RAC Update March 2018

Agenda Denial Prevention Unlock The Secrets to a Successful RAC Audit Process with 3 Keys

Denial Prevention Denial prevention should be one of your top priorities in the Revenue Cycle Difficult to prevent denials if you don’t know where you are losing the most money Track and trend every denial by reason, by dollar, by provider, etc. https://www.racmonitor.com/consider-expanding-your-retrospective-reviews

Denial Prevention Low-hanging fruit Ensure all elective tests/procedures have a valid authorization PRIOR to performing the test or procedure Utilize a Medicare compliance software 100% of the time and issue ABNs when indicated. No exceptions https://www.racmonitor.com/consider-expanding-your-retrospective-reviews

Unlock The Secrets to a Successful RAC Audit Over the last five years $200 billion has been spent by Medicare on errors. That’s $40 billion each year of preventable mistakes made by healthcare providers. Avoidable errors produced the reason for the creation of the Recovery Audit Contractors (RAC) Program Now audit managers are struggling to prepare for what a RAC audit will hold because every year and each case are composed of many different elements The audit process often steals valuable work resources that could be better spent in billing and collecting All the while leaving wasted productivity and financial losses in its wake https://www.racmonitor.com/consider-expanding-your-retrospective-reviews

Unlock The Secrets to a Successful RAC Audit What if you could unlock the process secrets of RAC audits? What if there were keys that would allow you to productively respond to audit requests and even prevent audits? While there may not be a super key to prevent RAC audits there are keys that can be used to unlock a workflow process that leads to success. Three of these keys are: 1. Key of an Organized and Calculated Process 2. Key of Technology 3. Key of Collaboration https://www.racmonitor.com/consider-expanding-your-retrospective-reviews

Unlock The Secrets to a Successful RAC Audit The Key of an Organized & Calculated Process The advantage of being aware and organized can be the difference between lost or gained revenue Creating a working relationship with your RAC audit company will empower you to understand your target audit categories A good way to keep this relationship solid is through the security of a calculated process This will allow timely and accurate responses to your RAC auditors An additional benefit for your organization is an estimation of recovery prevention or loss that is easily reportable to your financial branch https://www.racmonitor.com/consider-expanding-your-retrospective-reviews

Unlock The Secrets to a Successful RAC Audit The Key of Technology It’s no secret that new advances in technology are happening overnight The leaps and bounds workflows gain from automation are undeniable It enables better tools to help track your RAC audits, maintain compliance, and more “Which do you choose?” The power of technology creates a prompt accurate response to audits as well as the financial information needed to report the calculated risk of future audits The right technology better equips you to navigate through any new processes, tools, and requests that an audit may require https://www.racmonitor.com/consider-expanding-your-retrospective-reviews

Unlock The Secrets to a Successful RAC Audit The Key of Technology Security, flexibility, collaboration, and ease of operation should be the top issues to consider when adopting new technology The average staff member should be able to navigate the software with minimal training and ease. Choosing the right automation will allow your staff to focus on audit issues https://www.racmonitor.com/consider-expanding-your-retrospective-reviews

MedPerformance Case Management Education MedPerformance has a team of certified Case Managers who are available to provide onsite or offsite education and support MedPerformance also has experienced Physician Advisors to provide telephonic support to your Case Management Team Contact Becky for details

MedPerformance iMAD MedPerformance has a powerful and easy to use Denial Management System “iMAD” that can help you reduce your denials MedPerformance can help you with manage your denials with experienced staff

Questions? Comments?

iMAD Contact Information For more information, please contact: MedPerformance LLC Rebecca Corzine Tarr RN, CPA CEO/President (813) 786-8974 Becky@MedPerformance.com www.medperformance.com