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Physician Regulatory Insurance/
RAC Audit Insurance
Are you in compliance?
Whether you are a hospital, physician's office, home health agency, nursing home, or anyone else who files claims with Medicare, you can expect to be audited. The federal government's aggressive audit program has resulted in the collection of more than a billion dollars in fines, settlements, and other payments from healthcare providers.
Recovery Audit Contractors (RAC) are contracted out by the government to find out if there has been either overpayment or underpayment to healthcare providers. Any medical facility that submits claims to a government program, such as Medicaid or Medicare must assume that they will be audited at some point.
How can you protect yourself?
First and foremost, you should have multiple lines of defense against any financial losses that might occur due to an audit. Conducting an audit of your own is a good way to catch any overpayments or underpayments before a government audit occurs. Assigning these responsibilities to an existing employee can help on an ongoing basis.
On a positive note, some good news may result from your audit. Several million dollars in underpayments have been reimbursed to providers.
Even with all preventative measures in place, odds are that you will still be audited. A well formulated insurance plan is your prominent defense against RAC Audits. Our experienced professionals can walk you through the process of obtaining RAC Audit Insurance so you can feel safe knowing that when a government audit occurs, you are covered.
Coverages for your organization may include:
- Medicare & Medicaid Audit (RAC Audit)
- Commercial Payor Audits
- STARK Violations
- HIPPA Compliance
- EMTALA Violations
To receive RAC Audit Insurance coverage, you can either call our toll free number, or visit our Online Quote Center. A professional insurance expert from Madison will go over all your options and the best ways to proceed with protecting your practice.
