MedAssets, Inc., has announced the release of its Medicare Recovery Audit Contractor (RAC) solution to support healthcare providers' strategies to address RAC audits.
"Our business is focused on improving financial performance for hospitals and health systems, which is supported by our full suite of revenue cycle management solutions and a core understanding of reimbursement management," said DT Nguyen, president of the revenue cycle management segment for Atlanta-based MedAssets.
According to company officials, the RAC solution assists providers throughout the RAC audit process, from assessment to appeal, and provides overall revenue integrity solutions for long-term financial performance improvement.
The solution also provides a workflow tool that helps hospitals manage RAC audit timelines and activities, automate deadline notifications, track activity and audit historical claims to identify vulnerabilities. Consulting services can assess reimbursement risk and MedAssets RAC appeal and recovery services help providers manage, defend and appeal RAC audits.
"Providers face impending Medicare RAC audit programs that have the potential to severely impact their bottom lines," said Nguyen. "MedAssets' expertise in compliance, Medicare reimbursement and revenue integrity makes us the natural strategic partner to assist providers in achieving their compliance goals."
Medicare's RAC program is one of several initiatives launched by the Centers for Medicare and Medicaid Services to stop improper payments before a claim is paid and identify and recoup improper payments after the claim has been paid. The program has recovered more than $900 million in Medicare overpayments and nearly $38 million in underpayments returned to healthcare providers in the three-year RAC demonstration program in California, Florida, New York, Massachusetts, South Carolina and Arizona.
According to a September 2008 RAC report, approximately 20 percent of providers appealed their cases, and only 7 percent of audits were overturned on appeal.
The RAC program is expected to roll out nationwide by 2010.
Does your hospital or health system employ MedAssets' RAC solution? Send your comments to Associate Editor Chelsey Ledue at chelsey.ledue@medtechpublishing.com.