At the holidays, many of us spend a lot of time selecting gifts for our friends and family. We deliberate and try to pick gifts that we hope will not be returned to the store the day after they are given! However, returns can be a good thing, especially when we are talking about the more than $200 million we have returned to our clients’ bottom lines.
Many employers choose to self-insure their employees’ medical expenses to save money and maintain greater plan control by having a third-party administrator (TPA) manage claims processing. However, one of the unintended consequences of self-insuring is that claims payers have no financial incentive to control costs. Errors can range, on average, from 1 to 3 percent of total claims, a cost that self-insured employers must cover out of their own pockets, potentially translating into hundreds of thousands of dollars lost each year.
Regular audits help keep healthcare expenses in check and can return those formerly “lost” dollars to your bottom line. And that is a gift that every self-insured employer can use.
Cure the Benefits Blues by performing an annual, 100% Difference comprehensive audit on healthcare claims, which can uncover thousands of dollars (or more) that can be recovered for the self-funded employer.
Every Claim. Every Possible Dollar.
To learn more about our approach to healthcare claims auditing, visit Healthcare Horizons or contact us at hhadmin@healthcarehorizons.com to discuss a free healthcare claims audit assessment.
Randy King is president of Healthcare Horizons Consulting Group, Inc. – performing healthcare claims audits since 1999. Trusted partner. Uncompromising accuracy. Superior personal service. Recovering millions of dollars for some of the world’s largest employers.