Remember that feeling of finding a forgotten $20 bill in your coat pocket when the first cold snap of Fall comes? Discovering something of value that was there all along can really make your day.
As self-insured companies face economic uncertainty in the current environment, finding money that was there all along can boost an organization’s bottom line. Healthcare Horizons helps companies find lost money and contain costs through comprehensive healthcare claims audits — our 100% Difference — and these savings can be significant, considering that healthcare claims are typically the second largest expense for self-insured employers after payroll.
Most self-insured companies assume that their Third-Party Administrator (TPA) has a zero claims payment error rate, when in fact a margin of error is uniquely accepted in the healthcare industry and even written into agreements with TPAs via performance guarantees. That is your money, and it can add up to thousands, or millions, of dollars over time.
The good news is that it is possible to identify and recoup these erroneous expenses. In fact, it is a reasonable and necessary expectation to comprehensively audit this significant expense to potentially return 1-3% (or more) of a company’s annual medical spend to the stakeholders and extend the viability and sustainability of its healthcare plan offerings to its employees.
By identifying both systemic and one-off errors in a company’s healthcare claims, Healthcare Horizons helps its clients find money and return it to their bottom lines. We also help our clients contain costs by negotiating out-of-network provider fees, such as air ambulance.
The Difference is in Knowing.
To learn more about our approach to healthcare claims auditing or out-of-network provider fee negotiation services, visit Healthcare Horizons, or reach out to us at hhadmin@healthcarehorizons.com.
Randy King is president of Healthcare Horizons Consulting Group, Inc. The company is one of the nation’s leading healthcare claims auditing firms, focused exclusively on self-insured employers since 1999. Healthcare Horizons has recovered millions of dollars for its clients through auditing and air ambulance negotiations for some of the world’s largest employers.