information and productivity insights
- Make intelligent decisions about the cost and delivery of care with powerful insights to improve processes
- View pricing standardization by region, make gross and net revenue projections more accurately, and model different scenarios for strategic pricing
- Identify variance, view actual claims, and get analytics on the facility, health system, and payor levels to assure accurate payment by payor contracts
The portfolio includes:
- Trisus Decision Support, which uses activity-based costing and business intelligence to help you understand and manage your true costs of care
- Trisus Labor Productivity, which integrates payroll, timecard, EMR’s ADT feed, and other systems that feed into one location to help you strategically manage your workforce
- Trisus Pricing Analyzer, which enables strategic price modeling for transparent, defensible, and competitive pricing
- Trisus Pricing Transparency, which provides compliance and analytics to monitor market dynamics
- Professional Services, which provides operational and financial performance consulting, team training, or full outsourcing
Value-based care adds financial risk
To participate in a value-based payment model, a healthcare organization needs the necessary technology to measure the value and pricing of services to ensure a positive margin. You need the ability to generate deep analytic insights on the cost of every procedure, service, or therapy provided over time, identify clinical best practices at the individual physician level, and eliminate unwarranted variances. This is the foundation of value, and it differs fundamentally from fee-for-service, where each procedure or service performed is billed and paid, regardless of outcome.
Our applications are available á la carte but are more powerful when used in tandem — what we refer to as “The Power of ONE.” For example, using Trisus Decision Support and Trisus Pricing Analyzer provides users the full breadth of analytic capabilities — including activity-based costing and the ability to ensure that prices cover costs, are defensible and competitive — to fully manage your operating margin, especially in a value-based care or bundled payment environment.
We build our subject matter experts’ knowledge, experience, and decision logic into these applications to make it easy for your employees to become immediate experts in overly complex areas.
Visit The Craneware Group for more information and learn how we are transforming the Business of Healthcare.
You can also connect with us by emailing [email protected].