The chargemaster is a foundational element of your revenue cycle. It is an integral component of your budget, customer service platform and compliance program, yet it is one of the most undervalued and misunderstood parts of the revenue cycle. The chargemaster is a living, breathing entity that requires constant attention and vigilance. The majority of facilities do not have strict guidelines to govern the maintenance and upkeep of the chargemaster. Likewise, the majority of facilities allow the back end of revenue cycle operations to control the contents of the chargemaster with little or no input from servicing departments.
The financial viability of your facility or physician practice depends on the implementation and maintenance of a best class, quality controlled chargemaster. A chargemaster that lacks foundational controls prohibits operational success, invites compliance issues, increases customer service issues and limits financial opportunity.
- On which side of the quality spectrum does your chargemaster fall?
- Does it reflect best practices?
- Does it contribute to operational and financial success?
- How do you know?
To help you get the control required for ongoing success, Stroudwater Revenue Cycle Solutions has pioneered a unique chargemaster review process. Our comprehensive chargemaster and revenue cycle reviews have been successfully used by a large number of rural and community hospitals as the framework for the development of a financial performance improvement plan, to maximize gross revenue and net reimbursement, and to ensure a compliant billing process.
Stroudwater Revenue Cycle Solutions comprehensive chargemaster, pricing, and revenue cycle reviews identify issues within the chargemaster and provide detailed recommendations to resolve these issues and prevent them from recurring. In addition, our whole revenue cycle approach determines whether there are potential departmental and billing office strategies that would further improve financial performance.
Teaching and education are a critical component of our chargemaster reviews. We work diligently to adapt our approach to the needs, talent levels and staffing availability within each facility. Our goal is to create a self-sufficient, quality-driven process that can be successfully maintained by hospital or practice staff.
If you have questions or concerns about your chargemaster foundation, contact us for a free high-level review. Donâ€™t let the chargemaster be the difference between financial abundance or financial stress! Allow us to help you take control and ensure consistent, compliant outcomes.
We look forward to working with you soon.