A chargemaster is a comprehensive list of a hospital’s supplies, procedures, and services. Everything from prescription drugs to PPE to supplies for diagnostic tests has a unique listing in the chargemaster, making it a critical document for hospital administrators and other hospital personnel. Chargemaster software helps manage this monumentally complex and changing system efficiently.
Chargemaster usage started in the mid-20th-century, during a time when fee-for-service (FFS) health insurance plans had just emerged in the U.S and allowed patients to choose physicians and facilities and paid a portion of the total bill. The chargemaster originally served as something of a dictionary, with an entry for anything billable under healthcare’s economic model.
The fee-for-service model has evolved over time and has been challenged, and chargemaster software solutions have come to improve the modern hospital revenue cycle. For hospitals, an accurate and up-to-date chargemaster is the backbone of this type of revenue flow, as well as an essential record for purposes of reporting and compliance. Hospital administrators rely on these tools to accurately carry out their responsibilities. As a centralized repository of proprietary information, it is crucially valuable to effective hospital management.
MedCom Solutions creates patented technology and state-of-the-art software to help medical service providers meet rapidly escalating and changing medical billing demands. Our Chargemaster, Pricing, and Compliance solutions have yielded hundreds of millions in net revenue for healthcare providers across the country.
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