The chargemaster is the foundational element of your revenue cycle. The chargemaster can either facilitate consistent, compliant outcomes or contribute to unnecessary volatility, complexity and denials. The chargemaster is a living, breathing entity which requires constant attention, focus and diligence.
A best practice chargemaster process incorporates specific parameters. Several foundational process characteristics, including the following:
1. Make the chargemaster an administrative priority
Administration must ensure that all revenue cycle participants understand the role of the chargemaster and its importance to the financial stability of the hospital. To succeed, a chargemaster review process must be completed in departmental chunks. Initial reviews will likely uncover multiple issues. It is impossible to fix it all at the same time. Administrative support and empowerment allow the hospital to hit the chargemaster reset button.