Waiting to Audit Claims Can Cost You
Medical claim auditors play a crucial role in ensuring the accuracy and efficiency of healthcare and pharmacy plans. Their job is to identify errors from human mistakes or systemic issues. The financial impact of mistakes can be significant, particularly for large plans and during unexpected events such as the COVID-19 pandemic. Even performance guarantees from third-party claim administrators may not suffice in such cases, making a 100-percent audit essential. Engaging an independent third-party auditing firm can significantly enhance the accuracy of claim reviews.
Seasoned auditors bring valuable expertise and a fresh perspective to the claim data garnered from their experience auditing similar plans. Moreover, they often utilize proprietary software that is both comprehensive and efficient. This can make a substantial difference in the audit process and ensure no relevant details are overlooked. While some companies may opt to utilize the services of extensive audit or management consulting firms that offer bundled services, it's essential to consider the unique expertise that specialist claim auditors bring. They are in the trenches every day and well-equipped.
Independent firms possess in-depth knowledge often gained from their experience in health plan management, enabling them to identify errors that might impact member service and the company's bottom line. In contrast, larger firms with multiple allegiances might approach claim reviews differently, potentially affecting the final results. In addition to medical plan audits, it's essential not to overlook the pharmacy plan. Rx plans must be reviewed for various unique factors, but the financial ramifications are also significant. When claims are paid accurately, everyone benefits substantially.
Opportunities abound for cost-saving error corrections and system improvements, such as identifying instances where name-brand products are incorrectly claimed when generics are available. It's crucial to ensure that prescribers and claim processors adhere precisely to the formulary to minimize errors and costs. As the costs of medical services and medications continue to rise, the value of audits becomes increasingly evident. Ongoing monitoring of payments is also crucial to ensure continued accuracy and efficiency in claim processing. When you receive monthly reports, it's high-quality oversight.