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healthcare finance

  • CMO Uses Kreg System to Reduce Costs

    We were working with Augusta Health’s Director of Business Analytics on a consulting project when he received an email from the Hospital’s Chief Medical Officer. The CMO wrote “Whoever gave me access to KREG - thanks; you have created everyone’s worst nightmare: a doc who can do cost accounting”.

    The CMO had recently received training on our Decision Support and Cost Analytics systems (PLM). His first analysis centered on variances in drug costs among physicians performing the same orthopedics procedure. He discovered one doctor uses more than 3 times the amount of the least expensive doctor. Although it is still too early to quantify the results, the reports “woke-up some physicians” and they are starting to see a decline in the usage of the drugs.

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  • Drill to Invoice from Variance Report

    Appalachian Regional Healthcare System (ARHS) is located in Boone, NC, and comprises two hospitals, a physician practice management group, rehabilitation and extended care center, and a foundation. They have used Kreg's Decision Support/Cost Analytics and Contract/Claims Analytics modules for five years, and last year added the Budgeting/Performance Analytics module so they now license the entire suite of Kreg products. This Feature of the Month highlights one of the unique ways this client uses the Kreg system – Drill to Invoice Image - to enhance theirmonthly management reporting.

  • Easy Contract Building in CMA

    “A good puzzle, it's a fair thing. Nobody is lying. It's very clear, and the solution depends just on you.”

    Erno Rubik

    The Puzzle

    Insurers’ contracts can be thought of as puzzles. However, according to Rubik’s quote they may not be “good” puzzles. If you think what Rubik says might be true you must determine if the contract is good for your organization. The insurer may not be lying, but if they say they’re giving you a 5% increase how do you know it is really 5% and not 2.4%? We recently saw that exact situation with a client? Trust, but verify. The only way to know is to model the contract.

    The key to successfully negotiating and monitoring your contracts (both government and non-government) is having an accurate expected payment calculation for every patient that comes to your organization. In order to accomplish this, you need a way to take the pages and pages of often puzzling contract verbiage and quickly and easily translate it into a system to see if the contract will positively or negatively impact your bottom line. The reimbursement methodologies are so complex you can no longer rely on Excel or legacy billing systems to give you accurate calculations, especially in your outpatient business. That’s where Kreg’s CMA product shines.

  • Kaufman Hall Acquires KREG Information Systems

    SKOKIE, Ill. January 5, 2017Kaufman Hall, a leading provider of management consulting services and enterprise performance management software, today announced the acquisition of KREG Information Systems (KREG), a leading provider of contract modeling, budgeting, and decision support software for healthcare providers.

    With the acquisition of KREG, Kaufman Hall extends its industry leading performance management and decision support capabilities with contract modeling and analytics that enable health systems to more effectively and intelligently transition from traditional fee-for-service to fee-for-value reimbursement models. These tools help organizations to better predict and manage reimbursement and leverage a data-driven approach for improved payer negotiations. With KREG software, organizations can estimate net revenue by patient and better manage contracts, claims, and payments across the organization.

  • Kreg Assists Clients to Evaluate Payers' Proposals

    Kreg recently assisted two clients involved in negotiating new, complex contracts. We used Kreg’s CMA software to evaluate these contracts because:

    •           It quickly produces an accurate expected payment on demand for every patient seen by those organizations.
    •           We could quickly and easily model various contract terms and conditions by changing the contract rules.

    We completed these studies within weeks of receiving the client’s scrubbed 837 claims and we ran multiple scenarios for the clients in a matter of just a few hours.

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  • Kreg In The Cloud

    State-of-the-Art Decision Support System offered via KREG’s Cloud-based service. Requires limited IT resources and ensures you will always have the information you need atyour fingertips in a secure environment built for accessibility and performance.

  • Monitor the Status of the Budget Process

    Your CFO knows the budget process is behind schedule and wants to update the Board's Finance committee.You can give him an up-to-the-minute status report, quickly and easily, if you have Kreg's Summary Reporting feature in EnterpriseVision.. This feature allows managers, directors, VPs and Finance staff to quickly see status reports of budget requests any time during the process. These amounts can be viewed based on budget request status (submitted, not submitted).

    An example of the summary information is shown below in Figure 1. What the user sees is limited to the user's specific access permissions set in system security. In this example, the budgets have just been published so no budget requests have been entered at this time: note the Budget Request column is empty.

    Figure 1

    Sample Status Report as Originally Published

     

    FOTM 2016 07 Fig1

     

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(804) 323-3171

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www.KREG.com