Session #: 81534-xh
Presenter(s): Kerry Gillespie, Bill Phillips
Session Length: 1hr. 40min.
Event: 2005 HFMA Audio Webcast Date: 5-19-05
You already know that obstetrics is less profitable than cardiology. If some services are less profitable than others, could the same be true for revenue? If you said certainly not, you will be surprised to hear the answer is yes. The charge description master (CDM) is the fundamental pricing tool for hospitals. Whether you have one CDM manager or a team, small errors can result in a huge revenue loss. Today, price increases (or decreases) should employ 'strategic pricing'. Accidents arrive at most hospitals every day. More complicated than denials or underpayments, accidents are only 1% of total claims. Yet, accident revenue can be 5% - 8% of net revenue. Our speakers will outline why accident revenue is lost, how much, and how to avoid it. In spite of tracking systems, denials still occur almost daily. 'Two numbers' are critical to preventing denials and improving denial recovery. In this conference, you'll learn how to apply these 'two numbers' and increase your net revenue.
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