IronHealth, the specialty healthcare unit of Ironshore Inc., has introduced a government billing errors & omissions solution that helps healthcare organizations manage the risk and expense associated with audit events involving Medicare and Medicaid billings. The product, designed as a policy option, is intended to provide flexible coverage to protect healthcare organizations during the course of in-depth government audits and investigations of their Medicare and Medicaid billing practices.
“Government audits of healthcare contracts and billing procedures have increased exponentially over the past several years,” said Matt Dolan, President of IronHealth. “Recent healthcare reform legislation and subsequent scrutiny of the healthcare industry with regard to Medicare billing and reimbursement will continue to drain additional resources from the healthcare establishment faced with a prolonged, costly audit.”
In 2009, federal prosecutors pursued 1,621 healthcare fraud criminal investigations involving 2,706 defendants and negotiating $1.63 billion in judgments or settlements, plus an additional $3 billion in payment to Medicare and Medicaid. The Recovery Audit Contractor program requires that every state employ at least one Regional Auditing Company (RAC) that acts in a third-party capacity to conduct both random and assigned audits of healthcare facilities nationwide.
Source: Ironshore
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