Establishing charge description master (CDM) patient prices has always been a challenging task, made even more so by the increased scrutiny on hospital prices.. While it is necessary to establish CDM prices that generate the required gross and net patient revenue, it is equally necessary to set prices that can be confidently defended. Unfortunately, setting all prices to reflect a consistent mark-up from cost -- or a consistent relationship to market data -- can result in a severe decrease in net patient revenue. On the other hand, failing to implement a rational, documented pricing methodology exposes you to a range of accusations. To help you with this challenging task, SunStone lets you chose a consulting service or a new product that help you identify an appropriate patient price for every CDM line item.
At one end of the spectrum, we have an excellent new software-based pricing tool called Pretium®. It can give you a high degree of confidence in your pricing, because it is based on a structured charging methodology. This methodology makes it possible to identify CDM line item prices that will protect the hospital’s net revenue stream, while being sensitive to the local market. It also considers your cost and other benchmarks, facilitates your ability to explain detailed patient prices, and keeps you in compliance with all regulations and guidelines. At the other end of the spectrum, we can act as expert consultants, and use this powerful tool to recommend pricing for the entire CDM.
WHY IS THIS THE BEST SOLUTION?
Since we put your needs first, you can use our Pretium® tool with as little or as much consulting service as you need. In any case, Pretium® is profoundly different from typical software pricing tools. Other tools give user hospitals information related to pricing decisions (e.g., market prices, costs, fee schedules), but they typically do not give users a calculation that identifies specific prices..Pretium® goes much further, because it identifies the patient price for every CDM line item.
WHAT OUR CLIENTS SAY
The success of our pricing solutions is built on our solid 30-year foundation of hospital finance, reimbursement and operational experience, which our clients value because of the proven SunStone methodology, and our seasoned experts with unmatched experience in their fields.
HOW DOES THIS WORK WITH OTHER SUNSTONE SERVICES?
Our new pricing product and our pricing services are a natural complement to other SunStone services, including CDM reviews, CDM standardizations, and Pharmacy revenue cycle reviews. It also works very well as an individual solution.