The Need for Billing E&O Insurance
As Federal & State government costs to deliver healthcare benefits under Medicare, Medicaid, and similar programs continue to rise, so too will government regulation. Medicare accounted for 14% of the Federal budget or $595 billion in 2014, and the Federal share of Medicaid another $522 billion.
Of total claims paid to healthcare fee-for-service (FFS) providers, the Federal government estimates that approximately 12.1% are improper, thereby justifying an aggressive system of audits. In Fiscal Year 2015, the Federal government collected over $2.4 billion in settlements (repayments, fines & penalties) emanating from over 1 million claims.*
Every physician, hospital or supplier involved in the treatment of Medicare or Medicaid patients, must not only understand and follow a complex set of rules and guidelines to submit a claim, but recognize the unescapable threat of an audit that could result in fines, penalties and defense expenses. Healthcare providers need the protection offered by Practice ShieldTM.