Enhancing Healthcare Revenue Streams: Key Steps for Your RCM Team to Improve Patient Collections
According to a recent survey from the Healthcare Financial Management Association (HFMA) and Eliciting Insights, hospitals and health systems find...
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By Sherry Nardi, Solution Strategy Director, FinThrive
Maintaining a healthy chargemaster is a key component to preventing revenue leakage but can also be labor intensive and time-consuming. With thousands of ongoing line-item updates, limited staff and compliance issues coupled with price transparency requirements, what does it take to maintain compliance while protecting revenue?
Think of maintaining your chargemaster like getting a regular check-up for your body. With consistent and regular exams, you can ensure that you’re accurately capturing CMS updates, new procedures, services, supplies or drugs. As a result, your organization can:
Remain compliant even with ongoing regulatory changes |
Identify areas of potential risk |
Educate staff and develop a proactive plan to defend your CDM |
FinThrive Revenue Integrity has identified four best practices to help your team keep your chargemaster healthy and optimized.
With constantly changing charge items and regulations, healthcare providers need an accurate and compliant source of truth that generates correct charges and defensible pricing. A well-designed and maintained CDM can improve staff productivity, reduce claims and line-item denials, and minimize reimbursement and audit risks.
Ready to maintain a healthy chargemaster? Learn more about how FinThrive CDM Manager solutions can help your organization keep your CDM correct, complete and compliant.
About the Author
Sherry Nardi
Solution Strategy Director
Sherry has over 25 years of healthcare experience in revenue cycle operations, sales and supply chain roles. She provides charge integrity solution strategy expertise to providers in partnership with FinThrive Customer Success Management, with a focus on web-based solutions. Sherry works closely with Product Management to ensure our charge integrity solutions are continually meeting the needs of our customers and are addressing healthcare industry changes. Prior to joining FinThrive in 2000, Sherry oversaw Supply Chain Purchasing/Contracting at Children’s Healthcare of Atlanta.
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