Chargemaster and Cost Control
A chargemaster is a list of the prices that a healthcare facility charges for its medical services, procedures, and products. It is also known as a fee schedule. The chargemaster typically includes the prices for every service and product that the facility offers, including medical supplies, medications, and diagnostic tests. The prices listed in the chargemaster are used to bill insurance companies and patients for the services and products that they receive.
Cost control refers to the measures that a healthcare facility or organization takes to reduce the costs of providing medical care while maintaining or improving the quality of care. These measures may include implementing cost-saving technologies, negotiating better prices for supplies and medications, and reducing unnecessary or inefficient medical procedures. Cost control is important for healthcare organizations because it can help them to be more financially sustainable and provide affordable care to their patients.
HIMA240 Healthcare Reimbursement Methodologies Assignment: Chargemaster and Cost Control
You are a financial analyst that is part of a chargemaster maintenance team. In the absence of the previous chargemaster coordinator, you are now responsible for chargemaster audits and maintenance process. You discover that chargemaster maintenance is three months behind. You quickly determine that you will not be able to complete chargemaster tasks in addition to your other job responsibilities. After reviewing research and literature on best practices for chargemaster management (i.e. updating codes, automation, audits, set charges, etc.), you decide to create a process for chargemaster maintenance. Present your findings and process in a proposal to the maintenance team.
For this assignment, you are to:
Examine the selection and development of applications and processes for chargemaster and claims management.
Compare examples that emphasize the methods for controlling cost by reducing errors.
In a written proposal:
1. Explain/ summarize the importance of claims management and chargemaster maintenance.
2. a. Identify at least three best practices.
b. Describe why they should be included in your chargemaster maintenance process.
3. Create a process for chargemaster maintenance.
Provide a visual/graphic display of your process.
Describe each step and/or component of the process.