CHARGEMASTER MANAGEMENT: Strategic Chargemaster Pricing

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Pricing Management

Establish and maintain defensible, market-sensitive pricing to improve net patient revenue and achieve transparency for patient friendly billing.

ASP tool provides real-time monitoring and maintenance of chargemaster pricing and enables modeling to understand the net impact of pricing changes

Defines individual pricing policies for chargemasters in multiple facilities within the same health system
Detects exceptions to pricing policies through custom price filtering to ensure compliance with established pricing policies
Monitors pricing in relationship to costs and provides comparisons to managed care fee schedules

Permits establishment for defensible hospital charges by conducting market comparisons, examining the relationship of charges to cost and reviewing the impact of price changes on net revenue

Targets specific competitors from publicly available sources at clinical service level
Offers access to benchmarks that cover 100 percent of the chargemaster including all inpatient and outpatient services, supplies and drugs
Sets prices based on highly flexible cost markup rules to ensure consistency and defensibility at the line-item, department and facility level
Allows a corporate facility to standardize prices within local markets

Understands and controls the bottom line impact of any new pricing strategy

Models each insurance plan to accurately gauge the impact of price changes
Models the impact of price changes at the patient level to factor in the projected increase or decrease in managed care stop-loss payments
Determines how net revenue will be affected by proposed pricing changes

Provides ability to explain and support pricing strategy

Identifies outliers in current pricing
Shows pre- and post-modeling relationships of prices to cost and the market
Presents recommendations and findings to the board in a concise document
Details final price markups relative to cost

Provides a complete approach to analyzing pricing decisions with a review of the entire chargemaster instead of the typical 80/20 approach

* HFMA staff and volunteers determined that this
product has met specific criteria developed under
the HFMA Peer Review Process. HFMA does not
endorse or guaranty the use of this product.

Discover how MedAssets can help your bottom line

September 23, 2010

Healthcare Financial Management Association (HFMA) Webcast

2:00 p.m. CST
"Increasing Cash Flow With Expected Reimbursement For All Payors"
presented by Valerie Woodbury, BBA, CHFP, AVP, Revenue Integrity, Ardent Health Services and Troy D. Roth, Vice President, Revenue Cycle Strategy, MedAssets