While you may be more concerned with earning that GSA contract or another way to strengthen your hospital’s bottom line, you should consider hiring a chargemaster review service if you want to see lasting results. These services are a great way to ensure your chargemaster stays up to date and meets all regulations, so it is something that any hospital administrator should learn more about. Here are some facts about the review process and what you can expect from a consultation.
It Lets You Establish a Strong Foundation
The first part of a chargemaster consultation involves reviewing your revenue gap and identifying what steps are necessary to minimize this and reduce denials. Then, they are going to start reworking your chargemaster systems from the ground up. The company you choose will give you access to all of their expertise, address any coding errors, and create a chargemaster that is clean and compliant with any regulations.
In a typical foundational assessment, your chosen company will subject you to a review that compares your starting practices to the best ones in the business. Then, the work will begin as professionals clean up any errors in your chargemaster, make approved changes, analyze your revenue to your uses to see if there are any missing charges, highlight areas that need visibility, minimize compliance risks by rewriting charge descriptions, and identify other revenue opportunities.
It Will Continue To Strengthen Your Revenue Integrity
If you want to see long-term results that strengthen your revenue integrity, you should consider chargemaster consulting. Hiring a review service will validate your charging practices and recommend different ways to continue improving in your billing department. For instance, they can compare your current practices to the best ones, recommend controls to remove gaps, improve efficiency by creating open communication channels, and educate your staff to promote clear understanding and assure complete billing. Once your review service has identified the steps necessary to remedy any shortcomings in your hospital, you will be given a clear plan of action that will help you strengthen your revenue integrity and keep it strong.
Chargemasters can be the toughest part of running a hospital. Fortunately, you can call in a consulting service to help you review your chargemaster practices, establish a strong foundation, and continue to strengthen your revenue integrity over time. This will help you improve your bottom line, in the long run, more than any other way you can think of.