Banner HealthCare Solutions
By law and industry regulations, all providers must have a compliance plan in place -- including an annual chart audit.
Banner Healthcare Solutions has the resources and experience to complete a thorough chart audit. We will work with you to analyze medical record documentation and ensure correct coding and level of specification. If we find charts that have not been properly coded, we will help implement a plan to improve the charting process.
Safeguard your organization through annual medical records auditing. Contact us to learn more.
Our Denver Headquarters provides Medical Records Auditing Nationwide
Do you ever wonder if you are collecting all the reimbursement due to you? According to the American Academy of Professional Coders, the average physician under codes approximately 15% of submitted claims and under documents (or over codes) approximately 27% — equating to over $23,000 in missed revenue and over $41,000 in revenue at risk per year. A simple chart audit can help you optimize your rightful reimbursement and avoid repayment penalties.
THE BAD NEWS:
- An annual chart audit is a required component of a compliance plan. The law[i] requires each medical practice to have a compliance plan to ensure conformity with government regulations for medical billing and coding.
- The penalties for submitting erroneous claims can amount to $11,000 per claim plus 3 times the amount of overpayment. In addition, an overall fine of $25,000 can be assessed plus 5 years jail time.[ii]
- The government collected $2.6 billion last year in health care fraud and abuse claims. They intend to step up their efforts because they believe that $20 billion is lost each year due to coding errors.
- The implementation of ICD-10 on October 1 of 2015 increased the need for proper medical record documentation.
THE GOOD NEWS:
- Through an audit, we can help you with your medical billing and coding:
- find areas of lost revenue,
- avoid a government audit,
- prevent denials due to incorrect ICD-10 coding.
- An audit can address as few as 10 – 15 claims and cost as little as $995.
Interested learning more about our medical records auditing services offered nationwide? Need more info? Let’s set up a time to talk. In less than 15 minutes, you will know if this service is right for you.
ii Civil False Claims Act and Criminal False Claims Act