Tampa, FL (PRWEB) October 16, 2008
Today, Panacea Healthcare Solutions announced the launch of RACAuditor.com, a proactive solution for hospitals to prepare for the upcoming roll-out by the Federal Government of its Recovery Audit Contractor program, which threatens to recoup billions of dollars from hospitals nationwide.
Mr. Stodolak, CEO of Panacea Healthcare Solutions stated that, "as each day goes by, hospitals are submitting claims that will undoubtedly fall under scrutiny and for which reimbursement will be recouped. Hospital financial managers, compliance officers, coding professionals and counsel should not wait for the RAC audit requests, which can be six months to a year away in most states. Instead, it makes sense to prepare now to proactively identify areas of exposure and implement new initiatives to improve compliance and reduce the future revenue threat."
At RACAuditor.com, hospital managers, consultants or their legal counsel can easily upload claims data and receive useful reports identifying areas of exposure and opportunity for improvement.
Section 306 of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA), Congress directed the Department of Health and Human Services (DHHS) to conduct a 3-year demonstration program using Recovery Audit Contractors (RACs) to detect and correct improper payments in the Medicare FFS program. The Recovery Audit Contractor (RAC) demonstration program was designed to determine whether the use of RACs will be a cost-effective means of adding resources to ensure correct payments are being made to providers and suppliers and, therefore, protect the Medicare Trust Fund. The RAC demonstration project involved three states -- Florida, New York and California and then expanded to include South Carolina and Massachusetts. For the 3-year demonstration period, in these five states only, the RAC program recovered $ 980 million, primarily from inpatient hospitals.
It is required by law to make RAC a permanent, national program the end of 2009 with additional state rollouts happening in stages. The program rollout means a much higher level of scrutiny of Medicare reimbursement for hospital inpatient and outpatient, skilled nursing facility, physician, ambulance, laboratory, and durable medical equipment.
For more information about Panacea Healthcare Solutions RACAuditor.com services, contact us at: email@example.com or at 1-866-926-5933.
Panacea Healthcare Solutions, LLC with offices in Florida and New Jersey, provides expert financial and information technology advice and systems to healthcare providers, payers, and software companies.
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