
3 Benefits of Chargemaster Maintenance
ReviewsHospitals use chargemasters as a way to track the prices of all of the services and products used to accurately charge patients. The rates are usually determined in the finance department, with the teams being overseen by the chief financial officer.
1. Compliance
The team that maintains the codes and prices on the chargemaster must make sure that it is updated to be in compliance with both hospital and government regulations. If the government changes pricing on items and that is not updated in the system promptly, then the hospital can face consequences from the government for failing to adhere to the new pricing policy. It is a good idea to provide chargemaster training to any staff members who will be making changes to or monitoring the system.
2. Transparency
Until recently, most hospitals closely guarded the information contained in their chargemasters. The industry is currently changing and there is a push towards being open with people about how things are charged. Some states require information from hospitals about their rates, while others are taking an increased interest in regulating charges.
3. Billing Accuracy
Any coding errors in the chargemaster may result in items being incorrectly billed to patients. Inaccurate codes can result in services and products not being billed at all because there is either no code in the system, or there is no price associated with it. It is not ideal for hospital workers to have to refund patients or send additional bills asking for more money when the bill was assumed to have been paid off already.
Having a team that is well trained and versed in the applicable regulations, the chargemaster can be maintained properly. Hospitals that are able to accurately bill their patients will have less trouble reconciling their financial reports and be better able to track profits and losses.
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Archives
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
Leave a Reply