Chargemaster is the first and sometimes the only mode of communication available to a provider to inform the payor of the services rendered. It's essentially a bill, a list of services rendered and procedures performed along with the individual due amounts. It also lists out the fee for supplies used, prescription drug and diagnostic fees, equipment fees and any other additional fee. It is a very important procedure when it comes to medical billing and faulty workflows or manual inputs result in significant revenue leakage.
In the case of large organizations, several departments like Radiology, Podiatry, Pediatrics, Oncology, Gynecology, Dermatology etc. are present. Each of these departments has their own procedural codes, drug codes and other billable codes. To ensure that all these codes and their equivalent charges are present and correct is a laborious task & if done manually is time consuming and does not guarantee quality.
Studies conducted by Healthcare Financial Management Association (HFMA), show that hospitals without an adequate chargemaster suffer 1% net revenue leakage, and this number increases considerably in the cases of large hospitals, healthcare organizations & ACOs. This leakage is primarily caused due manual errors, improper charge capture and non-adherence to standard coding and billing practices.
BillingParadise's Chargemaster Toolkit definitively plugs this revenue leakage. The Chargemaster is delivered to you as a complete end to end automated tool. It is easily deployable and it effortlessly integrates with your system, audits your bill and does not miss any charges.
A considerable amount (in terms of millions) of revenue is lost yearly by large organizations & hospitals as they do not audit their claims. Employing BillingParadise claim audit tool will effectively stopgap this loss and convert it into measurable profits.
Keying of all services rendered and procedures performed is a tedious and time consuming task that is prone to several errors. Since this toolkit is automated it eliminates manual errors and saves a lot of time and valuable resources.
Charge capture is the most essential component of the chargemaster tool. It captures the current charges of services rendered and updates the bill appropriately. Any charge that has been missed during the initial stages is rectified guaranteeing you complete reimbursement.
While manually updating the charges for certain services based on factors such as unit value or geographical value the charges vary. The flexibility of the chargemaster tool kit with simplified solutions enables data to be continuously updated into the chargemaster with consistency and accuracy eliminating discrepancies.
Understandably, in large organizations there are a lot of patients, leading to a monumental load of bills and majority of the time the resources are stretched too thin leading to inefficient billing operations. This toolkit is automated and easily scalable; it can meet your demands in its entirety.
Billing guidelines and fee schedules are subjected to continuous updates and coding changes every 18-24 month period. Sometimes your entire workflow system needs to be updated. This includes training of personnel as well. But our tool kit goes through rigorous audits guaranteeing strict adherence to current compliance standards.
Unsatisfactory audit reports can plummet the quality standards of your organization or hospital. Deploying this fully automated tool eliminates all errors and adheres to current compliance standards. This doesn't just maintain the quality standard but pushes for a more optimized benchmark.
Deploy The Automated Chargemaster Toolkit & Impeccably Optimize Your Billing Process