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78 percent of healthcare execs say charge capture Is essential, yet 40 percent discuss it once a month or less

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Missing charges and charge lag are the top two charge capture challenges

In ranked order, respondents' most significant charge capture challenges include: missing charges (No. 1), charge lag (No. 2), general inefficiency (No. 3), integration with EHR or other technologies (No. 4), coding errors (No. 5), adoption adherence (No. 6), and compliance (No. 7).
Almost a third (32%) say their charges are captured within 24 hours of service. A quarter (25%) say it takes 1-2 days, 35 percent say it takes 3-7 days, 6 percent say it takes more than a week, and 2 percent say charges are captured in less than an hour.
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A third (33%) report that the time between charge capture and bill submission is 1-3 days. Forty-one percent say it takes 4-7 days, 24 percent say it takes 1-4 weeks, and 2 percent say it takes more than four weeks.
Majority say up to 20 percent of charges are either under- or over-coded; have experienced at least one audit

More than half (56%) say between 1-10 percent of total charges are over-coded; 14 percent say it's 11 percent or more. Thirty percent report that less than 1 percent or zero charges are over-coded.
Two-thirds (68%) report between 1-10 percent of total charges are under-coded; 20 percent say it's 11 percent or more. Twelve percent report that less than 1 percent or zero charges are under-coded.
When asked if their organization has ever faced a CMS or payer audit, 56 percent said they have been audited more than once, 3 percent have been audited once, 33 percent have never been audited, and 8 percent were unsure or unwilling to share.
"We're encouraged that organizations recognize the need to accurately capture revenue, and there is clear opportunity for many to improve their processes and the tools they utilize," said Russell Smith, Chief Portfolio Officer of Ingenious Med. "Addressing top challenges, like missing charges and charge lag, are what top performing healthcare organizations make a high priority. Optimizing the accuracy of charges is equally important, especially as CMS and private payers increase their scrutiny and number of audits. Not only is this critical to profitability right now, but as the industry moves from fee-for-service to fee-for-value, having accurate documentation of patient history and care delivery is also a critical part of the quality equation. We'll continue to partner with our customers to ensure they're well positioned as the healthcare market continues to move towards value."

Ingenious Med commissioned Sage Growth Partners, a third-party healthcare consulting firm, to design and deploy the survey and gather responses. In July 2018, responses to the 40-question survey were gathered from 104 leaders in a supervisory capacity over the revenue cycle at acute-care organizations, representing 35 states. The large majority of respondents (62.5%) represented multispecialty organizations; 74 percent of organizations were hospitals/health systems, 18 percent were independent practices, and 8 percent were physician management organizations. Respondents included C-suite executives (46%), Directors (27%), VPs (18%), managers (6%), practice managers (2%), and non-supervisory (1%). Data was self-reported and not verified.
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