Pricing Optimization is a tool that allows you to compare rates from your charges to your contracted rates. It allows you to see where money is being left on the table due to the lesser of clauses in your contract. In this article you will learn how to leverage pricing optimization to compare rates.

Navigate to Account resources and at the bottom you should find Pricing optimization.

On the left of the screen, there are options to filter the tables. You can change what Business Unit the rates are for and the facility type.

Here Rivet will tell you how many code rates are under the contracted rates, the total lost annually, along with how many instances have occurred.

When you select View Analysis you will see a total amount you are losing, a table for each code and payer fee schedule combination along with the rate price and the chargemaster price, how much it is underpriced by, the annual volume that has been billed, and the revenue impact. Last but not least in the top right corner you will find the export to CSV button.

With this tool, you can create a new chargemaster using a percentage of the max rate fee schedule. You can adjust the percentage to whatever you want.

Below the Generate Tool, there is a table with the current Chargemaster. Here you can look at codes and their rates and compare them to the new chargemaster suggested. It will show in green if you will make more money with the new chargemaster.

You can filter the columns like other tables in Rivet. Click and drag the two lines to move the order of the columns. To freeze a column when scrolling select the pin to pin it to place.

If you have any additional questions about Pricing Optimization, feel free to chat in or email at support@rivethealth.com.

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