The new services offered by GHX are intended to automate supply chain billing, which historically has caused revenue losses upwards of $5 billion, according to a news release. The three new services are:
1. Healthcare Common Procedure Coding System Association Service — GHX assigns HCPCS to products used in the implantable device supply chain, many of which have never previously had an HCPCS code. Assigning these codes provides more accuracy for the billing and reimbursement of devices, says the company.
2. Item Master/Charge Master Synchronization Service — The HCPCS code links an item master and purchase order with its charge master. Synchronizing these two functions reportedly keeps data accurate and relevant from the time a case is opened until the billing process and helps reduce transaction errors.
3. IDSC Trading Partner Acceleration Service — This service reduces time and potential for errors by electronically sending bill-only and consignment purchase orders to participating suppliers.
More Articles on Hospital Supply Chain:
Premier Granted U.S. Patent for Hospital Supply Expense Analysis
Could Your OR Save $1M This Year?
5 Questions Supply Chain Managers Should Ask to Get the Most From Distributors
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
