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Super standardization: one health system, one chargemaster
Stephen Barton1, Michael Bieker
1Ernst & Young, LLP, Portland, OR, USA. stephen.barton@ey.com
Summary
Standardizing hospital chargemasters offers significant benefits, including better charge capture and reduced audit risks. Success requires a dedicated team and sufficient resources for this large undertaking.
Area of Science:
- Healthcare Administration
- Financial Management in Healthcare
Background:
- Chargemasters are critical for healthcare billing and revenue cycle management.
- Lack of standardization leads to inefficiencies and financial risks.
Purpose of the Study:
- To highlight the importance and benefits of standardizing hospital chargemasters.
- To identify key factors for successful chargemaster standardization initiatives.
Main Methods:
- Review of current chargemaster practices and their impact.
- Analysis of benefits associated with standardized chargemasters.
- Identification of critical success factors for standardization projects.
Main Results:
- Standardization improves charge capture and revenue collections.
- Uniform analysis of pricing and volume becomes feasible.
- Reduced risk of payer audits and financial penalties is achieved.
Conclusions:
- Standardizing chargemasters is a substantial but highly rewarding endeavor.
- A central chargemaster team is crucial for effective implementation.
- Adequate time and resources are essential for successful standardization.
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