Hospitals face a steep wall in improving their finances today, and over the past three years, the most common step hospital executives took to improve financial performance was the investment of chargemaster tools, according to Craneware's annual hospital executive survey from November 2011.
Here were five of the most popular ways hospitals attempted to boost their finances in the past three years, according to the survey.
• Invested in chargemaster management/automation tools.
• Added staff to address revenue cycle challenges/improve revenue integrity.
• Invested in tools for improved charge capture.
• Invested in denials management tools.
• Established a revenue integrity department.
Here were five of the most popular ways hospitals attempted to boost their finances in the past three years, according to the survey.
• Invested in chargemaster management/automation tools.
• Added staff to address revenue cycle challenges/improve revenue integrity.
• Invested in tools for improved charge capture.
• Invested in denials management tools.
• Established a revenue integrity department.
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