Chargeable Supplies are Central to Quality Care Delivery at Lower Cost: How You Can Ensure Proper Reimbursement & Reduce Compliance Risk?
Most hospitals aren’t receiving all the reimbursement for chargeable supplies that’s rightfully theirs & struggle to reduce related compliance and data governance risks for the hospital. Hospitals know this. At the same time, they know the practical difficulties of identifying & correcting the situation. After all, the enabling data systems reside in different sectors of the hospital. Worse still, these systems were never designed to share information with each other.
Confronting this issue requires attention from both revenue cycle and supply teams. It requires breaking down silos between the major components of the current process: across purchasing history; item master; clinical arena; chargemaster and reimbursement. Data inconsistencies and breakdowns typically occur as data moves between these sectors.
- Isolate the types of supplies that you should address first, in order to get a faster return on efforts to improve your reimbursement for chargeable supplies.
- Identify where you should look for common errors that prevent optimal reimbursement for supplies.
- Establish a communications framework that will get the necessary information to the parties who can improve your current reimbursement situation.
- Ascertain how accurate data allows administrators to strategically assess pricing methodologies & focus on quality of care not only cost containment.
- Explore methods for bridging procurement facts with revenue information to assist both teams in achieving strategic goals while mitigating risks.
- Discover best practices for supplies data management to balance the investment in supplies with optimal return on that investment.
Hospitals that accomplish these aims have a lot to show for their efforts, often in terms of significantly reduced compliance risk, increased annualized reimbursement, greater collaboration across their organization, and supply data that is aligned for ongoing success.
What are your thoughts about aligning supply chain and revenue cycle to ensure revenue integrity