Budgets for healthcare facilities are very tight with little margin for error. Optimizing revenue must be given the closest attention to ensure viability. There is no room for mistakes and charge capture gaps which could negatively affect the financial strength of the institution. Chargemaster management is one of those areas which deserves your full attention to help maintain healthy financial margins.
It is incredibly important to have your Chargemaster entirely up to date with the latest information for your facility’s procedures and services. Accurate Chargemaster data supports proper billing, which expedites claim payments and reduces denials.
Hiring a third-party Chargemaster expert that offers superb yet affordable services, such as MedCom Solutions, to assess the accuracy and completeness of your ChargeMaster data as well as its linkages to clinical order entry systems is the most efficient way to identify and correct errors. Once your organization has undertaken a review, it’s important to keep the information up to date and user-friendly. Without close oversight, it can quickly go awry. The way to meet this goal is through a process of Chargemaster management that uses a combination of software solutions, such as CMNavigator, along with in-depth clinical expertise to keep a close watch on the data and ensure a compliant and revenue-enhancing Chargemaster.