CRMC Board Finance Committee Approves Patient Financial Services Product

Cookeville Regional Board of Trustee Finance Committee approved the purchase of a new product that provides cost estimates for patient procedures at its Tuesday meeting.

CFO Tommye Rena Wells said the Change Healthcare Clearance Patient Access fills a federal rule to have all charges online and costs for the patients.

“We currently have that online on our website, however that product is going away and that is required by the government,” Wells said. “So we took this opportunity to improve upon the current software that we have, and we got a like-for-like change for the current products we have.”

Wells said it also provides real-time address verification and fraud prevention, as well as an automated financial screening tool to predict a patient’s propensity to pay. She said it will cost the hospital about $25,000 extra a year.

In addition to the financial services product, the board’s finance committee also approved the renewal of an electronic medical record software, the renewal of a performance analytics financial analyst, and the renewal of a nurse call system. Committee Chair Danny Rader confirmed with Wells that in light of recent hospital financial constraints, these were all necessary purchases.

“I know you guys have worked hard in talking to these guys to negotiate the best deals that you can,” Rader said. “And I appreciate you doing that.”

Wells said the product would go into effect at the start of next year.