An out-of-date chargemaster can translate to lost charges, incorrect billing and non-compliant claims submission resulting in increased risk of audit. In contrast, an up-to-date chargemaster enhances revenues, increases efficiency in the revenue cycle through submission of cleaner claims and reduces compliance risks associated with improper submission of claims.
Today's healthcare environment requires that hospital and physician services are managed through an effective and efficient charge description master (CDM) system. No longer is the CDM merely the data file for maintaining a list of procedures matched to CPT or HCPCS codes for charge capture. Compliant management of the CDM goes far beyond tracking utilization and correctly setting up new charge codes.
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