Hendrick Medical Center in Abilene, Texas, was losing millions of dollars in revenue due to incomplete or incorrect data, and it took only a few minor changes to right the financial ship, according to a report from Craneware (pdf).
Kathy Huston, charge capture coordinator at Hendrick Medical Center, said the hospital had noticed revenue was leaking due to incorrect pharmaceutical data in its chargemaster. She and the hospital decided to install a pharmacy chargemaster tool that would ensure medications were properly administered and reimbursed and identify any problems with missing drug codes or billing units.
"We discovered an increase of $1.5 million in gross revenue per month during the first six months" from when the hospital began using the pharmaceutical chargemaster device, Ms. Huston said in the report. For Hendrick Medical Center, that represented a 23 percent increase in average gross monthly revenue.
Kathy Huston, charge capture coordinator at Hendrick Medical Center, said the hospital had noticed revenue was leaking due to incorrect pharmaceutical data in its chargemaster. She and the hospital decided to install a pharmacy chargemaster tool that would ensure medications were properly administered and reimbursed and identify any problems with missing drug codes or billing units.
"We discovered an increase of $1.5 million in gross revenue per month during the first six months" from when the hospital began using the pharmaceutical chargemaster device, Ms. Huston said in the report. For Hendrick Medical Center, that represented a 23 percent increase in average gross monthly revenue.
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