CM market sees advancesHealthcare providers can’t leave a single dollar on the table. That’s the motivation behind many organizations’ decision to spurn traditional chargemaster consulting services in favor of automated maintenance solutions, according to Paul Pitcher, director of financial services for KLAS. “There’s still a lot to be achieved with these products, but I would say that maybe half of the hospitals are using chargemaster tools now,” Pitcher said. “In the past, a lot of organizations would use consulting services, but as soon as those consultants went out the door, the data grew old.” Automation is a function of cost, he noted, and there’s value for providers in a tool that updates itself regularly, achieving what a consultant could achieve once every few months. |
 Chargemaster maintenance tools often go beyond the standard coding requirements to ferret out additional revenue opportunities - an important consideration given today’s cash-strapped economy. |
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3 TRENDS TO WATCH
According to Paul Pitcher, director of financial services for KLAS, the following trends are shaping the chargemaster maintenance market for 2009:
1.AUTOMATION : Providers used to keep control of chargemaster maintenance by relying on manual procedures and consulting services, but now are gravitating toward automated solutions that update themselves. 2.BENCHMARKING : Some newer chargemaster solutions allow organizations to analyze their transparency and pricing against that of another hospital. 3.ACCURACY : Hospitals are getting much more aggressive in ensuring proper billing, Pitcher said. When asked if RAC audits are likely to increase the desire for automated, accurate chargemaster solutions, Pitcher said it’s too early to measure as a trend, but that “KLAS will be watching.” |
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Vendor Showcase |
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3M health information systems |
Craneware The first to develop and market software for chargemaster management, Craneware is now the industry leader. Craneware’s Chargemaster Toolkit(r) is a toolset for automating chargemaster management processes. More than 950 hospitals and providers of all sizes use Chargemaster Toolkit to optimize legitimate reimbursement, capture lost revenue and promote compliance. Contact: 877-624-2792, www.craneware.com |
MedAssets MedAssets’ Web-based CDM Manager enables hospitals to easily manage and maintain an accurate, comprehensive and compliant chargemaster. CDM Manager helps hospitals identify potential coding and compliance issues, uncover new revenue opportunities, present comprehensive reporting, enhance communication, and track line-item history for audit purposes. Contact: Rebecca Harbin, Account Supervisor, 404-870-6825, fax 404-892-1274, rebecca.harbin@msworldwide.com |
| Prospective Payment Specialists Prospective Payment Specialists ongoing CDM maintenance includes monthly updates of codes to your CDM, as well as 24/7 hotline for answers to all CDM questions, backed with research, payer communications. Contact: 800-477-5017, www.ppscompliance.com |
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User Reviews |
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"With Craneware’s Chargemaster Toolkit, we can now automate and maintain a standard CDM for our entire enterprise, while accommodating coding variations for different facilities based on individual hospital needs. We can see the immediate impact of every line item creation or modification, the potential issues each may create elsewhere, and how to correct problems. What a tremendous difference the toolkit has made" |
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| "I utilize MedAssets’ CDM Manager daily to cross reference CPT and ICD-9 codes. It gives me the information I need to keep our processes up-to-date and in sync with the latest coding and compliance changes." Paul T. Smith, MBA, CPA, Senior Financial Analyst, Decision Support Systems, Baylor Health Care System. |
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