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 as much as one percent of revenue lost and pose a risk of non-compliance.
Chargemaster Toolkit® – named by KLAS as #1 in the Revenue Cycle - Chargemaster Management market category seven years in a row and an HFMA Peer Reviewed solution – addresses this issue with automated chargemaster management that eliminates 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. Over a thousand hospitals and healthcare providers rely on Chargemaster to:
- optimize reimbursement by identifying chargemaster incompleteness/inaccuracy
- increase operational efficiency by automating chargemaster management
- manage workflow based on the organization’s change control processes
- track interdepartmental routing, approvals, and communication to provide an accurate audit trail
Chargemaster Toolkit Implementation
Craneware Professional Services provides an implementation service for Chargemaster Toolkit that ensures a quick return on investment and ongoing benefits with expert consultation and effective business process design.
Chargemaster Maintenance Process Assessment, Design and Implementation
Craneware’s Professional Services team offers ongoing support to your work teams to help move the chargemaster from clean-up to management mode and to improve 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 makes the 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 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 quality management through proven leadership processes and improved training to optimize financial improvement.