The Chargemaster and Your Revenue Cycle: Critical Components for Success (Part 2)
A proper, best-practice revenue cycle includes the foundational components of chargemaster, revenue capture, and pricing. The chargemaster is the central component to communicate service provision to both the payors and patients. Common chargemaster errors can lower reimbursement, increase denials and inflate compliance concerns. These errors ultimately impact the profitability, reputation and customer service perceptions of the hospital. Best practice hospitals utilize a data-driven, quality-focused and customer-centric process to govern the implementation and maintenance of the chargemaster. These presentations will focus on creating a culture of accountability and ownership surrounding the chargemaster and revenue cycle to maximize gross revenue, ensure representative reimbursement, and mitigate compliance concerns.
- John Behn, MPA, President, Stroudwater Revenue Cycle Solutions
- Laurie Daigle, CPC, Senior Consultant, Stroudwater Revenue Cycle Solutions
Learning objectives: At the conclusion of Part 2, participants will be able to:
- Ensure that the chargemaster is an administrative priority
- Implement a process centered on communication and expectation
- Comprehend the impact of 2019, 2020, and 2021 Pricing Transparency Requirements
- Instill a process of quality control
- Utilize the chargemaster as a competitive advantage
- Cite case studies and “Issues from the Field”
Understand the core components and functionality of the chargemaster. Summarize how best practice hospitals use the chargemaster to increase reimbursement, lower denials and improve cash flow. Incorporate a culture of chargemaster accountability and ownership. Comprehend 2020 Final Rule impact on chargemaster codes and availability including 2021 prescribed changes.