The Centers for Medicare and Medicaid Services recently released statistics on the amount of money collected by this year's Recovery Audit Contractors, and showed $2.29 billion in overpayments from providers, three times more than last year, according to Medical Billing and Coding.
RACs have also given back $109.4 million in underpayments to providers.
If a coding or billing professional receives a request for records from an RAC contractor, review the request with the provider who rendered the service to make sure the record is accurate before sending documentation. You can make note if the provider discovers an error or if the record was correctly coded.
Studies have shown 75 percent of the initial recoupments from RACs are overturned, which indicates inefficiencies in the process. Have a well-rounded knowledge of how to handle any RAC requests to be prepared to handle any reviews.
More Articles on Coding, Billing and Collections:
How to Document and Bill Global Procedures
Report: Data Breaches Cost $7B Annually
Report: Paying for Value, Not Volume Could Save $600B Over 10 Years
RACs have also given back $109.4 million in underpayments to providers.
If a coding or billing professional receives a request for records from an RAC contractor, review the request with the provider who rendered the service to make sure the record is accurate before sending documentation. You can make note if the provider discovers an error or if the record was correctly coded.
Studies have shown 75 percent of the initial recoupments from RACs are overturned, which indicates inefficiencies in the process. Have a well-rounded knowledge of how to handle any RAC requests to be prepared to handle any reviews.
More Articles on Coding, Billing and Collections:
How to Document and Bill Global Procedures
Report: Data Breaches Cost $7B Annually
Report: Paying for Value, Not Volume Could Save $600B Over 10 Years