A chargemaster is essentially a comprehensive list of all the billable items, procedures, and services provided by a hospital or healthcare facility. It includes the prices for each item, which can vary widely depending on factors like location, facility type, and negotiated rates with insurers. When a patient receives a service or procedure at the hospital, the chargemaster is used to generate the charges for the services rendered. These charges form the basis for billing the patient or their insurance provider. The Chargemaster will be under continuous review by the Chargemaster team to maintain appropriate charges. Proactive adjustments will be analyzed, reviewed, and implemented following appropriate stakeholder approval including the Managed Care Committee.
The overall mission of the department is to maintain the integrity of the data within the chargemasters, provide transparency, and create defensibility with our pricing strategies.
Continuous Improvement
- Establish a chargemaster review committee to regularly assess and update pricing strategies.
- Utilize data analytics to monitor the financial performance of the chargemaster and identify areas for improvement.
- Stay informed about industry trends and regulatory changes to adapt the strategy as needed.
Market Analysis and Benchmarking
- Conduct a comprehensive market analysis to benchmark pricing against other academic medical centers and the Houston SDA competitors.
- Regularly review and adjust prices to remain competitive while ensuring cost recovery and margin targets. Competitive pricing will generally place UTMB in the 50-75 percentile.
Transparency and Communication
- Maintain transparency in pricing by providing clear and accessible information to patients and payers.
- Educate staff and stakeholders on the importance of the chargemaster and its impact on the health system’s financial health.
Yvette Dean
Principal, Pricing and Chargemaster
Email:
yvdean@utmb.edu
Theresa Jennings
Sr. Chargemaster Analyst
Email:
tcjennin@utmb.edu
