Hospitals, and to a lesser extent physician practices, use the chargemaster to create a summary of charges and services.Hospital leaders also use chargemaster data to track service volume, costs, and revenue.The team typically includes a director of finance, controller or chargemaster director, and support staff, including chargemaster analysts, nurse auditors, and other finance staff.Chargemaster team or coordinator responsibilities should include gathering departmental reviews, deleting or replacing codes, assigning revenue codes, reviewing code changes and rates, identifying rates below Medicare rates, and educating other staff on pricing and billing processes.On average, hospitals charged over 20 times more their own costs in 2013 for CT scans and anesthesiology services, added the research team from Johns Hopkins Carey Business School and Bloomberg School of Public Health “Hospitals apparently markup higher in the departments with more complex services because it is more difficult for patients to compare prices in these departments,” explained lead author Ge Bai, a Carey Business School Assistant Professor.
While patients and payers are technically on the receiving end of chargemaster prices, healthcare stakeholders outside of the hospital are unlikely to gain access to hospital chargemaster prices.
The charges on this list are generally considered proprietary information.
Hospitals use their chargemaster prices to negotiate reimbursement rates with private payers.
Use n Thrive’s optimized CDM technology and services to: Missing charges, over charges and coding errors can adversely impact your revenue and create significant compliance issues, including penalties for charge overages.
If you take no action, you may find your health system struggling financially.