In a recent Hayes Management Consulting blog, Robert Freedman fives 4 opportunites that analytics can provide.
The risks of non-compliance in the healthcare industry have never been greater. In fy2016, the HHS Fraud and Abuse Control Program returned $3.3 billion to the Federal government and private parties. The Department of Justice (DOJ) opened 975 new criminal health care fraud investigations.[1]
In fy2015, Medicare Recovery Audit Contractors (RAC's) identified and corrected 619,000 claims resulting in $441 million in improper payments - $360 million in recovered overpayments and $81 million in underpayments repaid to providers.[2]
With both top and bottom lines continuing to shrink, you can't afford to be hit with a massive overpayment penalty or to undercharge for patient activity by hundreds of thousands of dollars.
The key to managing both risk and opportunity is getting into your billing and collections data, and for that you need a robust analytics solution. Here are four opportunities you can take advantage of with a comprehensive analytics program.