What if you were sitting on a potential pile of cash at work, and you didn’t know you were about to lose it? (Ever heard of the two-year no-recovery trap?) Would you want to be caught flat-footed by your boss?
According to an article in Forbes, “The Most Important Question a CEO Should Ask their HR Leader,” CEOs who seek to maximize shareholder value while delivering the best benefits to their employees must ask HR who wrote the health plan document that their company operates under. One of the reasons involves healthcare claims auditing rules established by TPAs.
“Amazingly, despite healthcare being the second-biggest cost for most companies, they have signed agreements that prevent them from reviewing claims administered by health plans even though the employer is self-insured,” writes David Chase, creator of Health Rosetta. “Suppression of one’s own data on spending may have been acceptable for the profligate Boomer generation. However, the largest generation in history, the Millennials, are waking up to the fact that their healthcare ‘debt’ absolutely dwarfs their college debt. Wise CEOs and HR leaders are getting ahead of this predictable blowback by changing their ways.”
An annual healthcare claims audit, especially one that employs the 100% Difference, will ensure that overpaid claims made by your third-party administrator has the potential for recovery, adding directly to your bottom line. Regular audits also ensure that systemic errors that can cost you significantly over time are corrected for future savings.
Remember the “have signed agreements that prevent them from reviewing claims” part mentioned above? Healthcare Horizons offers a free audit rights assessment, so that HR professionals know what their company’s rights are.
As CEOs and HR leaders partner to maximize shareholder value by reducing healthcare costs, a healthcare claims audit is vital step to accomplishing these goals.
The Difference is in Knowing.
Visit Healthcare Horizons today to learn more, or contact us at hhadmin@healthcarehorizons.com to discuss a healthcare claims audit assessment.
Randy King is president of Healthcare Horizons Consulting Group, Inc., which has performed healthcare claims audits since 1999. Trusted partner. Uncompromising accuracy. Superior personal service. Recovering millions of dollars for some of the world’s largest employers.