Question

Identify the key components of the charge master, and explain the role of the charge master in revenue cycle management.

Answer 1

revenue cycle management

The chargemaster is central mechanism of the hospital system and is similar to heart of the healthcare system. It includes, all the billable services, medicines, and other items related to a patient or its insurance provider. In broad sense it will include all the charges like fees, medicines, tests, procedure, equipments, as well as room charges.

Role: It allows the proper revenue management without any leakage. The chargemaster allowto maintain open communication with clinicians. A revenue management starts with the patients self booked appointment to all the claims and payments collected by the patient from the insurance provider. This whole process is a multistep process which need to be looked up at every without any discrepancy. This is very tedious process. But the charge master is the facility or process which makes it very smooth and rapid process without any loophole in the process. In this way the accurate revenue is collected. In this way it maintains the revenue cycle management.