Craneware's Chargemaster Toolkit identified a $3.6 million revenue opportunity from 55 radiology charges that were priced below the Medicare APC.
— University Health Care System, Augusta, Georgia
Independent research confirms that 64% of hospitals use error-prone manual processes for chargemaster updates, and that nearly all only review the complete chargemaster with finance annually or after a specific event. Yet when a charge doesn’t exist in the chargemaster, there is ultimately no reimbursement – and chargemaster and charge capture errors lead to significant lost revenue and a risk of non-compliance.
Chargemaster Toolkit® – named by KLAS as #1 in the Revenue Cycle - Chargemaster Management market category nine years in a row and an HFMA Peer Reviewed solution – addresses this issue with chargemaster management automation that helps eliminate variances in data and prevents revenue leakage. Chargemaster Toolkit is a flexible, easy-to-use solution that continually updates chargemaster data to ensure ongoing charge accuracy and consistency.
Chargemaster Toolkit is packaged with Craneware’s Online Reference Toolkit®, a browser-based tool that provides instant access to the most current clinical, financial, coding, and regulatory information and an optional Supplies Assistant search module. More than a thousand hospitals and healthcare providers rely on Chargemaster Toolkit to:
- optimize reimbursement by identifying chargemaster incompleteness/inaccuracy
- increase operational efficiency by automating chargemaster management
- manage workflow based on the organization’s change-validation control processes
- track interdepartmental routing, approvals, and communication to provide an accurate audit trail
Discover a better, more comprehensive way to manage the chargemaster
- Discover where revenue is at risk.
- Discover opportunities to increase revenue.
- Discover charges less than allowable.
- Discover unbilled clinical services.
- Discover where significant comparative pricing discrepancies exist with competitors.
- Discover high-risk compliance issues.
Convert charge capture errors that lead to significant revenue loss
- Convert coding errors into paid services.
- Convert lesser of payments into full payments.
- Convert appropriate billable services not realized into revenue.
- Understand what best practices identify as billable services and add them to your CDM.
- Sustain a healthy chargemaster.
- Assure pricing is in line with competitors.
- Protect revenue earned from audit take-backs.
- Be continuously aware of high-risk compliance issues that put revenue at risk.
Chargemaster Toolkit Implementation
Craneware Professional Services provides an implementation service for Chargemaster Toolkit that delivers a quick return on investment and ongoing benefits from using the software with expert consultation and effective business process design.
Chargemaster Maintenance Process Assessment, Design and Implementation
Craneware’s Professional Services offers your team ongoing support to help move the chargemaster from clean-up to management mode for improved chargemaster management and control processes. The engagement starts with an onsite visit, followed by quarterly conference calls and reports, and includes year-end and annual reviews. The Professional Services team implements changes identified through the initial review and assists with year-end updates to help ensure a complete, accurate chargemaster.
Chargemaster Quality Review and Education
The Chargemaster Quality Review and Education service is offered through Craneware Professional Services. Craneware’s chargemaster experts will serve as temporary resources to help your organization optimize the chargemaster process via Chargemaster Toolkit. Through engaging Craneware’s Professional Services team, best practices are established and training is implemented for improved financial results. Out of this engagement, your organization will benefit from experienced project management, proven processes, and training shown to optimize financial performance and efficiency.