NewswireToday - /newswire/ -
Dumont, NJ, United States, 2007/01/22 - In its January 2007 issue, Today's Chiropractic examines an unprecedented growth of post-payment audits by insurance companies. To manage audit risk, providers need a system, modeled on the insurers' own, which analyzes massive claims data.
A study, published by LifeStyle - Today's Chiropractic in its January 2007 issue, shows an unprecedented growth of post-payment audits by insurance companies in terms of both audit frequency and judgments.
The study was conducted by Brian Capra, Doctor of Chiropractic and an owner of chiropractic clinic, Yuval Lirov, PhD, patent inventor in Artificial Intelligence and Computer Security and book author of “Mission Critical Systems Management,” and Jeffrey Randolph, Esq., Legal Counsel of Association of New Jersey Chiropractors.
The surge in audits is motivated by a combination of three factors, namely, continued pressure to turn higher profit by insurance companies, inability to raise insurance premiums, and timely payment laws. To meet profit expectations and still play within the new rules, insurers have decided to go after the reimbursements after they are paid.
The means to identify the easiest and most profitable audit targets is facilitated by a Big Brother system, built automatically during claims processing. The system pinpoints providers that are doing something differently from the pack.
While the motive is money and the means is a gargantuan statistical database, every provider is an opportunity. To manage audit risk, providers need a Big Brother system of our own. Such a system, modeled on the insurers' own, stores claims data and generates reports for the benefit of participating providers.
”With teamwork, discipline, and state-of-the-art infrastructure, chiropractors unite into a powerful community of profitable and compliant managers focused on patient care and practice growth,” says Dr. Brian Capra, DC, and a partner at Billing Precision.
About Billing Precision
Billing Precision, LLC (billingprecision.com) is the leading provider of comprehensive chiropractic clinic management solutions, a national Third Party Billing Service, Certified by New Jersey Department of Banking and Insurance, and a Platinum Business Partner of Association of New Jersey Chiropractors.
Billing Precision unites individual clinic owners into a powerful community of profitable and compliant managers focused on patient care and practice growth. Billing Precision tracks payer performance from a single point of control, shares billing compliance rules globally, and creates massive economies of scale.