Health care providers rely on revenue to keep going, but a charge description master, or CDM, is just as important. A CDM charge master contains information on the charge rates of clinics and other systems. With a CDM, organizations can submit payments for reimbursement and generate claims. Without a properly managed CDM, bills may be incorrect, and your business could miss out on getting reimbursed.
Update CDM Software
There have been brand new tools developed to make sure that CDMs are effectively managed. With proper management, you can make sure that your business is compliant, and information is updated. Your software should allow you to manage CDM change requests and make sure everything is in order.
Another way to ensure success is to make sure that the team assigned to CDM is fully staffed and each individual has the skills to make sure everything is accurate and precise. For better results, try segmenting teams so that each one has specific responsibilities and a defined role to play. Each team should have access to information as well as trends that are specific to the area they are assigned to.
Enable Price Transparency
In some states there is a requirement for health systems to annually upload a small portion of their CDM to a website run by the state government so that it may be reviewed. Your health system should allow you to download as well as compare CDMs and the prices of competitors to gain insight about frequently charges and corresponding prices.
Your CDM is the beating heart of your health care organization, allowing you to make sure that everything is accounted for accurately. Be sure to keep your system updated, keep teams organized and segmented, and enable price transparency. By doing so, you can have success with CDMs.