Revenue Cycle Management and Reimbursement 300 words
Part 1There are many reimbursement methods that are utilized to reimburse physicians and facilities for the services and procedures that they provide to patients. A physician and the facility must keep track of the services and procedures that they are providing to the patients to bill out and receive the appropriate reimbursement. The chargemaster or charge description master (CDM) is the billing process that is used in all health care facilities, and it is updated yearly.Focus your discussion on the following questions:What are the consequences of not utilizing current codes and charges? Discuss how using last year’s CDM will affect the current year’s bottom line.Will this create a positive or negative result for the health care facility? Explain your answer.How can facilities ensure that the current CDM is used?