As a hospital administrator, you are tasked with the revenue and billing aspect of management. That means you have to deal with the chargemaster and the processes that revolve around it. Sometimes, you may notice that these processes are not very efficient. This can lead you to wonder if it is time to review your chargemaster and billing processes. Here are the times when this type of review is necessary.
When There Is a Gap in Revenue Integrity
While constantly changing codes and limited funding for the billing department makes it difficult to keep your chargemaster valid, having a review conducted can help anytime you have revenue integrity issues. In addition, your hospital’s bottom line will increase greatly when you have a valid chargemaster.
When Your Foundation Isn’t Strong
A lot of times, a chargemaster review will be conducted when you have a lot of denials. If you are receiving many denials, it means that the billing foundation, or your chargemaster, isn’t solid. This is because your hospital chargemaster is the source of all the billing codes, and you will need to ensure it is perfect for reducing your denials. Fortunately, hiring a company to perform a review will help you strengthen this foundation, so you don’t have as many denials.
When You Want To Improve Revenue
When you want your hospital to be successful, you need to improve your chargemaster practices to grow the amount of revenue coming in. Having a review conducted will alert you to practices that are impacting the amount of revenue coming in. Therefore, if you want to raise the amount of money you are taking in, you should consider a review and following the recommendations.
Sometimes, you don’t know whether to have a review conducted or not. Following these guidelines can help you determine if you need a review.