In recent years, consumers and politicians have been calling for businesses in the healthcare industry – especially hospitals – to be more transparent about billing practices. This has put hospital chargemasters on center stage, highlighting the cost of medical procedures, hospital services, medications, equipment fees and diagnostic tests, among other charges. Revenue cycle leaders should regularly evaluate how they manage their chargemaster to ensure that best practices are being met.
Identify which services are chargeable and which are not. Additionally, it is important to see how much the other local hospitals are charging for the identical service. Doing so allows you to assign reasonable yet competitive prices to these services. However, it’s important to understand that overhead may be different for certain clinics, such as off-site clinics.
Using a chargemaster management system, make sure that billing codes are correct...Read More