Internal controls within a hospital aim to minimize errors during any single transactions, but with so many other outside forces affecting healthcare revenue, hospitals may be putting off projects that could help faulty internal controls, according to a July post from Craneware's blog, Stop the Leakage.
However, errors with the internal controls represent "another common point of revenue leakage," according to the post.
"Internal controls are most effective when they are closest to the transaction," according to the article. "The closer the proximity of the control point, the greater the chance that errors will be identified and addressed promptly at the point of incidence."
A hospital's chargemaster is the main control point of the revenue cycle, and errors within a chargemaster could be prevented by updating incorrect information such as missing supplies or outdated codes.
However, errors with the internal controls represent "another common point of revenue leakage," according to the post.
"Internal controls are most effective when they are closest to the transaction," according to the article. "The closer the proximity of the control point, the greater the chance that errors will be identified and addressed promptly at the point of incidence."
A hospital's chargemaster is the main control point of the revenue cycle, and errors within a chargemaster could be prevented by updating incorrect information such as missing supplies or outdated codes.
More Articles on Hospital Revenue:
5 Benefits of Improving Patient Charge Estimates
How Improved Chargemaster Strategies Helped a Critical Access Hospital
RAC "Take-Backs" Increase, Expected to Escalate More