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Method and means for ranking and pricing items

  • US 5,794,220 A
  • Filed: 08/22/1994
  • Issued: 08/11/1998
  • Est. Priority Date: 11/13/1990
  • Status: Expired due to Term
First Claim
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1. A computerized method of controlling transfer, storage retrieval and processing of data on a computerized data processing system comprising at least one computer processor in combination with at least one data storage device and at least one output display in order to execute a methodology of reimbursement optimization in which a plurality of saleable items are ranked according to a selected value and then priced according to the rank selected value, wherein said computerized method comprises the execution of computer program instructions by said data processing system to convert input data representing the pricing attributes of each said slaeble item into one or more output records that represent the outcome of performing said reimbursement optimization on the pricing attributes of each said saleable item, wherein said program instructions execute the following operations;

  • (a) inputing data representing the pricing attributes of each said saleable item into said data processing system from at least one external record in order to digitize and store said input data within at least one said data storage device;

    (b) entering said program instructions into said data processing system to execute at least one payment methodology on said input data wherein one of said methodologies is assigned to a payor volume associated with each said saleable item stored;

    (c) using said at least one computer processor to convert said input data into said output records by following said program instructions to execute said methodology, wherein said methodology comprises the following operations;

    (i). generating a base rank value for each said saleable item, wherein said base rank value is based upon pricing attributes that comprise at least a payor volume classification mix and at least one saleable item revenue and other pre-selected specifications, and wherein said base rank value providing an indication of potential advantage to be achieved in changing the pricing associated with a saleable item;

    (ii). determining a weighted base rank value for each said saleable item;

    (iii). using a high and low weighted base rank value to separate said base rank values between a highest base rank value and a lowest base rank value to generate data representing the outcome of said reimbursement optimization;

    (iv). creating output records containing a list of said saleable items in which said price is adjusted by executing said program instructions to apply said ranked optimization to each said saleable item to be repriced.

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