7 Essential Strategies for Streamlined Chargemaster Management: Boosting Mid-Revenue Cycle Results

08/23/22 • 24 min

Welcome to episode seven of the RevTech Rx Podcast- Your prescription for a healthy revenue cycle! This episode is powered by Streamline Health, a leader in pre-billing coding optimization.

Mid-revenue cycle optimization is tremendously influenced by the accuracy—or lack thereof— of the chargemaster. Healthcare providers have many hurdles to consider when it comes to chargemaster optimization, especially when chargemaster review is a manual process and can have as many as 10,000+ entries to consider. Chargemaster maintenance is something many healthcare organizations complete only twice a year alongside CPT code updates. When a health system performs maintenance only twice a year, revenue integrity is impacted.

For revenue integrity professionals, ensuring chargemaster accuracy is crucial as it impacts other areas of the revenue cycle, such as charge capture. While the benefits of mid-revenue cycle management are clear, having organizational buy-in for best practices is just one of the many challenges to mid-revenue cycle integrity.

Connect with our panel of experts:

David Kosloski- Host and Director of Marketing

https://www.linkedin.com/in/david-kosloski/

Dawn Castro- VP of Client System Integrations at Conifer Health Solutions

https://www.linkedin.com/in/dawn-castro/

Zach Johnson- VP of Client Operations at Avelead

https://www.linkedin.com/in/zach-johnson-cc/

Chapters:

1. Intro- 0:00-0:34

2. Common problems with the chargemaster- 0:34-3:18

3. Chargemaster alignment- 3:19-7:38

4. Chargemaster quick fixes for small and large hospitals- 7:39-13:21

5. Getting your chargemaster quick fixes “unstuck”- 13:21-16:40

6. The fear of change- 16:40-22:03

7. Seeing the why- 22:03-24:03

8. Conclusion- 24:03-24:23

Supervision of your hospital’s revenue integrity can be complex and time-consuming. With an ever-shifting landscape of rules and regulations, it can be difficult to keep up with the world of revenue cycle management. Welcome to RevTech Rx, a podcast designed to educate and inform about revenue integrity and revenue cycle management strategies. Kickstart (or restart) your revenue cycle tactics with tips from industry though

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Welcome to episode seven of the RevTech Rx Podcast- Your prescription for a healthy revenue cycle! This episode is powered by Streamline Health, a leader in pre-billing coding optimization.

Connect with our panel of experts:

David Kosloski- Host and Director of Marketing

https://www.linkedin.com/in/david-kosloski/

Dawn Castro- VP of Client System Integrations at Conifer Health Solutions

https://www.linkedin.com/in/dawn-castro/

Zach Johnson- VP of Client Operations at Avelead

https://www.linkedin.com/in/zach-johnson-cc/

Chapters:

1. Intro- 0:00-0:34

2. Common problems with the chargemaster- 0:34-3:18

3. Chargemaster alignment- 3:19-7:38

4. Chargemaster quick fixes for small and large hospitals- 7:39-13:21

5. Getting your chargemaster quick fixes “unstuck”- 13:21-16:40

6. The fear of change- 16:40-22:03

7. Seeing the why- 22:03-24:03

8. Conclusion- 24:03-24:23

NEW TO THE SHOW?

Browse through all our episodes (complete with transcripts) here.

Follow RevTech Rx wherever you listen to audio!

Follow via Apple Podcasts
Follow via Youtube (HD Video)
Follow via Spotify
Follow via Spotify (HD Video)
Follow via Google Podcasts
Follow via Stitcher
Follow via Amazon Music/Audible
Follow via iHeartRadio

Healthcare leaders, want more groundbreaking content? Be sure to follow our LinkedIn page for the latest topics to get your hospital in the most efficient form possible.

RevTech Rx LinkedIn

Previous Episode

Should We Care About the Healthcare Price Transparency Act?

Welcome to episode six of the RevTech Rx Podcast- Your Prescription for a healthy revenue cycle!
This episode is powered by Streamline Health, a leader in pre-billing coding optimization.
Today's experts are talking about the Price Transparency Mandate, which went into effect on January 1st, 2021. The mandate stipulates that hospitals do two things:
✅ Have a machine-readable file with all items and services
✅ Display shoppable services in a consumer-friendly format
The goal of the mandate is to empower consumers to shop and compare prices at various hospitals to be better equipped with an estimate of how much their financial obligations will be. There are, however, complications that are causing many hospitals to remain non-compliant.
While posting healthcare costs has helped some consumers, there is still a long way to go before this mandate reaches its full potential to benefit the consumer. CMS estimates that it would take the average health system 150 hours to become compliant; however, this isn't a one-size-fits-all answer to compliance. Faced with the current staffing shortages as well as narrowing margins, many hospitals are consciously choosing limited or even outright noncompliance. New technologies are coming online to help patients access pricing information and educational resources about their bills. This enables patients to make informed decisions regarding healthcare services while easing the compliance burden for providers. The future of price transparency is on the way as self-service tools come online so healthcare systems and healthcare consumers can flourish.
Connect with our panel of experts:
David Kosloski- Director of Marketing
https://www.linkedin.com/in/david-kosloski/
Laurence Kessler- Senior VP, Growth and Partnerships at HealthRise
https://www.linkedin.com/in/ljkessler/

Zach Johnson- VP of Solutions, Avelead
https://www.linkedin.com/in/zach-johnson-cc/
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NEW TO THE SHOW?

Browse through all our episodes (complete with transcripts) here.

Follow RevTech Rx wherever you listen to audio!

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Follow via Spotify (HD Video)
Follow via Google Podcasts
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Healthcare leaders, want more groundbreaking content? Be sure to follow our LinkedIn page for the latest topics to get your hospital in the most efficient form possible.

RevTech Rx LinkedIn

Next Episode

What's the Definition of Good Medical Billing and Coding & How Do We Get There?

Welcome to episode eight of the RevTech Rx Podcast- Your Prescription for a healthy revenue cycle! This episode is powered by Streamline Health, a leader in pre-billing coding optimization.
Medical coding is where medical records from healthcare providers are translated into alphanumeric codes that inform the billing of treatment received. Coding patient records include important information such as diagnoses, severity, procedures, and services rendered. Medical coding also allows for in-depth analysis that informs the financial decisions of the hospital for the benefit of the community they serve.
Once the coding is complete, claims are submitted to the patient's insurance company or the billing department for reimbursement. When coding errors are present, healthcare facilities face a wide range of problems from over-billing, underbilling, compliance scrutiny, and even recoupment from insurance companies. When the stakes are so high for healthcare facilities, medical coders are tasked to uphold high standards. For medical coders, the goal is to have only five errored charts out of 100 charts coded.
95% accuracy is impressive in itself. There are, however, roadblocks that can get in the way of good medical coding. Errors can occur in the form of how the healthcare industry currently records patient records and support the medical coder. When hospitals invest in hiring experienced coders, providing consistent feedback, aligning communication with other healthcare facilities in the health system, and investing in software programs to validate medical coding feedback; medical coding professionals are enabled to break the 95% industry standard.
There are, however, other considerations healthcare facilities need to take into account when supporting the medical coders. Culture plays a major role in keeping good coders working. As the growing trend of quiet quitting ramps up, pay is just one of the concerns for many employees. Our panel also provides insights on how to build a sticky culture and support a successful career in the healthcare industry.
In this episode of RevTech Rx, we are joined by experts in the medical coding field to not only give you the six pillars to medical coding success but also how to keep good coders through professional development and support.
Connect with our panel of experts:
David Kosloski- Host
https://www.linkedin.com/i

NEW TO THE SHOW?

Browse through all our episodes (complete with transcripts) here.

Follow RevTech Rx wherever you listen to audio!

Follow via Apple Podcasts
Follow via Youtube (HD Video)
Follow via Spotify
Follow via Spotify (HD Video)
Follow via Google Podcasts
Follow via Stitcher
Follow via Amazon Music/Audible
Follow via iHeartRadio

Healthcare leaders, want more groundbreaking content? Be sure to follow our LinkedIn page for the latest topics to get your hospital in the most efficient form possible.